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Phu Nhuan Jewelry Joint Stock Company and its subsidiaries Financial Statements for the year ended

31 December 2009

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Me KPMG Limited Telephone +84 (8) 3821 9266 10" Floor, Sun Wah Tower Fax +84 (8) 3821 9267

115 Nguyen Hue Street Internet www.kpmg.com.vn

District 1, Ho Chi Minh City The Socialist Republic of Vietnam

INDEPENDENT AUDITORS’ REPORT

To the Shareholders

Phu Nhuan Jewelry Joint Stock Company and its subsidiaries

Scope

We have audited the accompanying consolidated balance sheet of Phu Nhuan Jewelry Joint Stock Company and its subsidiaries (“the Group”) and the separate balance sheet of Phu Nhuan Jewelry Joint Stock Company (“the Company”) as of 31 December 2009 and the related statements of income, changes in equity and cash flows for the year then ended and the explanatory notes thereto These financial statements are the responsibility of the Company’s management Our responsibility is to express an opinion on these financial statements based on our audit

We conducted our audit in accordance with Vietnamese Standards on Auditing Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial

statements are free of material misstatement An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion

Audit opinion

In our opinion, the consolidated and separate financial statements give a true and fair view of the financial position of Phu Nhuan Jewelry Joint Stock Company and its subsidiaries as at 31

December 2009, and of the results of its operations and its cash flows for the year then ended in

accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and accounting principles generally accepted in Vietnam

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Emphasis of Matter

Revaluation of borrowings denominated in gold

Without qualifying our opinion, we draw attention to Note 10(b) to the financial statements An associate of the Group has not revaluated its borrowings denominated in gold at the gold rate ruling at the balance sheet date Management believes that in respect of preparation of the consolidated financial statements, this accounting treatment is appropriate and acceptable as the associate does not operate in jewelry industry and there is currently no specific guidance issued by the Ministry of Finance on the accounting treatment for such kind of transactions KPMG Limited Mietnam VAG - lầjestent Certificate No: 011043000345 Z7“ Ai art No: 09-01-137 ƒ + / oy re \x# ` Ñ„ So Ha Vu Dinh CPA No 0414/KTV

Deputy General Director Ho Chi Minh City,

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Balance sheet at 31 December 2009 ASSETS Current assets Cash and cash equivalents Cash Cash equivalents Short-term investments Short-term investments Allowance for diminution in the value of short-term investments Accounts receivable Accounts receivable — trade Prepayments to suppliers Other receivables Allowance for doubtful debts Inventories Inventories

Allowance for inventories Other current assets

Short-term prepayments Deductible value added tax

Taxes receivable from State Treasury Other current assets

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Phu Nhuan Jewelry Joint Stock Company and its subsidiaries Balance sheet at 31 December 2009 (continued) The Group The Company Code Note 31/12/2009 31/12/2008 31/12/2009 31/12/2008 VND VND VND VND Long-term assets 200 1,043,636,942,969 896,845,092,860 865,772,260,671 783,759,273,549 Fixed assets 220 362,827,774,927 311,765,860,980 260,624,885,020 240,294,054,912 Tangible fixed assets 221 a 102,456,222,071 86,100,020,559 48,619,779,375 34,214,078, 143 Cost 222 179,485,689,995 185,594,669,608 94,143,089,866 70,657,882,784 Accumulated depreciation 223 (77,029,467,924) (99,494,649,049) (45,523,310,491) (36,443,804,641) Intangible fixed assets 227 8 210,294,141,155 200,541,521,567 202,582,212,236 192,915,905,088 Cost 228 211,669,894,351 201,624,886,935 202,832,509,251 193,068,674,638 Accumulated amortisation 229 (1,375,753,196) (1,083,365,368) (250,297,015) (152,769,550) Construction in progress 230 9 50,077,411,701 25,124,318,854 9,422,893,409 13,164,071,681 Long-term investments 250 10 520,427,787,830 426,682,310,080 592,572,191,080 531,244,947,080 Investments in subsidiaries 251 - - 90,990,000,000 104,562,637,000 Investments in associates 252 129,730,479,430 79,000,021,680 110,884,882,680 79,000,021,680

Other long-term investments 258 401,497,308,400 358,482,288,400 401,497,308,400 358,482,288,400

Allowance for diminution in the value of

long-term investments 259 (10,800,000,000) (10,800,000,000) (10,800,000,000) (10,800,000,000)

Other long-term assets 260 160,381,380,212 158,396,921,800 12,575,184,571 12,220,271,557

Long-term prepayments 261 12 158,917,372,541 154,427,934,485 11,765,661,910 11,791,127,754

Deferred tax assets 262 13 1,440,007,671 2,335,289,302 809,522,661 429,143,803

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Phu Nhuan Jewelry Joint Stock Company and its subsidiaries Balance sheet at 31 December 2009 (continued)

The Group The Company Code Note 31/12/2009 31/12/2008 31/12/2009 31/12/2008 VND VND VND VND RESOURCES LIABILITIES 300 987,415,904,607 718,813,204,662 780,836,506,897 543,681,723,750 Current liabilities 310 869,678,484,312 642,101,906,161 761,261,770,396 539,235,459,189 Short-term borrowings 311 15 667,924,282,992 470,190,382,245 621,165,721,214 409,347,202,157

Accounts payable — trade 312 114,450,655,153 76,276,404, 188 46,318,496,483 33,895,358, 120

Advance from customers 313 5,806,792,297 60,452,206,963 4,63 1,804,900 59,851,773,025

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Balance sheet at 31 December 2009 (continued) The Group The Company Code Note 31/12/2009 31/12/2008 31/12/2009 31/12/2008 VND VND VND VND Non-business expenditure fund and other funds 430 35,696,465,944 19,960,194,077 34,647,061,417 18,772,582,913 Bonus and welfare fund 431 2 35,696,465,944 19,960,194,077 34,647,061,417 18,772,582,913 MINORITY INTEREST 439 23 46,801,141,694 50,759,929,838 - - TOTAL RESOURCES 440 2,025,654,673,584 1,683,131,829,022 1,733,595,266,329 1,452,504,033,657 Pyepared by:

: số Thi Ngoc Dung

Chief Accountant ATI c ch General Director

The accompanying notes are an integral part of these financial statements

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Phu Nhuan Jewelry Joint Stock Company and its subsidiaries Statement of income for the year ended 31 December 2009 Code Note The Group The Company 2009 2008 2009 2008 VND VND VND VND Total revenue 01 3 10,290,503,190,514 — 4,204,235,943,563 9,625,462,/675/283 3,500,788,372,647 Less sales deductions 02 3 (34,203,428,628) (25,386,760,979) (34,161,993,758) (25,043,759,774) Net sales 10 10,256,299,761,886 4,178,849,182,584 9,591,300,681,/525 3,475,744,612,873 Cost of sales 11 3 (9,755,444,424,582) (3,828,808,852,408) (9,199,860,068593) (3,219,330,626,542) Gross profit 20 500,855,337,304 350,040,330,176 391,440,612,932 256,413,986,331 Financial income 21 24 74,014,998,344 56,899,530,012 57,619,629,324 59,904,089,075 Financial expenses 22 25 (75,807,391,931) (63,237,590,959) (65,064,285,736) (48,996,945,710) Selling expenses 24 (185,512,985,806) (140,191,777,752) (124,140,261,830) (85,018,048,255) General and administration expenses 25 (61,079,143,055) (47,245,266,782) (41,984,654,676) (32,507,355,881) Net operating profit 30 252,470,814,856 156,265,224,695 217,871,040,014 149,795,725,560

Results of other activities 40

Other income / 31 26 12,101,550,024 11,167,192,255 4,150,582,716 3,469,400,970 Other expenses 32 (1,039,248,353) (922,253,466) (989,665,615) (140,870,222)

Share of profit in associates 40 10 11,187,254,025 - - -

The accompanying notes are an integral part of these financial statements

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Statement of income for the year ended 31 December 2009 (continued) Code Note The Group The Company 2009 2008 2009 2008 VND VND VND VND

Profit before tax 50 274,720,370,552 166,510,163,484 221,031,957,115 153,124,256,308

Income tax expense — current 51 27 (54,552,299,565) (35,528,877,415) (45,738,661,952) (31,426,235,324)

Income tax (expense)/benefit — deferred 52 27 (336,191,501) 882,536,794 380,378,858 429,143,803 Net profit 60 219,831,879,486 131,863,822,863 175,673,674,021 122,127,164,787 Attributable to: Minority interest 61 23 15,340,366,447 6,300,247,042 - - Equity holders of the Company 62 204,491,513,039 125,563,575,821 - -

Earnings per share

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Statement of changes in equity for the year ended 31 December 2009

The Group

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Statement of changes in equity for the year ended 31 December 2009 (continued)

Share capital

VND

Balance at 1 January 2009 300,000,000,000

Bonus shares issued 99,999,210,000

Net profit for the year -

Treasury shares repurchase -

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Statement of changes in equity for the year ended 31 December 2009 (continued) The Company Balance at 1 January 2008 Net profit for the year Appropriation to funds and reserves Dividends Utilisation of reserves Appropriation to non- equity funds Balance at 1 January 2009 Investment and

Share development Financial

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Phu Nhuan Jewelry Joint Stock Company

Consolidated statement of changes in equity for the year ended 31 December 2009 (continued)

Investment and

Share development Financial

capital Share premium Treasury shares funds reserves Retained profits Total

VND VND VND VND VND VND VND

ma atl January +00 000,000,000 525,000,000,000 - 31,070,897/000 15,120,629/000 18,858,200,994 890,049,726.994

Bonus share issues 99,999,210,000 (99,999,210,000) - - - - -

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Statement of cash flows for the year ended 31 December 2009

The Group The Company

Code Not 2009 2008 2009 2008

ore VND VND VND VND

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax 01 274,720,370,552 166,510,163,484 221,031,957,115 153,124,256,308

Adjustments for

Depreciation and amortisation 02 41,018,3 13,453 36,065,641,226 13,172,203,112 10,746,235,722

Allowances and provisions 03 2,549,400,200 13,872,415,768 2,603,892,647 12,332,656,438

Unrealised foreign exchange (gains)/losses 04 22,808,291,931 (575,062,801) 22,131,194,245 1,028,498

Gain on disposal of fixed assets (201,736,540)

Fixed asset written off 2

Gain on transfer of assets to subsidiaries -

(25,893,396,000)

Gain from investments in security 05

Gain on disposal of a subsidiary 05 (1,286,857,437)

Dividends and interest income 05 (33,929,329,028)

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Statement of cash flows for the year ended 31 December 2009 (continued)

Interest paid

Corporate income tax paid

Other payments for operating activities Net cash generated from operating activities Code Note 13 14 16 20 CASH FLOWS FROM INVESTING ACTIVITIES

Payments for additions to fixed assets and other long-term assets

Proceeds from disposals of fixed assets Payments for investments in other entities Proceeds from investments in other entities Receipts of interest and dividends

Receipt from investment through trusted fund

Proceed from disposal of subsidiary, net of cash disposed

Net cash used in investing activities

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CASH FLOWS FROM FINANCING ACTIVITIES Treasury shares repurchases

Proceeds from short-term and long-term borrowings

Capital contribution by minority interests Payments to settle debts

Payments of dividends to minority interest Payments of dividends

Net cash generated from/(used in) financing activities

Net cash flows during the year

Cash and cash equivalents at the beginning of the year

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NON-CASH INVESTING ACTIVITIES

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(a) (

(ii)

Notes to the financial statements for the year ended 31 December 2009

These notes form an integral part of and should be read in conjunction with the accompanying

financial statements

Reporting Entity

Phu Nhuan Jewelry Joint Stock Company (“the Company”) is a joint stock company incorporated in Vietnam The consolidated financial statements of the Company for the year ended 31 December 2009 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates and jointly controlled entities The principal activities of the Company are to trade gold, silver, jewelry and gemstones; import and export jewelry in gold, silver and gemstones; provide foreign exchange services; explore and extract gold, silver and

gemstones

As at 31 December 2009 the Group had 2,704 employees (2008: 2,391 employees); the Company had 1,833 employees (2008: 1,735 employees)

Summary of significant accounting policies

The following significant accounting policies have been adopted by the Group and the Company in the preparation of these financial statements

Basis of financial statement preparation General basis of accounting

The financial statements, expressed in Vietnam Dong (“VND”), have been prepared in accordance with Vietnamese Accounting Standards, the Vietnamese Accounting System and accounting principles generally accepted in Vietnam

The financial statements, except for the statement of cash flows, are prepared on the accrual basis using the historical cost concept The statement of cash flows is prepared using the indirect

method

Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities In assessing control, potential voting rights that presently are exercisable are taken into account The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases

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(b)

(©)

(d)

Notes to the financial statements for the year ended 31 December 2009 (continued) Associates and jointly controlled entities (equity accounted investees)

Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies Jointly controlled entities are those entities over whose activities the Group has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions Associates and jointly controlled entities are accounted for using the equity method (equity accounted investees) The consolidated financial statements include the Group’s share of the income and expenses of equity accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee

Transactions eliminated on consolidation

Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements Unrealised gains and losses arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee

Fiscal year

The fiscal year of the Group and the Company is from 1 January to 31 December

Foreign currency transactions

Monetary assets and liabilities denominated in currencies other than VND are translated into VND at rates of exchange ruling at the balance sheet date Transactions in currencies other than VND during the year have been translated into VND at rates approximating those ruling at the transaction dates All realised and unrealised foreign exchange differences are recorded in the statement of income

All foreign exchange differences are recorded in the statement of income in accordance with Vietnamese Accounting Standard No 10 (“VAS 10”) — The Effects of Changes in Foreign Exchange Rates

Cash and cash equivalents

Cash comprises cash balances and call deposits Cash equivalents are gold and short-term highly liquid investments that are readily convertible to known amount of cash, are subject to an insignificant risk of changes in value

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(e)

(f)

(g)

(h)

Notes to the financial statements for the year ended 31 December 2009 (continued) Investments

Investments in term deposit, debt instruments and equity instruments of entities over which the Group has no control or significant influence are stated at cost Allowance is made for reductions in investment values which in the opinion of the management are not temporary The allowance is reversed if the subsequent increase in the recoverable amount can be related objectively to an event occurring after the allowance was recognised An allowance is reversed only to the extent that the investment’s carrying amount does not exceed the carrying amount that would have been determined if no allowance had been recognised

Accounts receivable

Trade and other receivables are stated at cost less allowance for doubtful debts Inventories

Inventories are stated at the lower of cost and net realisable value Cost is determined on a weighted average basis and includes all costs incurred in bringing the inventories to their present location and condition Cost in the case of finished goods and work in progress includes raw

materials, direct labour and attributable manufacturing overheads Net realisable value is the

estimated selling price of inventory items, less the estimated costs of completion and selling

expenses

The Group applies the perpetual method of accounting for inventory

Tangible fixed assets

Cost

Tangible fixed assets are stated at cost less accumulated depreciation The initial cost of a tangible fixed asset comprises its purchase price, including import duties, non-refundable purchase taxes and any directly attributable costs of bringing the asset to its working condition for its intended use Expenditure incurred after tangible fixed assets have been put into operation, such as repairs and maintenance and overhaul costs, is normally charged to income in the year in which the costs are incurred In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of tangible fixed assets beyond their originally assessed standard of performance, the expenditure is capitalised as an additional cost of tangible fixed assets

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(ii) (i) ( (ii) i) (k) (i)

Notes to the financial statements for the year ended 31 December 2009 (continued)

Depreciation

Depreciation is computed on a straight-line basis over the estimated useful lives of tangible fixed assets The estimated useful lives are as follows:

= buildings 3 — 25 years

= machinery and equipment 3-15 years

= office equipment 3-8 years

= motor vehicles 4-10 years

Intangible fixed assets Land use rights

Land use rights consist of freehold and leasehold land use rights Freehold land use rights are stated at cost and are not amortized Leasehold land use rights are stated at cost less accumulated amortisation The initial cost of a land use right comprises its purchase price and any directly attributable costs incurred in conjunction with securing the land use right Amortisation on leasehold land is computed on a straight-line basis over the term of the lease

Software

Cost of acquisition of new software, which is not an integral part of the related hardware, is capitalised and treated as an intangible asset Software is amortised on a straight-line basis over 3

years

Construction in progress

Construction in progress represents the cost of construction and machinery which have not been fully completed or installed No depreciation is provided for construction in progress during the period of construction and installation

Long-term prepayments Gas cylinders

Gas cylinders are initially stated at cost, and are amortised on a straight line basis over 10 years

Prepaid house rentals

Prepaid house rentals are recognised in the statement of income on a straight-line basis over the term of the lease from 1 to 5 years

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(iii) (iv) () (m) (n) (0)

Prepaid land cost

Prepaid land costs comprise prepaid land lease rentals and other costs incurred in conjunction with securing the use of leased land These costs are recognised in the statement of income on a straight-line basis over the term of the lease of 40 years

Others

Other long-term prepayments mainly represent office equipment which does not qualify for recognition as tangible fixed assets under Vietnamese regulations as they cost less than VND10 million each The office equipment is classified as long-term prepayments and is amortised on a straight-line basis over 3 years

Goodwill

Goodwill arises on the acquisition of subsidiaries, associates and joint ventures Goodwill is measured at cost less accumulated amortisation Cost of goodwill represents the excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree When the excess is negative (negative goodwill), it is recognised immediately in profit or loss Goodwill is amortised on a straight-line basis over three years In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment

Trade and other payables

Trade and other payables are stated at their cost Provisions

A provision is recognised if, as a result of a past event, the Group and the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability

Other long-term liabilities

Other long term liabilities mainly represent deposits on gas cylinders The deposits on gas cylinders are stated at the original deposit amount less charges to the depositors for their usages of the cylinders The annual charge (i.e the amount released as a credit to the income statement) is equal to the amortisation charge on the gas cylinders

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(p)

(q)

(ii)

(x)

Notes to the financial statements for the year ended 31 December 2009 (continued) Taxation

Income tax on the profit or loss for the year comprises current and deferred tax Income tax is recognised in the statement of income except to the extent that it relates to items recognised directly to equity, in which case it is recognised in equity

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years

Deferred tax is provided using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities using tax rates enacted or substantively enacted at the balance sheet date

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised

Share capital Ordinary shares

Ordinary shares are classified as equity Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity

Treasury shares

When share capital recognised as equity is purchased, the amount of the consideration paid, which includes directly attributable cost, net of any tax effects, is recognised as a deduction from equity Repurchased shares are classified as treasury shares and are presented as a deduction from total equity

Equity funds and reserves

Allocation was made to equity funds and reserves based on the shareholders decision at their annual general meeting

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(s) Œ@) (ii) (iii) (u) ()

Bonus and welfare funds

Allocation is made to bonus and welfare funds from retained earnings annually based on shareholders’ resolution This fund is used exclusively to pay bonus and welfare to the Group’s staff Payments from bonus and welfare funds are not charged to income statement

Revenue Goods sold

Revenue from the sale of goods is recognised in the statement of income when the significant risks and rewards of ownership have been transferred to the buyer No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due or the possible return of goods

Services rendered

Revenue from services rendered is recognised in the statement of income in proportion to the stage of completion of the transaction at the balance sheet date The stage of completion is assessed by reference to work performed No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due

Processing services

Revenue from processing services is recognised in the statement of income when the goods have been processed and accepted by the buyer No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due

Operating lease payments

Payments made under operating leases are recognised in the statement of income on a straight-line basis over the term of the lease Lease incentives received are recognised in the statement of income as an integral part of the total lease expense

Borrowing costs

Borrowing costs are recognised as an expense in the year in which they are incurred, except where the borrowing costs relate to borrowings in respect of the construction of qualifying tangible fixed assets, in which case the borrowing costs incurred during the period of construction are capitalised as part of the cost of the fixed assets concerned

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(w)

(x)

(y)

Notes to the financial statements for the year ended 31 December 2009 (continued) Earnings per share

The Group presents basic and diluted earnings per share (EPS) for its ordinary shares Basic EPS is calculated by dividing the profit or loss attributable to the ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year Diluted EPS is determined by adjusting the profit or loss attributable to the ordinary shareholders and the weighted average number of ordinary shares outstanding for the effect of all dilutive potential ordinary shares

Segment reporting

A segment is a distinguishable component of the Group that is engaged either in providing related products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those in other segments The Group’s primary format for segment reporting is based on its business segments The Group operates in one single geography segment, which is Vietnam

Off balance sheet items

Amounts which are defined as off balance sheet items under the Vietnamese Accounting System are disclosed in the relevant notes to these financial statements

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(a)

Segment reporting

Business segments

The Group comprises the following main business segments:

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Cash and cash equivalents

The Group The Company 2009 2008 2009 2008 VND VND VND VND Reclassified Reclassified Cash on hand 11,828, 104,182 7,746,508,549 9,385, 107,469 4,761,244,112 Cash in banks 75,944,357,820 70,985,153,443 48,583,819333 55,495,637,882 Cash equivalents = Cash in transit 457,431,129 175,816,999 66,741,958 8,995,999 = Gold 186,736,055,440 131,550,648,521 186,736,055,440 131,550,648,521 274,965,948,571 210,458,127,512 244,771,724,200 191,816,526,514

As at 31 December 2009, cash of the Group included amounts denominated in currencies other

than VND of VND24 billion (2008: VND11 billion); cash of the Company included amounts denominated in currencies other than VND of VND17 billion (2008: VND 10 billion)

Cash in bank of the Company at 31 December 2009 included VND37 billion which is subject to restriction in use (2008: VND42 billion)

Accounts receivable

Other receivables comprised:

The Group The Company

2009 2008 2009 2008

VND VND VND VND

Entrusting contract 68,440,824,976 15,940,998,056 68,440,824,976 15,940,998,056

Loans to subsidiaries - - - 15,058,447,196

Receivables from Trade Union 802,479,644 - 802,479,644 -

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AS _ = = a =

Notes to the financial statements for the year ended 31 December 2009 (continued) Entrusting contract represented investments in shares of other entities by entrusted party on the Group’s behalf and is stated at cost No impairment was recognised as the aggregate market value of these shares at 31 December 2009 was higher than cost

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Tangible fixed assets

The Group

Machinery and Office

Buildings equipment equipment Motor vehicles Total VND VND VND VND VND Cost Opening balance 44,553,594,540 111,759,169,844 9,895,583,196 19,386,322,028 185,594,669,608 Additions 2,168,566,488 11,385,401,109 1,235,945,489 1,011,516,809 15,801,429,895 Transfer from construction in progress 21,865,152,138 2,485,345,157 - - 24,350,497,295 Disposals (144,225,600) (745,738,263) (66,335,150) - (956,299,013) Decreases through business disposal (7,482,883,969) (36,038,080, 180)(1,027,989,187) (755,654,454) (45,304,607,790) Closing balance 60,960,203,597 88,846,097,667 10,037,204,348 19,642,184,383 179,485,689,995 Accumulated depreciation Opening balance 20,824,132,175 64,020,857,803 5,444,850,466 9,204,808,605 99,494,649,049 Charge for the year 4,640,839,664 9,023,846,667 2,080,066,426 1,597,409,487 17,342,162,244 Disposals (76,203,473) (263,996,930) (66,335,150) - (406,535,553) Decreases through business disposal (5,480,518,200) (32,181,074,760) (983,560,402) (755,654,454) (39,400,807,816) Closing balance 19,908,250,166 40,599,632,780 6,475,021,340 10,046,563,638 77,029,467,924 Net book value Closing balance 41,051,953,431 48,246,464,887 3,562,183,008 9,595,620,745 102,456,222,071 Opening balance 23,729,462,365 47,738,312,041 4,450,732,730 10,181,513,423 86,100,020,559

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The Company

Machinery and Office

Buildings equipment equipment Motor vehicles Total VND VND VND VND’000 VND’000 Cost Opening balance 10,830,604,127 46,304,998,687 7,768,978,982 5,753,300,988§ 70,657,882,784 Additions 1,425,588,306 9,294,620,187 1,015,665,520 424,588,571 12,160,462,584 Transfer from construction in progress 12,261,514,511 - - - 12,261,514,511 Disposals (124,696,600) (745,738,263) (66,335,150) - (936,770,013) Closing balance 24,393,010,344 54,853,880,611 8,718,309,352 6,177,889,559 94,143,089,866 Accumulated depreciation Opening balance 2,563,147,815 26,782,492,770 4,110,670,686 2,987,493,370 36,443,804,641 Charge for the year 1,162,539,065 5,832,373,597 1,885,556,490 605,572,251 9,486,041,403 Disposals (76,203,473) (263,996,930) (66,335,150) - (406,535,553) Closing balance 3,649,483,407 32,350,869,437 5,929,892,026 3,593,065,621 45,523,310,491 Net book value Closing balance 20,743,526,937 22,503,011,174 2,788,417,326 Opening balance 8,267,456,312 19,522,505,917 3,658,308,296 2,584,823,938 2,765,807,618 48,619,779,375 34,214,078,143

Included in the cost of tangible fixed assets were assets costing VND17,318 million which were fully

depreciated as of 31 December 2009 (2008: VND14,710 million), but which are still in active use

At 31 December 2009 tangible fixed assets with a carrying value of VND11,504 million (2008: VND3,228 million) were pledged with banks as security for loans granted to the Company

Si

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=

Intangible fixed assets The Group Cost Opening balance Additions Decrease through business disposal Closing balance Accumulated amortisation Opening balance Charge for the year

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TƯ

Notes to the financial statements for the year ended 31 December 2009 (continued) The Company Cost Opening balance Additions Closing balance Accumulated amortisation Opening balance Charge for the year Closing balance Net book value Closing balance Opening balance Land use right Software Total VND VND VND 192,732,737,638 335,937,000 193,068,674,638 9,607,800,000 156,034,613 9,763,834,613 202,340,537,638 491,971,613 202,832,509,251 - 152,769,550 152,769,550 - 97,527,465 97,527,465 - 250,297,015 250,297,015 202,340,537,638 241,674,598 _ 202,582,212,236 192,732,737,638 183,167,450 192,915,905,088

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10

(a)

At 31 December 2009 construction in progress with a carrying value of VND40,654 million (31/12/2008: nil) were pledged with banks as security for loans granted to a Company’s subsidiary During the year borrowing costs capitalised in construction in progress amounted to VND502 million (2008: nil) Investments Short-term investments The Group The Company 2009 2008 2009 2008 VND VND VND VND Investments in securities - 24,131,274,000 - - Fixed deposits 29,475,000,000 - 29,475,000,000 - Provision for diminution in value - (1,099,062,000) - - 29,475,000,000 23,032,212,000 29,475,000,000 -

Fixed deposits include deposits in a bank with original term to maturity from 24 November 2009 to 24 August 2010 and earned interest at 0.5% per annum Fixed deposits are pledged with a bank for settlement purpose in a forward exchange contract entered by the Company as at 31 December

2009

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(b)

Notes to the financial statements for the year ended 31 December 2009 (continued) Long-term investments

Long-term equity investments in subsidiaries:

Dai Viet Energy Joint Stock Company (“Dai Viet”) (a) Hong Vina Gas Cylinders Co., Ltd

SG Fisheries Joint Stock Company (“SG Fisco”) (b) CAO Fashion Company Limited (“CAO”) (c)

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The Group The Company 2009 2008 2009 2008 VND VND VND VND Long-term equity investments in associates: * Dong A Land Joint Stock Company (“Dong A Land”) (d) 71,965,739,593 46,200,000,000 70,066,300,000 46,200,000,000 = Sai Gon Fuel Joint Stock Company

(“Saigon Fuel”) (e) 49,926,514/956 32,800,021,680 40,818,582,680 32,800,021,680

= Hong Vina Gas Cylinders Co., Ltd (“Hong Vina”) (f) 7,838,224,881 - - - 129,730,479,430 79,000,021,680 110,884,882,680 79,000,021,680

a This represents 70% of the shares of Dai Viet, a company incorporated in Vietnam The principal activities of Dai Viet are to trade gasoline, gas cookers, machinery and equipment in oil and gas industry; provide transportation services, trade in oil, lubricant and petrol-chemical

products

b This represents 57.63% of the shares of SG Fisco, a company incorporated in Vietnam The principal activities of SG Fisco are to trade in aquatic product and seafood, materials, machinery and equipment of aquatic processing industry; trade in agricultural, forest product and food; provide forwarding services; process agricultural, forest and aquatic product

c This represents 100% of the shares of CAO, a company incorporated in Vietnam The principal activities of CAO are to produce and trade in fashion products such as suitcases,

handbag, wallet, footwear, clothes cosmetic and perfume, watches, sunglasses; produce and

trade in silver and gold jewellery; trade in souvenir, knit products, arts and crafts products; import and export art and craft products

d This represents 23.36% of the shares of Dong A Land, a company incorporated in Vietnam

The principal activities of Dong A Land are to provide designing services, project #

management, building services for constructions; provide real estate consultant services and ]

real estate agency; trade building and interior materials ;

e This represents 22.72% of the shares of Saigon Fuel, a listed company incorporated in Vietnam The principal activities of Saigon Fuel are to trade oils and gas products; trade

tools, supplies and machineries for oil and gas; produce and trade agriculture products;

import, produce and trade wooden products; transportation service, rental and construction

services

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f This represents 35% of the shares of Hong Vina, a company incorporated in Vietnam, held by

Dai Viet Energy Joint Stock Company which is a 70% owned subsidiary of the Company The principal activities of Hong Vina, are to produce and trade gas cylinders; pressure cylinders and the accessories and spare parts of these products; provide gas cylinders repair and maintenance services

An associate of the Group has not revaluated its borrowings denominated in gold at the gold rate ruling at the balance sheet date Management believes that in respect of preparation of the consolidated financial statements, this accounting treatment is appropriate and acceptable as

the associate does not operate in jewelry industry and there is currently no specific guidance issued by the Ministry of Finance on the accounting treatment for such kind of transactions

Had these borrowings been revaluated at the gold rate ruling at 31 December 2009, the effect 3 would have been to reduce the investment in associates and retained earnings as of

December 2009, and the share of profit in associates and consolidated net profit for the year then ended by VND12.3 billion

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Notes to the financial statements for the year ended 31 December 2009 (continued) Movements in the allowance for diminution in value of investments during the year were as follows:

The Company/Group The Group

Long-term investments Short-term investments 2009 2008 2009 2008 VND VND VND VND Opening balance 10,800,000,000 - 1,099,062,000 - Increase in allowance during the year - 10,800,000,000 - — 1,099,062,000 Utilised - - (1,099,062,000) - Closing balance 10,800,000,000 —10,800,000,000 - 1,099,062,000

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Notes to the financial statements for the year ended 31 December 2009 (continued) Group entities The following is a list of subsidiaries and associates as at 31 December 2009: 2009 2008 % of % of voting % of % of voting Name Address ownership right ownership right Subsidiaries

Dai Viet Energy 176/6 Duong Quang 70.00% 70.00% 70.00% 70.00%

Joint Stock Ham, Ward No 5, Go \

Company Vap District, Ho Chi {

Minh City

S.G Fisheries Joint C24-24B/IL, Street No 57.63% 57.63% 57.63% 57.63%

Stock Company 2F, Vinh Loc Industrial

Zone, Binh Chanh

District, Ho Chi Minh }

City 7

CAO Fashion 170E Phan Dang Luu 100.00% 100.00% - -

Company Limited Phu Nhuan District Ho Chi Minh City

Associates

Dong A Land Joint 573/2 Su Van Hanh, 23.36% 23.36% 23.36% 23.36%

Stock Company Ward No.13, District

No.6, Ho Chi Minh

City 2 Sai Gon Fuel Joint 1A Pham Ngoc Thach, 22.72% 22.72% 21.00% 21.00% ¿

Stock Company District No.1, Ho Chi 4

Minh City <I

4 Hong Vina Gas 295/71 An Duong 24.5% 24.5% 70.00% 70.00% 5

Cylinders Co., Ltd Vuong, District No.6, 3

Ho Chi Minh City j

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During the year, the Company disposed a subsidiary - Hong Vina Gas Cylinders Co., Ltd as at 30

September 2009, the details of the transaction were as follows:

Net assets of the subsidiary at disposal date Assets Cash and cash equivalents Accounts receivable Inventories Other current assets Fixed assets Other long term assets Liabilities Short-term borrowings Accounts payable — trade Other current liabilities Long-term liabilities Net assets at disposal date Minority interest Proceeds from disposal Less: Goodwill on acquisition Financial reserves

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