CONFIDENTIALAFC Asia Frontier Fund

September 2013

AFC Vietnam Fund

February 2016

2

Most new funds are launched when markets are “hot” and close to their highs

We see opportunities as the market & economy are at the beginning of a new cycle

Viet Capital - Hanoi Index May 2006 – December 2015

AFC Vietnam Fund

AFC Vietnam Fund Launch

TABLE OF CONTENTS

Executive Summary 4

Why Vietnam 5

AFC Vietnam Fund 22

Fund Performance 23

Investment Strategy 25

Directors & Shareholders 27

Awards 31

Contact Information 32

Disclaimer 33

Appendix 34

3AFC Vietnam Fund

EXECUTIVE SUMMARY

Fund Objective

• Capture the value of growth companies in Vietnam; especially in the small to medium sizecompany segment

Opportunity

• Vietnams GDP growth is accelerating again since H2 2013 and is expected to grow at over6.6% in 2016.

• Banking reform is under way, such as e.g. the resolution for NPL’s

• Strong FDI inflows are helping to transform Vietnam to a higher value addedmanufacturing destination

• Low oil prices are beneficial for Vietnam and are helping to increase consumer spending

• VND - Currency expected to remain stable.

Potential

• We believe to achieve a significant capital appreciation for at least the next 4 - 6 years.

4AFC Vietnam Fund

5

Vietnam’s Low Correlation to Global Markets offers significant Diversification Benefits

WHY VIETNAM

Bloomberg . Based on 10 years monthly data

AFC Vietnam Fund

0.350.42

0.720.82

0.87

VH Index(Hanoi)

VN Index (HoChi Minh)

MSCI FrontierMarkets

MSCI BRIC MSCIEmergingMarkets

Correlation with the MSCI World Index

6

A Land of Opportunities

Valuations

• Vietnam’s overall valuation looks extremely compelling versus its regional peers, but listed“Small/Medium Caps” offer outstanding value

• Reaching the old highs in the next economic and stock market cycle would mean a potentialof several hundred per cent, supported by fundamentals

Growth Prospects

• Very competitive labour costs, but rising individual wealth at CAGR 13.50% over the past 10years

• High foreign remittances of around USD 12.5bn in 2015

• FDI disbursement grew by 17.4% and reached USD 14.5bn in 2015

AFC Vietnam Fund

WHY VIETNAM

7

Strong Fundamentals will Support Growth

Sustainable GDP Growth

• GDP is accelerating again at 6.68% 2015, after declining from 8.5% (2007) to 5% (2012)

Competitive Labour Costs

• Low wages with increasing productivity and improvements in human capital

Inflation under Control

• The government managed to successfully lower inflation to 0.6% in 2015, the lowestrate since 2001 (recent highs in 2011 at 18.7% and in 2008 at 23.1%)

Interest Rates Came Down

• Average lending rate came down from over 20% (2011) to 8% (2015)

Improving Trade Balance

• Trade balance improved from USD -18bn (2008) to USD -3bn (2015)

Foreign Reserves Increasing

• Foreign reserves increased from USD 12.5bn (2010) to approx. USD 34bn 2015

Currency expected to remain stable versus USD

AFC Vietnam Fund

WHY VIETNAM

8AFC Vietnam Fund

Competitive Labour Costs

Worldbank

WHY VIETNAM

8.48

4.63

3.87

1.25 1.21 1.19

0.730.56

0.30 0.30

Japan South Korea Hong Kong Malaysia Thailand China Philippines Indonesia Vietnam Laos

Minimum Hourly Wage (USD)

9AFC Vietnam Fund

Increasingly Educated Population

PISA 2012 – assessed the competencies of 15 year olds in 65 countries

WHY VIETNAM

573 561536 531

514 511 506 504 495 494 485 484 481

427 421391 388 375

PISA 2012 - mean score of Mathematics, Reading & Science

Vietnam Consumer Confidence

10AFC Vietnam Fund

WHY VIETNAM

Bloomberg / ANZ Roy Morgan / AFC

91.0

61.258.4

98.2

52.0

57.0

62.0

67.0

72.0

77.0

82.0

87.0

92.0

97.0

Dec

-03

Jun

-04

Dec

-04

Jun

-05

Dec

-05

Jun

-06

Dec

-06

Jun

-07

Dec

-07

Jun

-08

Dec

-08

Jun

-09

Dec

-09

Jun

-10

Dec

-10

Jun

-11

Dec

-11

Jun

-12

Dec

-12

Jun

-13

Dec

-13

Jun

-14

Dec

-14

Jun

-15

Dec

-15

Vietnam

Indonesia

China

Hong Kong

Singapore

New Zealand

Australia

India

Thailand

Taiwan

South Korea

Strong FDI Disbursements and Overseas Remittances

11AFC Vietnam Fund

WHY VIETNAM

General Statistics Office of Vietnam

14.5

12.5

27.0

0.0

5.0

10.0

15.0

20.0

25.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

FDI & Remittances 2005 - 2015

FDI Disbursements Overseas Remittances Total

USD bn

• Vietnam attracted nearly USD 123bn ofremittances, an average increase of about36% per year, during the 1991-2015 period

• Vietnam received about USD 12.5bn worthof inward remittances in 2015 from 5 millionVietnamese residing in 103 countries aroundthe world, most of which has been investedin production and business activities

• Overseas remittances, 2nd largest capitalsource for Vietnam, played an important rolein a sustainable economic development

12

Compelling Valuations (January 2016)

AFC Vietnam Fund

Bloomberg

WHY VIETNAM

P/E P/BDividend Yield

(%)

AFC Vietnam Fund 7.4 1.1 6.4

Indonesia 26.7 2.4 2.0

Philippines 19.1 2.4 2.1

Malaysia 17.5 1.7 3.1

Thailand 16.3 1.7 3.5

Singapore 10.7 1.0 4.7

Vietnam - Ho Chi Minh 10.9 1.6 3.9

Vietnam - Hanoi 9.1 1.0 4.1

13AFC Vietnam Fund

GDP Growth - Inflation under control

Worldbank / General Statistics Office of Vietnam

WHY VIETNAM

5.25%5.42%

5.98%

6.68%

2012 2013 2014 2015

Yearly GDP Growth

0.60%

8.00%

6.00%

2007 2008 2009 2010 2011 2012 2013 2014 2015

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Vietnam Interest Rates and Inflation

Average CPI (y-o-y)

Lending rate

Deposit rate

14AFC Vietnam Fund

Increasing Foreign Reserves will Support Currency & Balance of Payments

Worldbank

WHY VIETNAM

90%

50%

25% 23%

44%

61% 65%61%

2008 2009 2010 2011 2012 2013 2014 2015

Foreign Reserves in % of External Debt

6.2 79.1

13.4

23.5 23.9

16.512.5 13.5

23.6

3236

34

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Foreign Reserves (USD bn)

-6.60

-4.30

-0.60

7.00

8.80

6.00

1.00

2009 2010 2011 2012 2013 2014 2015

Current Account Balance (USD bn)

-10.95

-12.60

-9.80

0.80 0.902.00

-3.20

2009 2010 2011 2012 2013 2014 2015

Trade Balance (USD bn)

15

Improving Business Environment

Government to Support Economic Recovery

• Relaxation of Foreign Ownership Limits, allowing foreign investors to buy up to 100 percentof stocks from companies in non-strategic sectors

• Relaxation of the rules on foreign ownership of property

• Tax Cuts for Individuals and Corporates

• Stimulus Packages for various Industry Sectors

• Restructuring of SOE’s (State Owned Enterprises)

• Improving Banking Regulatory Framework

• Better Supervision and Severe Punishment of Banking Misconduct

• Lower Lending Rates

• To keep NPL ratio below 3% and credit growth target at 18% - 20% range

• Visa exemption for foreign visitors

AFC Vietnam Fund

VIETNAM

16

Improving Business Environment

Strong Foreign Investments into Manufacturing (Samsung alone ~USD 15bn)

Key Sectors: Electronics, Textile and Energy

TPP, ASEAN and other Free Trade Agreements will support Economy

Political Stability

Main Risks

• External economic or political shocks

• Vietnam will need to continue to drive economic reforms and also improvements inlabour productivity will need to keep the same pace

AFC Vietnam Fund

WHY VIETNAM

17

Vietnam is implementing 8 free trade agreements and is negotiating

another 6 FTA’s, including TPP and the Vietnam-EU FTA

WHY VIETNAM

AseanBriefing Oct. 2014

AFC Vietnam Fund

ASEAN – Key Facts

• Viewed as a single entity, ASEAN would be the 7th largest economy in the world with aGDP (2013) of USD 2.4 trillion

• 5.1% average real GDP growth (2000 – 2013)

• 600 million consumers

• An expanding consumer class: 90 million people are expected to move to urban areas by2030, which would double current households from 81 million to 163 million

• 46.7% of Debt to GDP (2013)

• 2.8% Inflation (2013)

18AFC Vietnam Fund

WHY VIETNAM

19AFC Vietnam Fund

Stable Political Environment

WHY VIETNAM

92

85

6159

46 45

31 30

23

1714

12

World Bank 2014 Political Stability Ranking

20AFC Vietnam Fund

Low Market Cap/GDP relative to Asian Markets

Worldbank 2014

WHY VIETNAM

29%

39%

72% 76% 78%83%

91%

107%112%

207%

Vietnam Indonesia India China Australia Philippines Thailand Japan Malaysia Singapore

Market Cap in % of GDP

21AFC Vietnam Fund

Stock Market Information

Bloomberg

WHY VIETNAM

Financials 36%

Consumer Staples 18%

Industrials 15%

Utilities 11%

Materials 11%

Energy 7%

IT2%

Sector Breakdown Dec 2015

27 42

195245

342

455

642

696 702679 663

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Number of listed companies

22AFC Vietnam Fund

AFC VIETNAM FUND

23AFC Vietnam Fund

FUND PERFORMANCE

NAV as of 31st January 2016

NAV USD 1,417.58

Since Inception +41.76%

Inception Date 23/12/2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2013 USD +2.37% +2.37%

2014 USD +8.75% +4.50% +2.18% -4.65% -0.32% +1.45% +1.86% +5.49% +3.87% +2.83% +2.50% +0.60% +32.50%

2015 USD +0.44% +1.76% -0.96% +1.93% -0.48% +0.06% +0.22% -4.57% +1.18% +6.90% -1.82% +0.25% +4.62%

2016 USD -0.10% -0.10%

Monthly Performance (Net) - AFC Vietnam Fund

24AFC Vietnam Fund

FUND PERFORMANCE

Monthly Performance (Net) - AFC Vietnam Fund

900

1000

1100

1200

1300

1400

1500

AFC Vietnam Fund USD (Net) VN Index (USD)

INVESTMENT STRATEGY

Value Based Bottom Up Stock Selection

• In-house and third party research to identify undervalued companies

• Self-developed Valuation & Earnings model

• Company visits

Risk Mitigation

• In-depth due diligence of investment opportunities

• The fund is well diversified and typically invests in 50 to 80 stocks across various sectors

• Investment limit per position max 9% with top-slicing at 19%

Cash

• Not fully invested in uncertain times and/or excessive valuations

• Holding cash will allow the fund to take advantage of opportunistic investments when theyarise (momentum / news driven)

25AFC Vietnam Fund

INVESTMENT STRATEGY

Example of Typical Equity Investments

Portfolio Sector Weightings as of 31st January 2016

26AFC Vietnam Fund

Industrials 23.5% Energy 4.4%

Consumer Discretionary 19.8% Healthcare 4.4%

Consumer Staples 18.1% Communications 3.6%

Materials 15.0% Utilities 2.2%

Financials 6.0% Cash 3.0%

Market Cap USD (m)

P/E P/B Div. Yield Pay Out Ratio

Sector

Hanoi Education Develop. & Invest. 9 6.9 1.0 9.0% 61% Consumer Discretionary

Dinh Vu Port Inv. & Development 97 8.6 2.6 5.7% 48% Industrials

Vietnam Fumigation 43 6.7 1.4 6.3% 46% Agri Chemicals

Bao Viet Securities 48 7.9 0.8 0.0% 0.0% Financials

Petro Vietnam Technical Services 564 6.7 1.3 4.4% 29% Energy

27AFC Vietnam Fund

Andreas Karall, CIO of AFC Vietnam Fund, brings with him 25years of experience in fund and portfolio management. He managedseveral public and private funds for various banks and fund managers inEurope. In the early part of his career he was the CEO of a small fundand portfolio management company in Vienna. That was around thetime when he developed an affinity for Asian markets and he started toclosely follow and invest in them. He is constantly looking for attractiveinvestment opportunities, especially when they arise shortly after aneconomic crisis or political turmoil. He successfully invested in the HongKong stock market after the Tiananmen Square protests of 1989, inFinland after the 1991 collapse of the Soviet Union and in Asian marketsafter the 1997 Asian crisis. He sold most positions for his clients in 2007and therefore escaped the financial crisis almost unscathed and was ableto reinvest at bargain prices in 2008/2009. After Vietnamese stockmarket correction of over 70%, Andy is now ready and excited to getinvolved!

DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

28AFC Vietnam Fund

Andreas Vogelsanger, CEO / Head Marketing of AFC VietnamFund, has over 25 years of wide-ranging experience with leadinginstitutions in the finance industry. Prior to joining AFC Vietnam FundAndreas was a Founding Partner and Chairman of a small corporatefinance boutique in Bangkok and he worked for top-level investmentbanks, hedge funds and private banks in Zurich, Geneva, London, HongKong and Singapore. He is passionate in finding the best value solutionsfor clients in tailoring an optimal investment proposition.

Andreas was awarded an AMP diploma from Wharton Business School,University of Pennsylvania and he also holds CEFA (Certified EuropeanFinancial Analyst and Portfolio Manager) and FRM (Financial RiskManager) diplomas.

DIRECTOR & SHAREHOLDER OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

29AFC Vietnam Fund

Thomas Hugger, COO of AFC Vietnam Fund and Founder ofAsia Frontier Capital, has spent 27 years in private banking where hespecialized in managing portfolios of listed and unlisted equities. He hasbeen investing in Asian and African Frontier Markets since 1993. He is theformer Managing Partner, CFO & COO of Leopard Capital; and waspreviously a Managing Director and Head of Portfolio Management at LGTBank in Hong Kong. He also held senior investment positions at Bank JuliusBaer in Zurich and Hong Kong. Mr. Hugger was the founding shareholderof one of the largest brokerage companies in Bangladesh. He is also aCertified Financial Investment Analyst (CFIA) and Investment Adviser(Switzerland) and a Certified European Federation of Financial AnalystsSocieties (EFFAS) Financial Analyst.

DIRECTOR OF ASIA FRONTIER CAPITAL (VIETNAM) LTD.

Our Team

Thomas Hugger, CEO and Fund Manager,has spent 27 years in private banking and hasbeen investing in Asian and African FrontierMarkets since 1993. He is the formerManaging Partner, CFO & COO of LeopardCapital; and was previously a ManagingDirector and Head of Portfolio Managementat LGT Bank in Hong Kong. Mr. Hugger wasthe founding shareholder of one of thelargest brokerage companies in Bangladesh.He is also a Certified Financial InvestmentAnalyst (CFIA) and Investment Adviser(Switzerland) and a Certified EuropeanFederation of Financial Analysts Societies(EFFAS) Financial Analyst.

Hon. Andrew Fraser, Director, is a graduate ofSt John's College, Oxford after which he heldnumerous posts in the financial sector both inthe City of London and elsewhere. He haspreviously held positions as; CEO of BaringSecurities in the UK, Chairman of EquityPartners Ltd., a Bangladesh investment bank,as well as Chairman of Bridge Securities, aquoted Korean company, amongst other posts.At present he is a global investor based inLondon.

Dr. Marc Faber, is CEO, investment advisor

and fund manager of Marc Faber Limited. He

is the publisher of a widely read monthly

investment newsletter The Gloom, Boom

and Doom report which highlights global

investment opportunities. Dr. Faber is

respected around the world for his market

forecasts over the past three decades.

30

SHAREHOLDERS OF ASIA FRONTIER CAPITAL LIMITED

AFC Vietnam Fund

AWARDS

31AFC Vietnam Fund

32

ASIA FRONTIER CAPITAL (Vietnam) LTD.

c/o Elian Fiduciary Services (Cayman) Limited89 Nexus WayCamana BayGrand Cayman KY1-9007Cayman IslandsTel: +852 3904 1015Fax: +852 3904 1017Email: info@asiafrontiercapital.com

Investment Enquiries:Andreas VogelsangerMobile: +66 84435 7472Email: av@asiafrontiercapital.comSkype: andreasvogelsanger

AFC Vietnam Fund

CONTACT INFORMATION

*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Sharesin Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for Shares in the Funddistributed in Switzerland are at the registered office of the Representative.

33

DISCLAIMER

This Presentation is presented solely for purposes of discussion to assist prospective investors in determining whether they have a preliminary interest in the investment opportunity described herein. Under no circumstances is itto be used or considered as an offer to sell, or a solicitation of an offer to buy, any security or other interest in AFC Vietnam Fund, AFC Asia Frontier Fund, AFC Umbrella Fund or any other fund related thereto (the “Fund”). Offersand sales of interests in the Fund will not be registered under the laws of any jurisdiction and will be made solely to qualified investors under all applicable laws. Potential investors must read the entire Offering Memorandumdelivered by the Fund and the disclosure in this Subscription Agreement. Nothing contained herein shall be deemed to be binding against, or to create any obligations or commitment on the part of, any potential investor or theAsia Frontier Capital (the “Fund Sponsors”). The Fund Sponsors reserve the right, in their sole and absolute discretion with or without notice, to alter the terms or conditions of this Presentation and the Fund and/or to alter orterminate the potential investment opportunity described herein. Potential investors are not to construe this Presentation as investment, legal or tax advice. Prior to making any potential investment, potential investors shouldconsult with their own legal, investment, accounting, regulatory, tax and other advisors to determine the consequences of the potential investment opportunity described herein and to arrive at an independent evaluation ofsuch potential investment opportunity.

By accepting this Presentation, the recipient agrees not to copy, distribute, discuss or otherwise disclose this Presentation or the contents hereof (including the potential investment opportunity described) or any other relatedinformation provided by the Fund Sponsors or by its agents to any person other than employees of recipient evaluating this potential investment opportunity on recipient’s behalf without the prior written consent of the FundSponsors.

While the information contained herein has been obtained from various sources which the Fund Sponsors believe, but does not guarantee, to be reliable, the Fund Sponsors do not represent that it is accurate or complete and itshould not be relied upon as such. No person has been authorized to give any information or make any representation or warranty regarding the subject matter hereof, either express or implied, and, if given or made in thisPresentation, in other materials or verbally, such information, representation or warranty cannot and should not be relied upon nor is any representation or warranty made as to the accuracy, content, suitability or completenessof the information, analysis or conclusions or any information furnished in connection herewith contained in this Presentation and it is not to be relied upon as a substitute for independent review of the underlying documents,available due diligence information and such other information as prospective investors may deem appropriate or prudent to review. The Fund Sponsors, their agents, their respective affiliates, and each of their respectiveshareholders, members, officers, directors, managers, employees, counsel, advisors, consultants and agents (“Representatives”), expressly disclaim any and all liability for express or implied representations or warranties thatmay be contained in, or for omissions from or inaccuracies in, this Presentation or any other oral or written communication transmitted or made available to a prospective investor or its Representatives. Without limiting thegenerality of the foregoing, nothing contained herein is or shall be relied upon as a promise or representation as to any matter, including, without limitation, the future performance of the potential investment opportunitydescribed herein. None of the Fund Sponsors, their agents, or their respective Representatives is under any obligation to correct any inaccuracies or omissions in this Presentation. Each prospective investor will have the soleresponsibility for verifying the accuracy of all information furnished in this Presentation and in any other due diligence information furnished to a prospective investor, and each prospective investor shall have the soleresponsibility for determining the value of the potential investment based on assumptions said prospective investor believes to be reasonable. Representatives will from time to time have long or short positions in, act asprincipal in, and buy or sell, the securities, referred to in this document. There shall be no recourse against the Fund Sponsors or any of their Representatives in the event of any errors or omissions in the information furnished,the methodology used, the calculations of values or conclusions. Without limiting the generality of the foregoing, any historical information or information based on past performance included herein is for informationalpurposes only, has inherent limitations and is not intended to be a representation, warranty or guarantee of future performance. All of the information presented herein is subject to change without notice. Actual returns topotential investors may be lower than the figures shown herein. Projected performance data shown constitutes “forward-looking information” which is based on numerous assumptions and is speculative in nature. Actual resultsmay vary significantly from the values and rates of return projected herein. There can no assurance that the Fund will realize its rate of return objectives or return of investors’ capital. Potential investors should have the financialability and willingness to accept the risks (including without limitation the risk of loss and lack of liquidity) characteristic of investments in entities such as the Fund.

AN INVESTMENT IN THE FUND WILL NOT BE APPROPRIATE FOR ALL INVESTORS. INTERESTS IN THE FUND WILL INVOLVE A HIGH DEGREE OF RISK AND ARE INTENDED FOR SALE ONLY TO SOPHISTICATED INVESTORS WHO ARECAPABLE OF UNDERSTANDING AND ASSUMING THE RISKS INVOLVED. INVESTORS MAY LOSE ALL OR SUBSTANTIALLY ALL OF THEIR INVESTMENT. THE INTERESTS IN THE FUND HAVE NOT BEEN REGISTERED UNDER THE U.S.SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE APPLICABLE SECURITIES LAWS OF ANY US. STATE OR ANY NON-U.S. JURISDICTION, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROMTHE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY SUCH APPLICABLE LAWS. INTERESTS IN THE FUND HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE US. SECURITIES AND EXCHANGE COMMISSION OR BYTHE SECURITIES REGULATORY AUTHORITY OF ANY STATE OR ANY OTHER RELEVANT JURISDICTION, NOR HAS ANY OTHER AUTHORITY OR COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS MEMORANDUM. ANYREPRESENTATION TO THE CONTRARY IS UNLAWFUL.

*The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of Shares in Switzerland must exclusively be made to qualified investors. The place of performance andjurisdiction for Shares in the Fund distributed in Switzerland are at the registered office of the Representative.

** By accessing information contained herein, users are deemed to be representing and warranting that they are either a Hong Kong Professional Investor or are observing the applicable laws and regulations of their relevantjurisdictions.

AFC Vietnam Fund

34

Appendix

AFC Vietnam Fund

35AFC Vietnam Fund

AFC Umbrella Fund (non US), Cayman Islands *

AFC Vietnam Fund

AFC VF Ltd. ****

Investment Firm

Viet Capital Securities

Custodian

Ernst & Young Hong Kong

Auditor

TMF Custom House, Singapore

Fund Administrator

Ogier Hong Kong

Legal Advisor

Asia Frontier Capital (Vietnam)Ltd. **

Investment Manager

Asia Frontier Investments Ltd. (licensed by SFC Hong Kong)***

Investment Advisor

* Directors: Thomas Hugger, Andrew Fraser, Heinrich Looser

** Directors: Thomas Hugger, Andreas Vogelsanger, Andreas Karall

*** Directors: Thomas Hugger, Peter de Vries

**** Directors: Thomas Hugger, Andreas Vogelsanger, Andreas Karall

AFC VIETNAM FUND

36AFC Vietnam Fund

stockbiz.com

WHY VIETNAM

Ho Chi Minh CityHanoi

Advance / Decline Ration

(market breath = winners - losers)

37AFC Vietnam Fund

Is Vietnam on the same path as Thailand?

WHY VIETNAM

Bloomberg (31. Dec 2015) / Gregory Barton

Country Market PE

Vietnam AFC Vietnam Fund 7.5

Vietnam Hanoi VHI 9.2

Hong Kong Hang Seng 9.6

Vietnam HCMC VNI 11.3

Taiwan Taiwan Weighted 13.0

Singapore STI Straits Times 13.2

Korea KOSPI 14.0

USA Dow Jones 16.5

Thailand SET 16.8

Malaysia Malasia KLCI 17.9

China Shanghai Comp 18.6

Australia ASX200 19.1

Japan Nikkei 225 19.7

India Sensex 19.9

Philippines PSEi 19.9

Europe Euro Stoxx 50 21.4

USA NASDAQ 22.3

USA S&P 500 23.0

Indonesia Jakarta Comp 26.8

average 16.8

38AFC Vietnam Fund

Ho Chi Minh Index, 2002 - 2015

Vietnam is at the very beginning of a long term

capital growth trend

Bloomberg / Viet Capital

WHY VIETNAM

0

200

400

600

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MSCI Emerging Market Index, 1973 - 2015

39AFC Vietnam Fund

Viet Capital

Ho Chi Minh Index – 4 Years of Consolidation

WHY VIETNAM

40AFC Vietnam Fund

Worldbank

GDP per Capita Accelerating

WHY VIETNAM

230288

337 361 361 374 402 416 441492

607699

797

919

1,1651,232

1,334

1,543

1,755

1,909

2,052

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Worldbank - GDP per capita (current USD)

41AFC Vietnam Fund

Regional GDP per Capita (current USD)

World Bank 2014

WHY VIETNAM

GDP per

Capita (USD)Population (m)

Singapore 56,285 5

Malaysia 11,307 30

China 7,590 1,357

Thailand 5,977 67

Indonesia 3,492 249

Vietnam 2,052 90

Myanmar 1,204 52

Cambodia 1,095 15

Shift of Production Base from China to Vietnam

42AFC Vietnam Fund

VIETNAM

43AFC Vietnam Fund

WHY VIETNAM

www.transparency.org/cpi

21

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25

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52

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74

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0 10 20 30 40 50 60 70 80 90

Cambodia (156)

Myanmar (156)

Laos (145)

Bangladesh (145)

Papua New Guinea (145)

Pakistan (126)

Vietnam (119)

Indonesia (107)

China (100)

Thailand (85)

India (85)

Philippines (85)

Sri Lanka (85)

Malaysia (50)

South Korea (43)

Taiwan (35)

Hong Kong (17)

Japan (15)

Australia (11)

Singapore (7)

Corruption Perceptions Index 2014