A report by MSL Singapore

Part of Publicis Groupe

An Introduction to:

MyanmarMyanmarMyanmar

Insights and Opportunities 2013

MSLGROUP Asia

For 24 years, MSLGROUP's Asia team has counseled global, regional and local clients, helping them establish, protect and expand their businesses and brands across this fast-growing region. Today, MSLGROUP has the largest PR, social media and events teams in Greater China (16 offices and 1,000 colleagues) and India (16 offices and 550 colleagues) and is actively working to lead the development of the industry with the regular publication of whitepapers/reports and innovative Learning & People Development programs to nurture talent. The MSLGROUP Asia team includes 38 owned offices and 1,675 colleagues in Beijing, Shanghai, Guangzhou, Chengdu, Hong Kong, Macau, Taipei, Tokyo, Seoul, Singapore, Mumbai, Delhi, Ahmedabad, Pune, Bangalore, Chennai, Hyderabad and Kolkata. An activation network of colleagues reaches an additional 125 Indian and 100 Chinese cities and a strong affiliate partner network adds another 23 Asian cities to our reach. MSLGROUP Asia's teams have been recognized as leaders by multiple industry groups, including most recently MSL India ('PR Agency of the Year 2011' by PRCAI), Luminous ('Local Hero/Agency of the Year 2010' by Marketing Events Asia), Genedigi Group China ('Innovative China SMEs' by Forbes China), ICL MSL Taiwan ('Agency of the Year 2011' by Taiwan Advertiser Associate), and has won more than 50 awards in the last two years.

Learn more about us at: asia.mslgroup.com + https://twitter.com/mslgroupasia + www.facebook.com/MSLGROUPAsia

MSL Singapore

MSL Singapore was founded in 2005 and has since become the fastest growing PR agency in Singapore, tripling in consulting staff in just the last three years. Size-aside, the award-winning firm is regarded as one of the leading communications agencies here and is highly respected for the business goal-oriented, strategic and creative work it does in corporate reputation, B2B communications, social engagement, technology, consumer marketing, crisis and issues management, and government and public affairs. MSL Singapore has received recognition from MARKETING magazine at the publication's 'Agency of the Year Awards' (a client-nominated category) while its consultants include recipients of the "Young PR Professional of the Year" Asia Pacific PR Awards. MSL Singapore is the Southeast-Asia regional hub for MSLGROUP, the world's third largest PR agency network. To discover more about MSL Singapore and MSLGROUP, go to asia.mslgroup.com

1

Publicis Groupe

Publicis Groupe [Euronext Paris FR0000130577, part of the CAC 40 index] is the third largest communications group in the world, offering a full range of services and skills: digital and traditional advertising, public affairs and events, media buying and specialized communication. Its major networks are Leo Burnett, MSLGROUP, PHCG (Publicis Healthcare Communications Group), Publicis Worldwide, Rosetta and Saatchi & Saatchi. VivaKi, the Groupe's media and digital accelerator, includes Digitas, Razorfish, Starcom MediaVest Group and ZenithOptimedia. Present in 104 countries, the Groupe employs 53,000 professionals.

www.publicisgroupe.com Twitter:@PublicisGroupe www.facebook.com/publicisgroupe

Vero Public Relations

Vero Public Relations is an award-winning public relations agency serving companies, trade organizations, universities and government agencies in Thailand, Vietnam and Myanmar. The agency was nominated as 2012 Southeast Asia PR Agency of the Year by the Holmes Report.

The company owns and operates offices in Bangkok, Thailand; Ho Chi Minh City, Vietnam and Yangon, Myanmar.

Vero Public Relations is a full-service public relations agency offering campaign development and management, media relations, public affairs, social media campaigns, crisis communications and internal communications.

Industries served by the agency include: Food and beverage, consumer goods, technology, energy, media, professional services, software, manufacturing and healthcare.

Long-term client relationships include: BlackBerry, Business Software Alliance (BSA), Conergy, European Union, LANXESS, Microsoft, TÜV SÜD PSB

2

ContentAn Insight into Myanmar 4

About Myanmar 5

On the Business Landscape 7

Consumer Insights 10

Travel Trends 11

On NGO Engagement 12

Myanmar's Media Landscape 13

References 15

An Insight into Myanmar

IntroductionFor five decades, Myanmar was under military rule, isolating the country from the rest of the world. A series of natural disasters and severe socio-economic issues have pushed the country toward making rapid political, economic and administrative changes in recent years. With its rich natural resources, strategic location, and a population of 54 million, the country shows good potential for growth, contributing to a rush from companies around the world to enter and invest in what is considered Asia's last untapped emerging market.

The changes Myanmar is undergoing are remarkable. In light of the international buzz, as well as media attention, MSL Singapore sent a team member to Myanmar in early December 2012 to learn about the current dynamics of the Myanmar media landscape, gain key insights on the business opportunities available, and immerse itself in the Myanmar culture.

On this trip, MSL Singapore, in partnership with Vero Public Relations, met with local media publications, several NGO representatives, and a travel agency. This report summarizes the learnings and insights gained from the trip.

The longyi, a sarong-like garment, is worn by both men and women in Myanmar.

Thanaka is a natural cosmetic paste used by men, women and children throughout their body as a sunscreen and skin care product.

4

About Myanmar

Myanmar, also known as the Golden Land, is the largest country in the Southeast Asian Peninsula sharing borders with Bangladesh, India, China, Laos and Thailand. The capital is NayPyiTaw; the largest city in Myanmar is Yangon.

There is no official state religion in Myanmar but Buddhism is practiced by the majority of the population and has had a great influence on its people.

In March 2011, a new civilian government came into power under the leadership of President U Thein Sein, a former general and prime minister in the previous government. Soon after he was sworn into office, President U Thein Sein promised economic reforms, good governance and reduced poverty in the country. In April 2012, Aung San Suu Kyi, Myanmar's pro-democracy party leader, was also elected into Parliament. In the same year, President U Thein Sein was named one of the world's 100 most influential people by TIME magazine and was shortlisted as a Nobel Peace Prize nominee.

5

Map of Myanmar

Myanmar vs. Burma

The country's name has been a topic of controversy among scholars, diplomats and experts. Both the names "Burma" and "Myanmar" are recognized internationally and have long been used in the Burmese language, varying from a common term. "Myanmar," considered to be the literary form of the name of the group, refers to all citizens in the country, while "Burma," derived from "Bamar," is the colloquial form of the group's name, referring only to the Burman minority group.

In 1989, the former ruling military junta officially changed the English name of the country from "Burma" to "Myanmar."The United Nations, ASEAN and Asian countries use the name "Myanmar." However, many Western governments, such as the United States and United Kingdom, are still using the name "Burma." The European Union (EU) refers to the country as "Myanmar/Burma."

The Financial Times recently announced that they will use "Myanmar"' instead of "Burma." Most people in the country use the name "Myanmar," but "Burma" remains a common and informal name for most people worldwide.

During his recent visit to the country, President Barak Obama referred to Myanmar in his speeches and comments as a good will gesture. However, the US State Department continues to use Burma in official statements - this is a point of contention with the government.

President of Myanmar Thien Sein (R) talks with Singapore Prime Minister Lee Hsien Loong at the Istana on January 30, 2012 in Singapore

Population and Society— Population: 54,584,650 (July 2012 est.)— Ethnic groups: Burman 68%, Shan 9%,

Karen 7%, Rakhine 4%, Chinese 3%, Indian2%, Mon 2%, other 5%

Age structure— 0-24 years: 45.9% (male 12,733,350/female

12,328,868)25-54 years: 42.5% (male 11,513,896/female 11,679,972)55 years and over: 11.6% (male 2,886,526/female 3,442,038)

— Sex ratio: 0.99 male(s)/female (2011 est.)— Literacy (age 15+ can read and write): 89.9%

total population— Major cities population: Yangon 4.259

million; Mandalay 1.009 million; NayPyiTaw(capital) 992,000 (2009 est.)

Economy— GDP (official exchange rate): US$54. 05

billion (2012 est.)— GDP per capita: $1,400 (2012 est.) — GDP (real growth rate): 6.2% (2012 est.)— Population below poverty line: 32.7% (2007

est.)— Exports (natural gas, wood products, pulses,

beans, fish, rice, clothing, jade and gems): $8.529 billion (2012 est.)

— Exports-partners: Thailand 36.7%, China 18.8%, India 14.1%, Japan 6.6% (2011)

— Imports (fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil): $7.137 billion (2012 est.)

— Imports-partners: China 38.8%, Thailand22.6%, Singapore 9.7%, South Korea 5.4%, Malaysia 4.5%, Japan 4.1% (2011)

(Source: Central Intelligence Agency, The World Factbook)

QUICK FACTS

6

On the Business Landscape

The current landscape in Myanmar is promising for businesses, but is not without challenges. Land acquisition is difficult and sources of funding remain opaque. Certain projects in Yangon are fairly speculative and there is a fair chance they will not move forward.

In November 2012, Myanmar passed a new foreign investment law aimed at bringing in foreign capital to rapidly address numerous shortages and to grow the economy. The law stipulates that foreign investors will not require a local partner to set up a business. Overseas investors will be able to own 100 percent of a company in Myanmar, with any share in a joint venture with a domestic partner mutually agreed upon by both parties. In addition, investors will enjoy various tax incentives such as income tax exemptions of up to five consecutive years, while land leases have been extended to 50 years with options from the government to extend an additional two 10-year periods.

The new law undoubtedly sparked a surge of investments in Myanmar, particularly among major firms who have been waiting for this policy change before committing significant funds.

Where do the opportunities lie in Myanmar?

Education: Education is one of the primary focus areas for the country. Despite the country's impressive literacy rate, there is a need to improve Myanmar's education system across all sectors - from secondary education, technical and vocational training, to higher education - to ensure the country is prepared for opportunities created by ongoing democratic and financial reforms. A large number of the workforce possesses little or no experience with modern technology and business practices.

In discussions with one senior English professor at Yangon's largest university, it would seem that the curriculum has not undergone significant development in many years. Many people with degrees in English and other professions have not been able to secure a career after leaving school and instead, revert to service industries. It is not uncommon in Yangon to have your taxi driver speak to you about their law or other advanced degree that they have been unable to apply in today's working world.

"As Myanmar embarks on dramatic socioeconomic transformations, education must play a critical role in promoting inclusive growth and poverty reduction," said Christopher Spohr, a Senior Education Economist with the ADB's Southeast Asia Department. "This will help Myanmar meet rapidly evolving labor market needs, rebalance and equip the economy to modernize and move into higher value-added sectors,

Yangon property prices have risen significantly in the past few years

Entrance to Yangon University (Photo: AP/Khin Maung Win)

7

IT: There are many opportunities for IT infrastructure development across all sectors in Myanmar - with Yangon and Mandalay expected to be the two leading IT hubs due to its population density. According to a recent IDC report, it expects a 15 percent year-on-year growth in IT spending in 2012 with the market reaching 268.45 million US dollars by 2016. This represents an annual growth rate of 14 percent over five years. The leading major verticals will likely be the government, utility and energy, financial services, hospitality, and media sectors.

The IT boom is evident in many of Yangon's major streets as well. Rows of shops have recently been renovated for the likes of Samsung and LG, showcasing the latest brands and offering high quality technology products not seen in the market just a few years ago.

A pedestrian walks past a Samsung Electronics Co. retail store in Yangon. (Photo: Dario Pignatelli/Bloomberg)

Local bank ATM that now accepts Mastercard.

Public phone booth at an intersection corner in Yangon

Telecommunications: Myanmar's telecommunications sector presents one of the most lucrative opportunities. Mobile subscriptions stand at around 5.4 million out of Myanmar's 54 million people, which equates to a penetration figure of around 9 percent, according to the International Telecommunication Union. Myanmar's internet penetration is at 1 percent with around 530,000 internet users.

The government has shared its goal to increase the percentage of the population owning a telephone to between 75 percent and 80 percent by 2015-2016. It expects to pass a new telecommunications law by June 2013 to liberalize the historically state-controlled sector.

Some of the existing handset makers already in Myanmar include Samsung (Korea), Apple (U.S.), HTC (Taiwan), and Huawei (China).

Banking: Foreign banks are not yet allowed into the country but progress can be seen with some credit cards being accepted at major hotels and a number of ATMs available for use. Selected ATMs now accept MasterCard for cash withdrawal and Visa recently signed credit card deals with three Myanmar banks.

In accordance with the new banking law, licenses have been issued to 17 domestic private banks to operate and permits have been issued to 32 foreign banks for the opening of its representative offices in Myanmar.

8

Hospitality: The cost for hotel rooms and land has risen significantly in Yangon in the last two years due to the demand caused by the influx of travelers and foreign companies looking to invest, respectively. Between 2007 to end 2012, the average daily rate (ADR) of hotels in Yangon grew by 350%.

Currently, there are approximately 8,000 hotel rooms in Yangon; of these it is estimated that fewer than 20% are of international standards. According to the report, Market Insight, the international-quality hotel supply in Yangon is expected to grow by 36.7% per annum (CAGR) from 2012 to 2016, assuming all projects currently underway or in the pipeline are completed.

Myanmar earned 1.064 billion U.S. dollars in 2012 as of July from hotel and tourist sector. Existing international brand hotels in Yangon include Park Royal Hotel, Traders' Hotel and Shangri-La (under construction). Recently, US-based international hotel brand, Hilton Hotels, announced plans to open its first hotel in Yangon in 2014.

Agriculture: Myanmar's economy relies primarily on its agriculture, which accounts for 36% of its gross domestic product, a majority of the country's employment and 25%-30% of exports by value. There is an opportunity for investments in agricultural technology and agriculture education to help farmers capitalize on the business prospects, encourage entrepreneurship and drive growth.

Rich Natural Resources: Myanmar's natural resources are among its most important assets. The country is rich in natural gas, water, forests, and fisheries. Other resources include petroleum oil and minerals such as tin, antimony, zinc, copper, tungsten, lead, coal, marble, limestone, and precious stones.

Myanmar holds proven oil and gas reserves of 2.1 billion barrels (bbl) and 25 trillion cubic feet (tcf) respectively as of April 2011. However, a lack of technology and low participation from foreign oil companies has left most of its hydrocarbon reserves unexploited.

According to Myanmar's Ministry of Mines, mining is the second-largest sector for foreign direct investment in Myanmar after energy. As of December 2012, Myanmar was finalizing its new mining law aimed to boost foreign investments, encourage more local investment and implement environmental controls on mining companies.

Health care: To implement the social objective laid down by the State and National Health Policy, the Ministry of Health is leading the efforts of providing primitive, preventive, curative and rehabilitative

services to raise the health status of the population.

On average, Myanmar has only one physician per 2,188 people and one hospital bed per 1,667 people. Public expenditure on health care has been increasing in recent years to help improve access to health services.

The Ministry of Health recognizes the importance of involving administrators from different sectors and mobilizing the community to effectively implement health reforms. Health committees have been established comprising of representatives from government and health departments, social organizations, as well as different wards and village tracts. NGOs, such as Myanmar Maternal and Child Welfare Association, and Myanmar Red Cross Society, have also taken a role in the provision of health services.

Government: Myanmar's remarkable transformation has made the country one of most progressive in Asia. Nonetheless, the government recognizes the need for knowledge and expertise from other countries to manage the economic and administrative reforms and

Local fisherman at work

Traffic jams are common throughout Yangon today.

9

Consumer Insights

In major cities like Yangon, big supermarkets have become the preferred place to shop for consumers due to its convenience. The largest supermarket chain in Myanmar, City Mart, sells not only food, but everyday household products, cosmetics, and drugs. Products at City Mart may not be cheaper than small family-run shops, but consumers go there for its wide range of imported and local products in one place and a more comfortable shopping experience with air-conditioning and helpful sales representatives. Frequent sales and promotions also offer good deals for products that are typically of higher quality than local shops.

International brand products dominate the market's display shelves in categories where a local brand does not exist. These products, including Pampers, Mamy Poko, Colgate, Sun silk, and Gillette, are imported from Thailand, Vietnam or Japan. For categories like beauty soap, detergent, and dishwashing liquid, a local brand exists and typically costs less than half of the price of imported brands.

Because purchasing decisions for most consumers in Myanmar are based on pricing, local brands are usually preferred over international brands. However, Myanmar is experiencing a growth among its middle class, leading more people to spend a little more on

imported products that offers better performance compared to local products.

Beauty habits in Myanmar are very simple. Thanaka, a natural paste derived by grinding thanaka bark with a sprinkle of water on a stone slab, is used by many men, women and children as a sunscreen, cosmetic and skincare product. Because of its protective and cooling ability, as well as inexpensive cost, thanaka is preferred over most modern-day cosmetics.

Brands like Nivea, L'Oreal, Maybelline and Revlon are available in supermarkets and are more commonly used by working professionals.

City Mart Supermarket located inside Junction Square a new shopping mall in Yangon.

Frequent sales and promotions offer good deals for consumers

10

Travel Trends

Myanmar presents a tremendous opportunity for tourism due to the fact that its beautiful, untouched landscape and rich cultural heritage has been hidden from the world for decades.

In 2012, the tourism ministry reported an almost 30 percent rise in arrivals to 1,060,000, from around 800,000 the year before. Thais represent the largest group of travelers, followed by Chinese visitors, then the Americans, French, and British.

According to Mr. Richard Moreau, the number of inbound and outbound travelers has grown 3-4 times in the past two years. Travelers arriving in Myanmar are seeking a unique, exclusive local experience that takes them deep into Myanmar to explore its untouched jungles and pristine beaches. Travelers also enjoy interacting with local villagers, who often appear shy but are usually eager to share their culture and experiences once given the opportunity.

The continued strength of international travelers visiting Myanmar has led the government to open new hotel zones in Yangon, Mandalay to cope with the growing demand. The existing hotel zones in Myanmar lie in Nay Pyi Taw, Yangon, Mandalay and Bago, Rakhine , Mawlamyine, Bagan, Taunggyi, Chaungtha, Golden Triangle and Ngwehsaung.

Myanmar will be hosting the World Economic Forum in May 2013, the SEA Games in December 2013, and the Asean Summit in 2014.

The preferred method of booking in Myanmar is still through travel agents. Most major hotels accept credit cards but cash is the preferred form of payment

Tourists and local visitors at the Shwedagon Pagoda, a Buddhist pagoda in Yangon.

11

On NGO Engagement

Political reforms in the past five years have led to more opportunities for humanitarian efforts in Myanmar. Today, there are over 100 international and local non-governmental organizations (NGOs) in Myanmar working in a variety of sectors, including disaster response, agriculture, and health. Several networks also exist for NGOs to join together to collaborate, coordinate and pursue joint action on specific civil society issues.

Myanmar ranks first as the 'most at risk' country in Asia Pacific according to the UN Risk Model. The country is vulnerable to a wide range of hazards, including floods, cyclones, earthquakes, landslides and tsunamis. The likelihood for medium to large-scale natural disasters to occur every couple of years is high, according to historical data.

These disasters have thus led to increased programs between the government, the international community and local organizations. NGOs, such as World Vision, work closely with multi-national corporations to provide aid to communities affected by disasters through donations of products and water.

Partnerships with multi-national corporations also play a significant role in NGOs' efforts to advocate and promote dialogue with the government around land and agriculture reforms. According to Dr. Ohnmar

Khaing, project coordinator at Food Security Working Group, business partnerships have contributed to many of its success in pushing for certain policy changes, as well as provide funding for local community efforts.

Health education and health care are another area of focus for many humanitarian organizations. Within the health sector, there are many issues that require urgent attention, such as dengue fever, malaria, and HIV/AIDS.

According to 3N, an NGO network focused on HIV/AIDS-related issues, local capacity building is one of the main goals for NGOs across all sectors. Limited donor funding is a challenge they face but recent eased financial sanctions have led to an increase in funding from the U.S. and U.K. for development programs in Myanmar.

In an interview in October 2012, UNAIDS Executive Director Michel Sidibé said, "I congratulate Myanmar on its commitment to reach an AIDS-free generation by 2015. I am sure if resources are made available to Myanmar, the country will reach its ambitious goal and I call on donors to support the Ministry of Health."

12

Myanmar's Media Landscape

Press freedoms in Myanmar have improved rapidly, and are now on par - and in some cases freer than- other ASEAN member countries.

The changes have been fast and remarkable.

Since President Thein Sein gained power in 2011, the government has eased press restrictions - releasing journalists from imprisonment, lifting some censorship requirements. Beginning April 2013, private newspapers will also be allowed to publish daily for the first time.

Media today are no longer required to submit their stories to a censorship board for approval prior to going to print, making Myanmar one of the more progressive countries in Southeast Asia in terms of press freedom. The censorship board continues to control the licenses issued to media publications; therefore, it reserves the right to revoke licenses if it deems it appropriate.

For example, in early January 2013, the government banned Hnyo magazine, Myanmar's first sex education magazine, because the magazine "published near pornography," according to a report from the New Light of Myanmar, the government's official newspaper.

The Myanmar Times office in Yangon

There are ongoing discussions between journalists, publishers, movie directors, film stars, producers and government officials to cooperate and further ease censorship. In a meeting with 7Day News Journal, Myanmar's largest weekly in-language publication, and The Myanmar Times, one of the country's top weekly English publications, both editors not only shared an optimistic outlook on the current media landscape, but a commitment to reporting stories without bias.

13

Customers buy local weekly journals at a road sideshop in Yangon (Credit: www.shutterstock.com/gallery)

MEDIA FACTS— The number of media outlets is increasing

with at least 248 weeklies being published in Myanmar of which 138 are news and current affairs publications.

— Despite a high literacy rate, print media consumption is around 30% in towns and cities. TV represents the highest consumption rate at 67% in cities and 39% in rural areas. Radio consumption is 41% in cities and 56% in rural areas.

— The main languages are Burmese and English.

— An October 2010 survey found that blogging is the fastest growing type of Internet use in Myanmar, with a 25 percent increase from 2009.

Engaging the media

Both editors from 7Day News Journal and The Myanmar Times stressed the importance of confirming the accuracy of a story through strong sources and being unbiased in its stories. Therefore, Myanmar journalists seek not only comments from government officials, but also from business spokespeople, NGO representatives or academics for facts, figures and additional perspectives.

7Day News Journal and Myanmar Times both cover a wide range of topics, from business, property and education to health care as well as lifestyle. Given the young media landscape, company news stories for both publications currently focus around business updates and product launches. Innovation, sustainability and talent development stories are uncommon but both publications have expressed interest in the stories.

Press releases and press conferences are the common way to engage journalists. Depending on the scope of work/project, media events can be held either in Yangon or NayPyiTaw. Generally, most of the business-related events are held in Yangon, while government-related events are organized in NayPyiTaw.

Social media platforms such as Facebook have also become a popular way for urban youths to interact and communicate. Publications like Myanmar Times leverage social media as a way to monitor and learn about the latest news happening in the country - allowing them to quickly respond and follow up by sending a journalist out to confirm the facts.

The Future of Media

In late 2012, a 7Day News Journal reporter received a call from a government official about a story he was unhappy with. Instead of suspending the publication, the government official spent an hour explaining to the reporter why his story was inaccurate. According to Mr. Myo Hlaing Aung, General Manager at 7Day News Journal, this represents the changing dynamic between government and the news media.

We can all expect continued rapid changes and optimism for the media landscape in Myanmar in the coming year. The optimism and energy of the Myanmar people is tangible everywhere you go. From the bustling markets, renovations and new construction, to the fervor for knowledge and new international partnerships, there is a lot of excitement and hope for the future of Myanmar.

When asked about what will happen in the future, the senior professor of English from Yangon University was clear about the country's future - "The past is the past. We cannot and will not go back to how it was. It will only get better. It's a question of how fast, and who will help us."

14

References

1 http://www.adb.org/sites/default/files/pub/2012/MYA.pdf

2 http://en.wikipedia.org/wiki/Names_of_Burma

3 http://www.reuters.com/article/2013/01/26/ us-myanmar-usa-idUSBRE90P05R20130126

4 http://www.loc.gov/lawweb/servlet/lloc_news?disp3_l205403415_ text

5 http://www.adb.org/news/adb-support-myanmar-education-assessment-reforms

6 http://www.idc.com/getdoc.jsp?containerId= prSG23583112#. UPZbHmd0Y6I

7 http://www.internetworldstats.com/asia.htm

8 http://online.wsj.com/article/SB10001424127887324235104578243483866642040.html

9 http://online.wsj.com/article/SB10001424052970204712904578096080846908510.html

10 http://www.ap.joneslanglasalle.com/asiapacific/EN-GB/Pages/Newsitem.aspx?ItemID=26516

11 http://www.ap.joneslanglasalle.com/asiapacific/EN-GB/Pages/Newsitem.aspx?ItemID=26516

12 http://www.joneslanglasalleblog.com/the-investor/global-news/hotel-supply-in-yangon-forecast-to-grow-36-7-pa-over-next-four-years

13 http://english.sina.com/culture/2013/0107/546015.html

14 http://www.adb.org/sites/default/files/pub/2012/myanmar-in-transition.pdf

15 http://www.energydigital.com/global_mining/myanmar-an-emerging-natural-resources-powerhouse

16 http://online.wsj.com/article/SB10001424127887323401904578158750073509488.html

17 http://www.adb.org/sites/default/files/pub/2012/myanmar-in-transition.pdf

18 http://sg.news.yahoo.com/tourist-flood-sees-record-myanmar-visitor-numbers-171339714.html

19 http://www.myanmar-business.org/2013/01/myanmar-plans-new-hotel-zone-in-yangon.html

20 http://reliefweb.int/map/myanmar/myanmar-natural-disasters-2002-2012

21 http://www.unaids.org/en/resources/presscentre/featurestories/2012/october/20121028myanmarmoh/

22 http://www.irrawaddy.org/archives/24430

23 http://www.irrawaddy.org/archives/24430

24 http://www.i-m-s.dk/files/publications/changeisintheair_january2012_IMS.pdf

25 https://reutersinstitute.politics.ox.ac.uk/fileadmin/documents/Media_Landscapes/Myanmar.pdf

26 http://www.unhcr.org/refworld/pdfid/4dad51b30.pdf

15

Contact :Kelvin Yeo, Managing DirectorEmail: kelvin.yeo@mslgroup.comWebsite: http://asia.mslgroup.com