We believe scale, operating platforms and cash flows are important components of a successful and sustainable business in Vietnam.

• Sustainable Cash Flows - As a developing market, Vietnam is susceptible to macroeconomic volatility. We believe sustainable growth in such a market requires building cash flow generating businesses. We do not engage in asset trading, such as purchasing land banks or participating in short term speculation.
  • In 2010, our EBITDA was over US$100 million. Our EBITDA is expected to exceed US$500 million in 2013 organically.
• Leading platform - Sustainable growth can only be achieved through building best-in-class systems and operating platforms. Business and operating platforms vary within each sector but may include, without limitations, nationwide distribution networks, financial controls, brand portfolios, management information systems, research and development capabilities and professional management teams.
  • We have three market leading operating platforms that are the top three in their respective sectors
• Scale - Being a market leader of size allows us to successfully compete in an economy with a fragmented local private sector and where competition from multinational companies and state-owned enterprises is intense. As a market leader, Masan has greater access to capital, professional talent and scale to invest in building systems and operating platforms. We build scale through focus and consolidation.
  • We are Vietnam’s largest private sector group in terms of market capitalization

Our Execution Strategy

In a dynamic market where there are many opportunities, we believe in being disciplined.

• Right Sector Selection - We only compete in sectors that can provide scale with strong growth fundamentals and where there is a proven private sector regional business model. We have identified consumption and resources as our sector focus.
• Target the "Lowest Hanging Fruit” - We first target the "lowest hanging fruit”, categories or products that are fragmented, have large markets, and where the path to market leadership is clear.
• Rigorous Strategy Development and Proven Execution Approach - Upon sector entry, we develop a bespoke strategy and repeatable models to drive market leadership in each business line. This enables us to continually invest in best-in-class operating platforms.
• Stringent Capital Allocation and Capital Structure - We have collectively raised over US$500 million in long-term capital in the last few years but have only utilized the proceeds to consolidate the stakes in our businesses. The acquisition of the Nui Phao project was primarily cashless. Masan Group has not invested in property or public equities. We believe in having a conservative balance sheet.
• World-class MNC Management - We have professional management at all levels of our organization and incentivize them by making them shareholders.
• Reputable Partners - We have selectively partnered with globally reputable firms who can provide a sounding board and validation on strategy, information on opportunities and access to long-term capital.
• Deep Local Access and Execution - We have developed a platform to manage aspects of our businesses that require greater understanding of local issues and regulations.
• Growth through M&A - To be a consolidator, we intend to accelerate our growth with acquisitions while growing our existing businesses. We only do control transactions of businesses we believe can become market leaders.

What We Are Not About

We have strong views on what we are not about and what we will not do.

• Real Estate - We do not invest our excess cash to trade property or land. We believe in building cash flow generating businesses.
• Minority Stakes - We believe in having majority ownership or other forms of control in our businesses and not making passive investments. This allows us to drive value and implement best practices.
• Family Management - We are not a family run and managed company. We hire professional managers at all levels of our organization and make them shareholders.
• Cross Shareholdings - Our operating businesses do not invest in each other and they do not own shares of Masan Group. We believe this increases transparency and prevents conflict of interest.
• Intercompany Transactions - Our businesses are not interlinked or partnered with one another. For example, Masan Consumer does not borrow from Techcombank and Masan Resources will not enter into a joint venture with Masan Consumer.