Page 25 - investor presentation

CrownX, WCM 7 Vietnam Consummer/Retail

Deal Making (’18 ~ ’21) Value Up (’21 ~ )

Since the first investment in Masan Group in ‘18, closely monitored Vietnam’s retail and consumer market Right after SK’s investment, CrownX received
Target development through local network, and identified the early growth potential of on/offline Omni-channel additional funding from global reputable LPs
Sector platform such as TPG/ADIA, and the valuation went up
• Evolution of modern trade channel and online platform business in China/Korea was being replicated in Vietnam, and Masan’s by 17% instantly
dominant market position in F&B sector could become a catalyst to drive the development
Funding Pre-money
Investor Target
($M) Value
Searched for potential investment opportunities based on strategic co-investment rights secured by SK’s invest- Apr
ment in Masan Group (‘18) and Vingroup (‘19) ’21 SK VCM $410 $2.5 bn

SK’s Co-Investment Rights with Vin/Masan Group May Alibaba,
’21 Baring PE CrownX $400 $6.9 bn
1 Co-investment rights on the same value/terms up to 50% stake in related business sector or 33.3% in other sectors
Nov
2 Pre-IPO acquisition rights to Vin/Masan Group subsidiaries up to 30% of IPO volume at 10% discounted price ’21 SK CrownX $340 $6.9 bn
3 ROFO to major equity/asset sales (when the value exceeds 10% of total assets)
Deal Dec TPG,
Sourcing 4 ROFR to majority shoulders’ divesture of control stake ‘21 ADIA CrownX $350 $7.8 bn

5 Downside protection (Put option in 5 years)
6 Right to nominate 1 director (BOD member) Sales and profitability of CrownX has gradually
improved by network rationalization and on/
offline integrated platform
In ‘21, Masan acquired Vingroup’s retail business, Vincommerce (VCM), and consolidated with its F&B business
(MCH) to newly set up CrownX (TCX) as an investment holding company, which triggered SK’s co-investment rights
• VCM is Vietnam’s No. 1 modern trade channel operator with 2,300+ networks of supermarket and minimart (convenience store) Sales (U$m) 13.7%
nationwide; with significant growth potential given Vietnam’s low penetration of modern trade channel EBITDA Margin
(8% vs. Indonesia 17%, Thailand 47%, Malaysia 46%)
8.3%
Based on pre-study of Vietnamese retail market and in-depth understanding of Vingroup’s retail business 5.9%
(as shareholder and board member), made a quick investment decision and exercised co-investment rights 2,518
Deal 1,997 2,355
Review Secured co-investment rights to invest either VCM or CrownX, or combination of both, decided to invest in both
& companies at the same terms and valuation as Masan
Execution • Acquired 16.3% stake in VCM on the same valuation/terms, and also secured conversion right to CrownX stake with downside
protection (Put option and Q-IPO condition)
• Also acquired 5% stake in CrownX on the same valuation as Alibaba invested 6 months ago at the first financing round through
negotiation with Masan on the co-investment rights
’19 ’20 ’21

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