PHU NHUAN JEWELRY JSC

CORPORATE PRESENTATION

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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 is presented solely for
informational purposes. No representation or warranty, either express or implied, is provided in
relation to the accuracy, completeness, or reliability of the information contained herein. The company
does 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, directly or
indirectly, to any other person or published, in whole or in part, for any purpose.

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KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of
growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team that fostered a broadly recognized company in various aspects

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
FAVORABLE MACRO FUNDAMENTALS
Vietnam’s young, dynamic and working-age population… …with a rising MAC that is expected to drive jewelry demand
Vietnam’s population, million people SEA’s Middle and Affluent Class (MAC) population, million people
1.9x
97
85+ 0.4 0.2
Vietnam’s MAC
consumers are
proliferating
75 to 84 1.1 0.7 2.4x
2.0x
48 48 50
1.6x

65 to 74 2.3 1.5 25 24
20
16

55 to 64 4.7 4.0
Thailand Vietnam Phillippines Indonesia
2017 2030F

45 to 54 5.9 5.9
Increasing personal disposable income
Vietnam’s disposable income per household, USD
35 to 44 7.3 7.3 8,000 7,447
6,905
7,000 6,387
5,914
25 to 34 8.9 8.9 6,000 5,455
4,753 4,967
5,000

4,000
15 to 24 7.4 8.0
3,000

2,000
0 to 14 10.6 12.0
1,000

15 10 5 0 5 10 15 -
2020E 2021E 2022F 2023F 2024F 2025F 2026F
Female Male
Disposable income per household
Source: Statista, Bloomberg

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 CONSUMER TREND
Vietnam – Asia’s fastest-growing country in jewelry consumption… … and in jewelry consumption per capita growth over the past years
Vietnam’s jewelry consumption CAGR (2012-21), % Vietnam’s jewelry consumption per capita CAGR (2012-21), %

7.4% 6.5%

2.8% 2.5%
2.3% 2.0% 1.9%
1.2% 0.9% 0.9%
0.4% 0.3%

-0.8%
-1.3%
Vietnam Thailand S. Korea Indonesia Singapore China Malaysia India -2.0% -2.3%
Vietnam Thailand S.Korea Indonesia China Singapore Malaysia India

Gold bar consumption decreased, and Gold jewelry consumption increased Jewelry consumption has been rising steadily until 2020 due to Covid
Vietnam’s gold consumption, tons Total jewelry consumption, tons CAGR
(‘14-’19)
774 COVID-19
100 20 743
impact
80 667 8.7%
15 620 611
583
60 509
10
40
20 5

0 0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Gold bar (L) Gold jewelry (R)
2014 2015 2016 2017 2018 2019 2020
Source: World Gold Council

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
EXTENSIVE RETAIL NETWORK
Deep access to Vietnamese’ rising consumption power Largest network coverage across branded key players
Store counts by tier of cities (2017-2021) Store counts as of 2021

Tier 1 Tier 2 Tier 3

17% 341
20% 20% 22% 23%

32% 32% 33% 34% 37%

94
75
51% 48% 47% 45% 40% 37

2017 2018 2019 2020 2021 PNJ Doji SJC Diamond World

Consumers’ shifting preference towards branded jewelry retail chains PNJ’s market shares in branded jewelry retail
Market share of branded vs. unbranded players in Vietnam’s jewelry market

56.5%
2020 30% 70% 51.5%

2019 23% 77%

37.1%
29.2%
2018 20% 80% 24.8%

2017 18% 82%

2016 16% 84%

Branded segment Unbranded segment

2017 2018 2019 2020 2021
Source: PNJ

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AN INTEGRATED BUSINESS MODEL
PNJP PNJ LAB
Go Vap Plant - Current
Establish year • 2012
Capacity • 4.0 million items p.a.
Labor • 1,500 people
Location • Go Vap, HCMC
Technology • Italy, Germany
Product mix • Gold, silver, gemstones

Long Hau Plant - New

Establish year • Fully commissioned by 2023
Capacity • 2.0 million items p.a.
Labor • c.1,000 people (currently c.200 people)
Location • Can Giuoc, Long An
Technology • Italy, Germany
Product mix • Italian gold, PNJ Style, CAO and Disney products

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 WHOLESALE

Wholesale center in HCMC Selected products for B2B

Wholesale center in Hanoi
business (corporate gifts)

Wholesale center in Can Tho Wholesale center in Da Nang

Wholesale business enables PNJ to maximize its production capacity as well as monetize from the unbranded segment

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
BUSINESS SEGMENT – RETAIL JEWELRY AND OTHER ACCESSORIES
Product portfolio
PNJ offers Pandora jewelry
with delicately crafted
Continue to focus on products sparkling jewelry designs
design and product mix Introduced since 2005, CAO empowering women to create
Fine Jewelry is PNJ’s high-end their own story
jewelry brand, specifically
Introduced since 1988, PNJ Gold
designed for sophisticated and
products are targeted at customer
1 high income customers
between 25-45 years of age, with
medium to upper medium level of
income

Optimize retail product mix by

shifting toward higher margin and
higher value-added products |
2 Introduced in 2018 to focus Since 2001, PNJ Silver is a
Fairytale inspiration combined with
contemporary spirit collection for specifically on middle and high collection of diversified, dynamic
Disney fans income segment, PNJ Watch was silver jewelry products for young
established with the aim to generations who are active and
capitalizing on the strong growth in fashionable
Expand into other Lifestyle products income and consumption

Introduced in November 2020,

Other accessories
3
Style by PNJ is created to cater to
young, vibrant, always-changing
customers who seek personal taste
and individualism PNJ offers accessories such as
sunglasses to give customers a more
fulfilling and unique ‘lifestyle’
experience

Partner with international brands via

direct distribution (Pandora) or
design in-house using inspirations Legend: Young line segment Mass luxury segment High-end luxury segment
from partnering brands (Disney) PNJ’s diversified product offerings cater to various segments of customers

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RENOWNED BRAND WITH A LONG HISTORY OF TRUST AND QUALITY

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next
phrase of growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
ENHANCE CUSTOMER EXPERIENCE AND STRENGTHEN OPERATIONAL
CAPABILITIES
Completed multi-module enterprise resource planning (ERP) system provided by the #1 enterprise cloud finance provider

Sales & Distribution IBP solution

Procurement Production costing

Production planning Financial accounting

O2O platform achieved tremendous growth Using data analytics to improve overall product and service levels
Explosive YoY growth achieved through Optimise digital marketing through accurate
2020 and 6M2021 search results and targeted recommendations
Network-wide inventory tracking or promotions
and ordering systems 2nd and 3rd
Party data
212% Estimate precisely product and demand at
Customer bio and behavior data platform
160% store level
tracking
Provide valuable insights on consumer
Click-and-collect business model product preferences and spending patterns,
2020 6M2021 giving PNJ a competitive edge

• PNJ successfully integrated the O2O model, as demonstrated through its click-and- Big data collection
and storage Provide feedback for PNJ to continuously
collect business model in which customers order items online and collect the items at improve services and products and provide
better customer experience
a selected PNJ store or have the items delivered within four hours
Leveraging on technological advancements to improve customer experience and maximize competitive advantages

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of
growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to
investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
KEY FINANCIAL PERFORMANCE
Financial results Revenue contribution

35,000 25%
1.1% 0.9% 1.1% 0.9% 2.2%

30,000 17.4% 17.2%

20.4% 20.5% 22.1%
19.6% 25.6%
19.1% 20%
18.4%
17.4%
25,000
27.0% 18.1%
29.1% 23.4% 13.5%
19547 15%
20,000
17001 17511

14571
15,000
10%
10977
10,000 58.9% 58.7%
52.4% 54.9% 55.0%

5%
5,000 3461 3435 3598
2779
1912

0 0%
2017A 2018A 2019A 2020A 2021A 2017A 2018A 2019A 2020A 2021A

Net revenue Gross profit Gross profit margin Retail Wholesale Gold bar trading Other

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YTD-2022 BUSINESS RESULTS ACCUMULATED IN 4 MONTHS

Net revenue NET REVENUE NET PROFIT FY2022 PLAN

(VND Bn) (VND Bn)

12,912
NET REVENUE

42.9% YoY
Completed
+42.9% 50.0% year plan
+44.9% 50.0%
Gross profit
+3,879

2,294 NET PROFIT

37.9% YoY
1,0 +269
9,033
1,0 12,912
359.4 153
47
Net profit 38 138 Completed
866 65.6% 65.6% year plan
597
866
44.9% YoY YTD 2021 YTD 2022 YTD 2021 YTD 2022

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YTD-2022 BUSINESS RESULTS ACCUMULATED IN 4 MONTHS

GROWTH OF REVENUE YTD 2022 CONTRIBUTION OF REVENUE YTD 2022

9000 45.4% Unit: Bn VND 70.0%

1.0% 0.3%
60.0% 2022
8000
50.0%
7000
2021
40.0%
6000 29.9%
63.6% 30.0%
2.1% 0.4%
26.2%
5000 20.0%

4000 10.0%
56.9%
0.0%
3000 57.6%
-10.0% 14.4%
11.9%
2000 11.2%
-26.6% -20.0%
1000 -30.0%

0 -40.0%
RETAIL WHOLESALES GOLDBARS OTHERS
2021 2022 (+/-) yoy RETAIL WHOLESALES GOLD BAR B2B OTHER

www.pnj.com.vn
KEY INVESTMENT HIGHLIGHTS

Well-positioned to benefit from Vietnam’s strong macro fundamentals and consumer trends

The largest domestic jewelry and lifestyle retailer in Vietnam with an integrated business model

Established brand equity allows for luxury goods portfolio expansion

Digital transformation strengthens operational capabilities and prepares PNJ for the next phrase of
growth

Solid financial profile with an outstanding track record of over-delivering on its commitment to investors

The experienced management team fostered a broadly recognized company in various aspects

www.pnj.com.vn
MANAGEMENT’S ACHIEVEMENTS
1 Driving organic growth
• Expansion of retail networks with 406 stores across the country as of September 2021
• Enhancing production capabilities, owning the largest factory in SEA (annual capacity of 4.0 million items) with over 1,000 goldsmiths
and artisans
• Accelerated digital transformation initiatives
• Cooperation with international brands, including Disney, Pandora, and Swarovski

2 Innovative “F5 – Refresh” initiative to overcome impact of Covid-19

• The “F5 – Refresh” initiative focuses on the following:
✓ Re-inventing organizational structure to streamline operational processes
✓ Re-shaping each employee’s mindset and work habit in order to unlock the full potential of each PNJ-er, whose
combined efforts will help solidify PNJ’s position as the leading company in the retail segment
• Demonstrates management’s innovative capability in overcoming unforeseen challenges to ensure PNJ’s rapid growth

3 Assurance of internal leadership and succession capability

• Leadership roles are open to executives from various background to create a well-rounded management team
• In 2018, Mr. Le Tri Thong joined as CEO and has brought his expertise across finance, strategic management consulting, and
technology to fuel PNJ’s future growth
• PNJ’s leadership has a combination of both experience from seasoned industry experts to innovative prowess of
members from related fields

4 Highly experienced and visionary management team

• Board members with at least 10 years of management experience in the field
• Demonstrated track records in working with marquee investors such as Mekong Capital, Dragon Capital, etc.

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CORPORATE SOCIAL RESPONSIBILITIES
HUMAN RESOURCES – VALUABLE ASSET A LEADER IN CSR ACTIVITIES

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OUTLOOK

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THANK YOU

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Q&A
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