Market leader in jewelry manufacturing and retailing

December 2016

11 M-2016

Business performance report

DISCLAIMER

This presentation has been prepared by Phu Nhuan Jewelry JSC (“The Company”). All

statements in this presentation, other than historical facts, are based on private research

which are presented solely for informational purposes. No representation or warranty,

either express or implied, is provided in relation to accuracy, completeness or reliability of

the information contained herein. The company do not accept responsibility for any

losses or damages arising directly or indirectly from the use of this document.

The contents of this presentation may not be reproduced, redistributed or passed on,

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purpose.

2

Agenda

III. Estimated business performance in 2016

II. Financial overview -11M 2016

I. Market overview

Q&A

Gold market overview in

2016

Gold market in 2016

5

Based on World Gold Council report

Global gold demand with 10% decrease

Mainly consumer gold demand from jewelry, bars and coin with 16% decreased

World and Vietnam gold price is higher 10.6% than previous year

Vietnam jewelry demand slightly fell in 11months (accounted for 98.3% jewelry demand the same period last year)

Market share of jewelry retail sales in Vietnam

6

PNJ's market share of jewelry retail

sales in Vietnam

13% 13% 12% 14%

21%

25%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015

PNJ has affirmed the insight way in PNJ’s long term vision

PNJ has prepared carefully not only long term strategy but also management

system which help PNJ develops quickly from now and in the future

PNJ expects Market share of jewelry retail sales will be increased 3% in 2016

Financial overview

11M-2016

HIGHLY ACHIEVABLE GROWTH PLAN

8

Extensive Retail Network of 320 Stores by 2019

Source: PNJ

0

50

100

150

200

250

300

350

2013 2014 2015 2016 2017 2018 2019

168 179

194

219

255

291

320

23 new stores have been opened in 11M 2016

213 retail stores in 47 cities and provinces of Vietnam.

Income Statement

9

Estimated revenue in 2016 is bill 8,529 VND ( increase 11% y-o-y), and achievable 97% target

Estimated NPBT in 2016 will be increased 205% y-o-y, and achieved 133% target

Billions VND 11M Estimated 12M

2016 2015 +/- (%) 2016 2015 +/- (%)

Total revenue 7,683 7,077 9% 8,529 7,698 11%

Gross profit 1,247 1,005 24% 1,376 1,138 21%

Net profit before tax (NPBT) 560 242 131% 610 200 205%

NPBT before provision of core business 603 423 43% 653 381 71%

Revenue and Gross profit by products

10

Revenue and Gross profit by products

Jewelry business (includes gold and silver) contributed 81% revenue and 98% gross profit of the company revenue

+ PNJ Gold has 12.4% revenue growth rate and 25% gross profit growth rate compared to same period last year.

+ PNJ Gold has 20.3% revenue growth rate and 15.3% gross profit growth rate compared to same period last year.

19%

79%

2% 0%

Gold bar

PNJ Gold

PNJ Silver

Other

1%

89%

9%

1%

11M2016 Revenue 11M2016 Gross profit

Retail Revenue growth _PNJ Gold

11

The result of substantial development.

Focusing on “Mid-high end jewelry segment in Vietnam”

1,550 1,609

2,230

3,240

4,109

-2%

4%

39%

45%

27%

-10%

0%

10%

20%

30%

40%

50%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2012 2013 2014 2015 Estimated 2016

Retail gold revenue Growth rate

12

Gross profit growth

550 600

790

1,138

1,376

0%

9%

32%

44%

21%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

-

200

400

600

800

1,000

1,200

1,400

1,600

2012 2013 2014 2015 Estimated 2016

Gross profit Growth rate

13

Q&A