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NET INSIGHTS REPORT 2011

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About this report:Kantar Media is shedding light on the fast growing Internet advertising industry inVietnam. The industry is definitely aware of the potential of online advertising butcurrently marketers lack the reliable and transparent information they have in traditionalmedia fields.We have been conducting Vietnam’s original in-depth study of online behavior – theYahoo & Kantar Media Net Index – for the past 3 years. This year’s survey wasconducted face to face in 4 key cities (Ho Chi Minh, Ha Noi, Da Nang and Can Tho)with a sample size of 1,500 respondents. Net Index respondents are representative ofthe urban population aged between 15-54 years old.As a pilot project we have carried out continuous advertising monitoring of 10 keywebsites in the Vietnamese market for 12 months (1st April 2010 - 31st March 2011).The purpose of this monitoring is to gain an understanding of the current state of theonline advertising industry in Vietnam. Our online monitoring staff visit 10 selected sitesand record the advertising content on each site. The dynamic nature of onlineadvertising means that manual monitoring is not the ultimate solution but it does providea great overview of the advertising scene. This is why we have decided to releasethese findings.The 10 sites that have been monitored are:www.24h.com.vn (24h) www.thanhnien.vn (TNIEN)www.dantri.com.vn (DTRI) www.tuoitre.vn (TTRE)www.ngoisao.net (NGSAO) www.vietnamnet.vn (VNNET)www.nhacso.net (NHSo) www.vnexpress.com.vn(VNEX)www.nhac.vui.vn (NVUI) www.mp3.zing.vn (MP3)Where offline advertising has been referred to in comparison with online advertisingoffline refers to all monitored TV channels, radio stations, newspapers and magazines.At this time there are no available estimates of spending on OOH, direct marketing andother marketing activities.The objective of this report is to shed some light on the development of the Internet andits users in Vietnam. Everyone, from site owners, advertisers and agencies to the usersthemselves know that the Internet in Vietnam is growing rapidly. What is needed now isclear actionable understanding of just what is happening online. Please contact Clientservice.VN@kantarmedia.com for any further information about this report or our current and proposed services. Kantar Media Vietnam Net Insights Report 2

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Report ContentsExecutive summary .................................................................................. 4On the surface........................................................................................... 5 How much is being spent on online display advertising? ............................................... 5 Where is online advertising expenditure going? ............................................................. 5 How does online advertising activity vary throughout the year? .................................... 6 What share of total advertising expenditure is spent online? ......................................... 7 Who is using the Internet? ............................................................................................... 8 How are people accessing the Internet? ......................................................................... 9 How often are Internet users online? .............................................................................. 9Going deeper........................................................................................... 10 What are people doing online? ...................................................................................... 10 Who’s visiting? ............................................................................................................... 11 Who is advertising online? ............................................................................................. 12 How are the biggest offline advertisers advertising online? ......................................... 13 Which sectors are advertising online? .......................................................................... 13 …and how does their online advertising compare to offline?....................................... 14 Where are the different sectors advertising? ................................................................ 15 How do competitors compete in their online advertising activities? ............................. 16 Telecommunications: .................................................................................................... 16 Transportation: .............................................................................................................. 17Kantar Media Vietnams Services ........................................................... 18 Kantar Media Vietnam Net Insights Report 3

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Executive summary Total monitored spend on 10 biggest display advertising sites in Vietnam was $26,316,500 (US) (April 2010-March 2011). Display advertising on the Internet made up a 3.5% share of all advertising expenditure over the monitoring period. Display advertising on the Internet is growing but it doesn’t reflect the high reach the Internet is achieving in Vietnam relative to offline media types. Internet penetration has grown across all ages between 2010 and 2011. Over ½ of all urban residents of Vietnam’s 4 biggest cities are now online regularly. Youths are driving the growth of internet penetration in Vietnam. The 3 main emerging online usage trends this year are the increased the usage of social networks and online gaming and the growth of mobile access. VNExpress is the leading website in terms of advertising expenditure on the site. Advertisers spent $7.8 million (US) on the site during the monitoring period. Vinaphone is the biggest online advertiser followed by 2 other telecommunications sector advertisers. Vinaphone spent $1.1 million (US) on display Internet advertising during the monitoring period. Telecommunications is the biggest spending sector online. Telecoms spent $4.2 million (US) on display Internet advertising during the monitoring period. Some of the biggest, strongest and most proactive offline advertisers are almost invisible online. Kantar Media Vietnam Net Insights Report 4

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On the surfaceHow much is being spent on online display advertising?In the 12 months until March 31st 2011 there was $26,316,500 (US) of displayadvertising monitored on the 10 sites. It’s important to note that this figure doesn’t takeinto account any discounts on rate card prices of the insertions monitored.Where is online advertising expenditure going?VNExpress is clearly the strongest performing website in terms of attracting advertisingdollars. Vietnamese Internet-goers’ thirst for online news is highlighted by the fact thatthe top 4 ranked sites are all news sites. It’s going to be interesting to see whethergrowth in entertainment, socializing and mobile access alter the balance of online adspend in the coming years. Advertising expenditure per site (April 2010 – March 2011) $8 $7.8 Millions $7 $5.8 $6 $5 $4.3 $4 $3 $2.6 $2.1 $2 $1.5 $1.0 $1 $0.5 $0.5 $0.3 $0 VNEX 24H DTRI VNNET MP3 NGSAO TTRE TNIEN NVUI NHSo . Kantar Media Vietnam Net Insights Report 5

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Not only are those the top four sites news sites (VNExpress, 24h, Dantri andVietnamnet), they also account for over 75% of the advertising expenditure across the 10monitored sites. Share of online advertising expenditure per site (April 2010 – March 2011) 2% 2% 1% VNEX 4% 24H 5% 30% DTRI 8% VNNET MP3 10% NGSAO TTRE TNIEN 16% 22% NVUI NHSoHow does online advertising activity vary throughout the year?There’s a definite upwards trend in online spend as well as the share of overalladvertising going online across the 12 month monitoring period. These figures supportindustry estimates that have placed Internet spending at around 1-2% in 2009 andsomewhere around 3% in 2010. Ad expenditure by month and the online share of all advertising expenditure (April 2010 – March 2011) $4,000,000 6% 5% $3,000,000 4% $2,000,000 3% 2% $1,000,000 1% $0 0% APR MAY JUNE JULY AUG SEP OCT NOV DEC JAN FEB MAR 10 10 10 10 10 10 10 10 10 11 11 11 NET ADEX ($ MILLIONS) SHARE OF ALL ADEX (%) Kantar Media Vietnam Net Insights Report 6

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The dip in the early months of 2011 is not exclusive to the online advertising industry. Itis shown across the industry around the new year (Tet) period and was displayedacross all the media types. Advertising expenditure by media type (April 2010 – March 2011) $60 Millions $50 $40 $30 $20 $10 $0 JULY 10 MAY 10 AUG 10 APR 10 DEC 10 FEB 11 JUNE 10 NOV 10 JAN 11 SEP 10 OCT 10 MAR 11 INTERNET TV NEWSPAPERS MAGAZINE RADIOWhat share of total advertising expenditure is spent online?It’s clear that advertisers world-wide are increasing their focus on digital advertising.Vietnam is no different although the process is still in its primitive stages. As Table 4and Table 5 (next page) show, spending on display advertising is still a relatively smallshare of the overall advertising spend. TV is the advertising king in Vietnam and thisisn’t going to change any time soon but Internet is definitely starting to develop itsshare. Table – Share of advertising (April 2010-March 2011) 6.2% 10.3% 0.2% 3.5% INTERNET TV NEWSPAPERS MAGAZINE 79.7% RADIO Kantar Media Vietnam Net Insights Report 7

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Who is using the Internet?Vietnam’s young and developing population coupled with improved Internet accessibilityhave helped Internet penetration in Vietnam become amongst the strongest in theSouth East Asian region. Media reach in the past week (%) by age. Source-MHS 2010 52 week fieldwork, 4 cities. 100 80 Internet 60 TV 40 Radio Newspaper 20 Magazine 0 15-19 20-24 25-29 30-34 35-39 40+The costs of internet access mean that its only natural to expect the higher socio-economic levels (SEL) to be more likely to be internet users. There are a higherproportion of upper SEL ranked people using the Internet than any other media typeand far fewer members SEL 4 (bottom 40% socio-economic classification of thepopulation). SEL represents both durable items owned and highest level of education.It’s considered a far more reliable estimate of spending power in Vietnam due to thesensitive nature of income related questions. INTERNET 21 34 36 9 TV 10 20 30 40 NEWSPAPER 13 23 35 30 MAGAZINE 17 29 40 15 RADIO 8 18 33 41 SEL1 SEL2 SEL3 SEL4 Kantar Media Vietnam Net Insights Report 8

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How are people accessing the Internet?There is a definite shift to private access. Better access to Internet connection,cheaper computers and mobile devices are all contributing to Vietnamese citizens’ability to get online on their own terms. The growth of mobile access is strongest in thesmaller cities of Da Nang and especially Can Tho where traditional access can be moredifficult than in the 2 biggest cities. 88 75 2010 2011 42 36 29 28 30 17 18 19 13 13 12 13How often are Internet users online?The Internet has become the second most accessed media type on a daily basis behindTV. Over 70% of Internet users claimed to have been online yesterday. Not only areInternet users going online more often they’re seemingly very highly engaged. Morethan 80% of people who accessed the Internet yesterday agree that “when I needinformation the first place I look is the Internet”. Accessed media type yesterday (%) – Based on Kantar Media MHS Survey 4 city survey Week 1-52 2010 95 40 42 23 6 TV NEWSPAPER MAGAZINE RADIO INTERNET Kantar Media Vietnam Net Insights Report 9

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Going deeperWhat are people doing online?Whilst the most popular online activities in Vietnam – search, keep up to date,communicate one-to-one - remain popular with almost all users, there are somesignificant increases in the usage of social networks, using mobile devices to access theinternet and online gaming. 100 90 80 2010 2011 70 60 50 40 30 20 10 0 Forum Purchase News UGC Blog Gaming Social network Search IM Portal Email Mobile Kantar Media Vietnam Net Insights Report 10

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Who’s going where?Advertisers’ decisions are not just based on absolute reach, but also the ability of a siteto reach their specific target market. The bigger news sites generally attract older thanaverage males. Each of the music sites attracts a younger audience. MHS resultsprovide site level analysis so all users of the Zing family of sites (Zingme, Zing MP3,Zing News etc) are aggregated in this analysis. ZING 24H ALL SITES VNEX TNIEN NHSO DTRI NVUI VNNET TTRE NGSAO Kantar Media Vietnam Net Insights Report 11

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Who is advertising online? Online advertising top spenders (April 2010-March 2011) $1,200 Thousands $1,071 $1,000 $803 $766 $800 $522 $600 $402 $353 $349 $338 $289 $400 $282 $295 $265 $223 $239 $218 $212 $211 $211 $227 $197 $200 $0Online advertising is a growing market but it’s being pushed hardest by specific sectors.Just by scanning the top 20 online advertisers you will notice an abundance oftelecommunication (5) and transportation companies (6). Kantar Media Vietnam Net Insights Report 12

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How are the biggest offline advertisers advertising online?It’s interesting to note that the biggest advertisers on offline media in Vietnam aren’t themost proactive Internet marketers at this stage. Aside from Unilever, the top 10 offlineadvertisers are well down in the ranks of online advertisers. Biggest offline advertisers online ad spending ranking (April 2010 – March 2011). OFFLINE RANK BIGGEST OFFLINE ADVERTISERS ONLINE RANK 1 UNILEVER VIETNAM 5 2 P&G VIETNAM Co. Ltd. 146 3 TAN HIEP PHAT Beverage Group 162 4 MASAN Food Corp 450 5 VINAMILK CORPORATION 70 6 FRIESLAND CAMPINA VIETNAM 48 7 PEPSICO VIETNAM 297 8 AJINOMOTO VIETNAM Ltd. 751 9 COCA-COLA VIETNAM Ltd. 24 10 UNILEVER Bestfoods & ELIDA P/S (VietNam) Ltd. 115Which sectors are advertising online?Given the number of telecommunication and transportation companies amongst thebiggest online spenders it’s unsurprising that telecommunications is by far the biggestspending sector online. 10 biggest spending sectors online (April 2010 – March 2011). $4.5 $4.2 Millions $4.0 $3.5 $2.8 $3.0 $2.5 $2.1 $2.1 $2.1 $2.0 $1.6 $1.5 $1.4 $1.3 $1.5 $1.1 $1.0 $0.5 $0.0 Kantar Media Vietnam Net Insights Report 13

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…and how does their online advertising compare to offline?The clothing, apparels and textiles sector followed by IT and office technology are the mostproactive online advertising sectors (in comparison to offline). These sectors are spending up to7 times more on Internet advertising than average. Food, hygiene and beauty and householdcleaning are the most active advertising sectors in Vietnam, but at this stage they are using theirspending power sparingly on the Internet. Now that the majority of urban Vietnamese are onlineit will become increasingly important for these advertising giants to increase their onlinepresence. Sector share of all advertising spend online compared to offline (includes TV, Press, Radio) (April 2010 – March 2011) ONLINE OFFLINE TELECOMMUNICATION 16% 4% TRANSPORTATION 11% 3% CLOTHING - TEXTILES 8% 1% DISTRIBUTION 8% 2% FINANCE - INSURANCE 8% 2% HYGIENE & BEAUTY 6% 19% IT & OFFICE TECHNOLOGY 6% 1% TRAVEL & TOURISM 5% 1% EDUCATION - TRAINING 5% 1% FOOD 4% 22% PROPERTY 4% 1% PHARMACY & MEDICINE 3% 7% HOUSEHOLD APPLIANCES 3% 3% AUDIO-VISUAL 2% 2% INFORMATION MEDIA 2% 1% DRINKS 2% 10% FURNITURE & DECORATION 2% 1% SERVICES 2% 1% CULTURE & LEISURE 2% 0% BUILDING INDUSTRY 1% 1% HOUSEHOLD CLEANING 0% 11% ENERGY 0% 0% INDUSTRY 0% 0% CHARITY-SPONSORSHIP 0% 0% PUBLISHING 0% 0% DIVERSE PUBLICITY 0% 3% SPORT EQUIPMENT/ WEAR 0% 0% AGRI-FISHERY-GARDERNING 0% 1% Kantar Media Vietnam Net Insights Report 14

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Where are the different sectors advertising?While we know that the biggest news sites are attracting the lion’s share of online displayadvertising, the biggest spending sectors have quite varied spending patterns. The clothing,apparels and textiles sector spends almost entirely on news sites whilst the hygiene and beautyand telecommunication sectors spend more evenly across all types of sites including the musicsites. VNExpress attracts a very high proportion of the spending from the finance/insurance andtransportation sectors while 24h is attracting a lot of the distribution and clothing, apparels andtextiles sectors’ advertising spend. Table 12 – Sector spending share per site (April 2010 – March 2011). 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% TELECOMMUNICATION TRANSPORTATION CLOTHING - APPARELS - TEXTILES DISTRIBUTION FINANCE - INSURANCE HYGIENE & BEAUTY IT & OFFICE TECHNOLOGY TRAVEL & TOURISM EDUCATION - TRAINING FOODS VNEX 24H DTRI VNNET MP3 NGSAO TTRE TNIEN NVUI NHSo Kantar Media Vietnam Net Insights Report 15

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How do competitors compete in their online advertising activities?Telecommunications:Telecommunications is by far the most competitive advertising sector online, especiallythe mobile carriers. Expenditure by telecommunications companies is quite widelyspread. In fact, Mobifone and Vinafone are the only 2 advertisers who have advertisedon all 10 of the sites monitored. Table 13 – Telecommunications advertisers expenditure per site (April 2010 – March 2011). VIETTEL VNPT NOKIA A.S. VMS - MOBIFONE VINAPHONE $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 VNEX 24H DTRI VNNET MP3 NGSAO TTRE TNIEN NVUI NHSo Kantar Media Vietnam Net Insights Report 16

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Transportation:Honda is by far the biggest transportation advertiser (and #4 spending overall). Unliketelecommunications advertisers, Honda is the only company to advertise on a big scaleoutside the big 3 sites (with zing.mp3). There is almost no ad spending from the biggesttransportation advertisers beyond the 5 biggest sites.The car manufacturers Ford and Toyota also have completely different approaches.Both use Dantri but Ford has invested heavily in promotion on 24h while Toyota hasspent the majority of their online budget with VNExpress. Table 14 – Transportation sector advertisers advertising per site (April 2010 – March 2011). SUZUKI YAMAHA PIAGGIO HONDA FORD TOYOTA $0 $100,000 $200,000 $300,000 $400,000 $500,000 VNEX 24H DTRI VNNET MP3 NGSAO TTRE TNIEN NVUI NHSo Kantar Media Vietnam Net Insights Report 17

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Kantar Media Vietnam’s Services Building Media Momentum TogetherKantar Media is the one stop shop for media research in Vietnam. Our globalexperience as part of the Kantar brand and our local expertise developed over morethan a decade in Vietnam allow us to key insights to the ever evolving mediaenvironment.Our syndicated and customized service offers can provide the answer to any mediaquestion.TAM (Television Audience Measurement) – TV is a very powerful medium in Vietnam.We can tell you exactly what is being watched, who is watching it and when. Our in-home measurement panels cover the 6 biggest cities and the 3 economic regions ofVietnam.MHS (Media Habits Survey) – The media landscape in Vietnam is vast and expanding.The MHS brings it all together to provide a 360° single source understanding of everchanging media habits in Vietnam.Yahoo & Kantar Media Net Index – Vietnam’s deepest study of online behavior isundertaken yearly in partnership between Yahoo and Kantar Media. Now in its thirdyear the study covers all key and developing areas of online behavior.Media Intelligence – We are monitoring TV, radio, print, Digital OOH and now Internetadvertising 24 hours a day 365 days a year to provide continuous understanding of thedynamic Vietnamese advertising environment.Customized Media Research – Our media research experience and capabilities meanwe can solve any media research question.To see how Kantar Media can provide vital insights to match your media needs contactClientServiceVN@kantarmedia.com.