BOURBON TAY NINH SUGAR JOINT-STOCK COMPANY

Introduction Transaction name: SUCRERIE DE BOURBON TAY NINH Abbreviated name: SBT Investment capital: US$113 million Business for specific purposes: o Making refined sugar, by- product. o To grown sugar cane. o Making and rading in sugar products that have using refined sugar, by- products, or using sugarcane waste. o Producing electricity with optimisation of bagasse, and power generation by using sugarcane waste to serve its production lines. o Producing and trading in Artificial fertilizer, material agricultures. o Constructing the lower layer of industrial park, civilian construction. o Constructing and trading in supermarket, restaurant, hotel. o The other branch that is legal.

Manufacture Factory:  Production capacity : 8000 tons of sugar can per day, it’s average tons per year  Refined sugar : – tons/year  Molasses : tons/year  Commercial power : KWH/year  Sugar warehouse : capacity tons  Molasses tank : capacity tons

o Sugar cane farm: Variety sugarcane multiplication farm : 160 hectares Sugarcane experiment farm: 33.5 hectares o Ben Keo warehouse port system ( Hoa Binh district - Tay Ninh province): The length of the quay: 40 metres Sugar storehouse : 1.000square metres in area Molasses tank: 2500 bulk volume (2500 m 3 )

The relationship between Vietnamese financial market and corporate financial management of Bourbon Tay Ninh

Factors that impact the company’s results Global sugar outlook is still sweet; driven by low inventory and increasing demand. Bio-fuels are continuing to gain prominence as rising crude oil prices and global warming concerns bring promising growth prospects for ethanol fuel demand. Domestic demand outgrows supply. SBT possesses one of the most complete and technologically advanced production processes in the industry, allowing the company to maintain superior margins.

Case study Bourbon Group has transferred all of 97,081,628 shares, equivalent to 68.41% owned by Bourbon Tay Ninh on 1/12/2010. These shares are not listed on HOSE. In particular, the Bourbon Group - parent company of SBT has sold 70.3 million shares for two companies Thanh Thanh Cong and Dang Thanh company. After The Success Company purchased 35,247,600 millionshares successful of SBT from Bornbon group of French and increase the percentage of ownership to 24.84% of charter capital, a series of important changes in personnel took SBT out. The first is the substitution position of Director (Mr. Nguyen Ba Chu replace Ms. Phan Thi Thu Huong resigned). Notably, the resignation of Mr. Jacques De Chateuvieux and current position as chairman Huynh Ngoc Bich from the date of Thus, the Bourbon group has officially withdrawn from the market capital of Vietnam after 15 years in operation.

Mrs Ngoc currently also holds the position of President of the Board Members of the Thanh Thanh Cong company - a company specializing in trading all kinds of sugar and sugar by products. It is known that the company successfully, in recent years, not only turn to buy large quantities of SBT stocks but also the purchase of shares of public sugar companies listed as NHS, BHS. Currently, Thanh Thanh Cong accounts for 7.0% of retail market share of the country. With the recent moves of The Success shows the company's ambition to take over the country sugar market, an essential product in people's lives It is our concern now is whether Thanh Thanh Cong Company after becoming the largest shareholder of the SBT, it has changed strategy from wholesale distribution to retailers based on the distribution system of The City of Industry? We think this is entirely possible and can help increase SBT’s profit margins because retail prices are often higher than the average wholesale price of 1000 VND / kg. However, we do not exclude the possibility, SBT will be sold to Thanh Thanh Cong with more preferential price. Then, the profit margin increased to be transferred to Thanh Thanh Cong and reduced profit margins of SBT.

Financial Statement Analysis