1

VinaCapital Vietnam Opportunity Fund Limited

VinaCapital Investor Conference 15 October 2015 Ho Chi Minh City, Vietnam

Andy Ho – Managing Director

Contents

2

1. Macroeconomic review

2. VOF’s performance

3. 2015 highlights

4. Top holdings

5. Strategy going forward

① Sustainable growth 2015 forecast 6.0 – 6.5%

• GDP growth reached 6.8% in Q3 2015 from a year earlier.

• VOF impact: Industrial production continues to increase, and companies in the sector will benefit from increased fiscal infrastructure spending (Hoa Phat Group).

② Low inflation 2015 forecast 1.5 – 2.0%

• Inflation is at just 0.4% year-to-date.

• VOF impact: Consumer goods sector will benefit from income growth and increased consumer confidence (Vinamilk, Phu Nhuan Jewelry).

③ FDI sector performs 2015 YTD up 30% vs. 2014

• TPP joins list of recent FTAs (Eastern bloc, EU and S.Korea) in promising increased FDI inflows.

• VOF impact: Wage growth and urbanisation will benefit consumer goods sectors (dairy, IDP) and real estate (Novaland).

④ Real estate recovery 2015 YTD credit growth 10.2%

• Credit growth target revised up to 15 – 17% for full year, led in large by real estate.

• VOF impact: Quality real estate investments with strong downside protections (Khang Dien Homes, Novaland).

⑤ Currency devaluation & NPL Resolution

• Exchange rate forecasted to increase to VND22,500 – 22,800 by end of 2015.

• VAMC has purchased USD9.26bn in NPLs since inception, but can’t fix it all alone.

• A small devaluation will minimally impact the portfolio, while exposure to the banking sector is limited.

Macro environment – key themes

3

-

500

1,000

1,500

2,000

2,500

2005 2007 2009 2011 2013 2015F

40

45

50

55

60

2011 2012 2013 2014 2015

Vastly improved macro economy

4 Source: General Statistics Office, State Bank of Vietnam, Vietnam Customs, VinaCapital research

GDP growth more sustainable while inflation has been tamed

Interest rates have come down from their peak GDP Per Capita almost doubled between 2010-2014 In USD

Production Manufacturing Index in expansion since 2013

Expan

sion

C

on

traction

7.1 7.6 7.5

12.7

7.9

11.2

14.0

10.5

7.1

5.8 5.8

11.0 11.2 11.2

15.8

10.1

13.1

17.0

13.5

10.4

8.7 9.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F

Deposit rate (% pa) Lending rate (% pa)

8.4 8.2 8.5

6.2 5.3

6.8 5.9

5.0 5.4

6.0 6.5 6.2 6.5 8.4

6.6

12.6

19.9

6.5

11.8

18.1

6.8 6.0

1.8

3.0 3.5 4.0

2005 2007 2009 2011 2013 2015F 2017F

GDP growth (YOY%) Inflation (YOY%)

VND compared to other regional currencies – relative volatility since Jan 2012

5 Source : Bloomberg. Period 30 Sept 2012 to 06 October 2015, All currencies rebased to 100.

The VND continues to remain one of the most stable currencies against the USD compared to regional peers

(10%)

0%

10%

20%

30%

40%

50%

60%

2012 2013 2014 2015

Thai Baht Malaysian Ringgit Indonesian Rupiah Philippines Peso Vietnam Dong

Country 1yr 3yr

Vietnam -5.8% -7.7%

Philippines -4.1% -12.0%

Thailand -11.4% -16.9%

Indonesia -20.8% -44.0%

Malaysia -33.1% -37.5%

Vietnam was ranked #8 in the world for foreign direct investment attractiveness and #6 for private sector investment in 2014

Vietnam has successfully attracted FDI, especially in the high-tech sector

6

Value add activities like processing & manufacturing attract FDI 2014 FDI breakdown by sectors

FDI has continued to grow Disbursements, in USDbn

Source: Vietnam Customs, Ministry of Planning and Investment, International Trade Centre

Rapid growth is being driven by major multinational companies Recent FDI commitments and key facts

50% of the world’s mobile phones are produced by Samsung Vietnam

USD11.3bn

USD300mn 80% of Canon laser printers are produced by the world’s largest plant in Vietnam

USD220mn 39 production lines are shifting from Hungary, China and Mexico to Vietnam

80% of world’s Haswell computer chips are made by Intel Vietnam

USD1.0bn

USD1.5bn 70% of LG Vietnam’s products are exported to over 35 countries

72%

13%

5% 2% 8% Processing and manufacturing

Real estate

Construction

Food & beverage services

All others

3 4

8

12 10

11 11 10 12

12 13 14

2005 2007 2009 2011 2013 2015F

Next phase of growth will be underpinned by better competitiveness and larger contribution from the private sector

7

32%

48%

20%

38%

46%

16%

State

Non State

FDI sector

2005 GDP:

USD 52.6b 2015 GDP:

USD204.5b

Source: World Economic Forum, World Bank, Government Statistics Office, VinaCapital analysis

Contribution to GDP by Sector % Contribution

129

109

73

68

71

52

28

20

126

107

68

56

55

47

28

18

Pakistan

Bangladesh

Sri Lanka

Vietnam

India

Philippines

China

Malaysia

2015 2014 Global Competitiveness Index Rank

+2

-

+5

+16

+12

+5

+2

+3

Improvement in Ranking

Vietnam loves capitalism! According to a recent survey from the Pew Research Center, 95% of Vietnamese support capitalism. Surprisingly, only 70% of Americans would agree with them.

19%

10%

2% 2%

3% 3%

61%

United States

Japan

Singapore

Malaysia

Australia

All Others

Non-TPP

The Influence of the Trans-Pacific Partnership (TPP)

8

A net earner from TPP countries, Vietnam will benefit directly from tariff reductions on

roughly 18,000 goods

31% (USD 92bn) In Total Trade

39% of Exports

22% of Imports

Exports 2014, % Share

Imports 2014, % share

High tariff sectors to benefit Textiles, Agriculture, Commodities, Wood

Products

Support industries must grow The rule of origin demands deeper value

chains from Vietnam

Local businesses must compete Greater FDI will force local manufacturers

to improve

4%

9%

5% 3% 1% 1%

77%

The lifting of foreign ownership limits for many listed companies is a potential game-changer for Vietnam

• Decree 601 now permits foreign investors to own up to 100% of listed companies

• Companies in non-restricted2 sectors now set their own limit for foreign ownership

• Vietnam has suffered from a liquidity discount of between 25% and 35% when compared with regional peers

• Opening capital markets up to more foreign capital will bring Vietnam closer to Emerging market status

1 Decree 60 took effect on the 1st September 2015

2 Restricted sectors include Financial Services, Telecommunications, Airlines, Defence and some Logistics sectors 3 As at 7th July 2015

Banks2

Financial Services

2

Construction4

Healthcare & Pharma

5Consumer

Goods5

Utilities2

Logistics3

Real Estate3

Food & Beverage

2

There are 28 companies trading 3 without any foreign room, accounting for USD11.5bn of VN Index 28 companies breakdown by sector

Longer-term catalyst: Foreign ownership limits and Privatisation

9

Investment environment outlook

10

Favorable environment • Low inflation and declining interest rates

• Latest projections for VNI performance shifted up to between 620 and 650

• Ample liquidity and increased bank purchases of government bonds

Investment class rotation • Investors are trending away from safe haven investments

• Active shift to stocks and real estate as inflation and interest rates decline

• Increasing margin lending is providing upward momentum for the market

Continuing reform • Political reforms continue to progress

• No indication of backtracking on any policies implemented to date

Watching for inflation • Long term VGB auctions suggest inflation at 7% to 7.5% as long as ten years out

• VND weaknesses, could create a flight to other assets

Contents

11

1. Macroeconomic review

2. VOF’s performance

3. 2015 highlights

4. Top holdings

5. Strategy going forward

Size and structure offer a unique pure-play investment opportunity into Vietnam

12

Multi-asset portfolio

• VOF’s scale allows greater participation in the Vietnamese investment universe:

o Meaningfully sized PIPE opportunities eg PVD

o Attractive SOE equitizations eg Vinatex

o Access to large, scalable family-owned businesses undergoing transition eg IDP

o Pre-IPO deals

• No liquidity or asset-class restrictions

Synergies across all asset classes

• By not limiting asset class investments VOF achieves a deeper understanding of sectors

• Especially where the fund holds investments in a listed security as well as private equity businesses, e.g. Vinamilk (listed) and IDP (PE)

Advantage of large stakes in companies

• Exit at a premium to market prices (eg Vinamilk block at over 10% premium)

• Seek minority protections and can take legal or controlling stakes

VOF NAV and share price performance

VOF share price reduced 6.4% CYTD Aug 2015, the discount has contracted from 42% at the start of the buyback program in Nov 2011, to 24.5% as at 31 Aug 2014

USD2.48

USD3.12

1. As of 31 Aug 2015 NAV per share (latest published NAV per share). 2. Bloomberg (VOF LN) share prices 09 October 2015 3. VOF share price movement from 30 Sep 2003 to 09 October 2015

13

-

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

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

Share price NAV per share

VOF NAV and share price since inception In USD

Discount at 9 October 2015: 20.5%

PE and OTC deliver superior returns – our focus are on these asset classes

14

Annual return1

Asset class FY2015 Last 3 years2 Last 5 years2

Capital market 0.8% 15.3% 9.8%

Overseas equity -3.0% 2.1% -7.6%

Private equity 9.9% 24.7% 20.6%

Bonds 4.6% 2.8% 3.0%

Hospitality projects 4.5% 3.3% 3.9%

Real estate projects -10.0% -9.2% -9.2%

VOF NAV/Share -1.0% 10.5%3 5.7%

VN Index (USD) 0.3% 10.5% 0.5%

Best performing asset class over 1, 3

and 5 years

1. Source: VOF Audited FY reports from 30 Jun 2010 to 30 Jun 2015 2. Annualized compound return of the last 3 and 5 financial years to FY2015 3. Hospitality is being renamed Operating assets which will include the Sofitel Legend Metropole and Hung Vuong Plaza.

Source: VOF NAV as of 31 August 2015 *Real estate consists of hotels, shopping malls ** Hospitality includes serviced apartments, buildings

VOF portfolio by sector VOF portfolio by asset class

Portfolio weights

15

0% 5% 10% 15% 20%

Infrastructure

Pharma & health care

Agriculture

Industrials

Consumer discretionary

Cash and others

Mining, Oil & Gas

Financial services

Construction Materials

Hospitality projects

Indirect real estate

Direct real estate

Food & beverages

CYTD2015 CY2014

3.6%

5.0%

5.1%

10.7%

11.6%

14.9%

49.0%

0% 10% 20% 30% 40% 50% 60%

Overseas equity

Cash and others

OTC stocks

Hospitality**

Private equity

Real estate*

Listed equity

VOF peer comparisons

• For CY2015 YTD, VOF underperformed the comparable peers: -4.7% vs. -2.2%.

• For FY2016 YTD, VOF outperformed its peers: -3.5 vs. -4.4%.

1. Source : Edmond de Rothschild Securities Emerging Markets Funds Daily Parity Sheet as of 30 Sep 2015 NAV per share (latest published NAV per share). 2. Bloomberg (VOF LN) share prices 30 September 2015 3. VOF performance and VOF Capital Markets performance as of 30 Sep 2015

• For CY2015 YTD, the VOF Capital Markets component underperformed its peers: -4.4% vs. -2.2%.

• For FY2016 YTD, the VOF Capital Markets component returned -3.4%, outperformed the VN Index (-8.0%) and peers (-4.4%) thanks to strong performance of EIB, VNM and HPG in our portfolio.

16

Peer comparison

-4.4%

-1.8% -2.2%

-16.7%

-14.4%

-3.4%

-8.0%

-4.4%

-13.4%

-11.0%

VOF CM VN Index Peer Avg. VNM ETF FTSE ETF

CY2015

FY2016

-4.7%

-2.2%

-3.5%

-4.4%

VOF Peer Avg.

CY2015

FY2016

VOF: Significant stakes in listed holdings

VOF’s top five listed holdings add to USD229m, accounting for 31% of total NAV as of 31 August 2015

17 1. Price-to-book value multiple is used instead of price-to-earnings multiple. 2. Excluding EIB and KDH. 2014-2015 profit change for VOF’s top holdings is 13%, outperforming market consensus earnings growth of 10% for

2015.

Holding Market Cap

(USDmn) FOL Premium (%) %NAV 2015 PE(x)

VNM Vinamilk 5,385 15% 12.0% 15.0

HPG Hoa Phat Group 1,029 0% 8.0% 9.3

EIB Eximbank 661 0% 5.0% 1.0 1

PVS Petrovietnam Technical Services Corporation

433 0% 3.0% 6.1

KDH Khang Dien House 109 10% 3.0% 1.11

Total 5 stocks 31.0% 10.12

VOF’s Capital Markets Portfolio 49% 10.32

Active stock selection1

18 1. Above are 5 key stocks where we have a large position, both absolute and relative to the benchmark as at 31

August 2015.

Stock % of

VOF Listed % of VN Index

Over (Under) weight

VOF Performance

(Index sector) 3 mths % 1 yr % 3 yr %

VNM 24.1 11.0 13.1 12 23 112

Food & Beverage 25.9 14.3 11.6 4 9 96

HPG 17.2 2.1 15.1 4 (20) 268

Industrial Goods & Services 17.2 6.6 10.6 4 10 257

EIB 9.4 1.3 8.1 (8) (2) (7)

Banks 13.0 28.4 (15.4) (5) 47 63

PVS 7.0 0.9 6.1 (17) (45) 103

Oil & Gas 13.1 9.2 3.9 (28) (57) 26

KDH 6.8 0.2 6.6 - 5 90

Financial Services 7.5 8.1 (0.6) (11) (13) 24

Totals 64.5 15.4 49.1 (8) (11) 33

$268

$268 $56

$324

$229

$553

Equity Invested Realised Profits Unrealised Profits

$155 $155

$155

$175

$330

Equity Invested Realised Profits

1. Returns are gross of tax and fees; 2. Weighted average by deal value 3. Partially Realised includes deals in which 20% to 95% of the holding has been realised. Unrealised deals are deals in which less than 20% of the holding has been realised. 4. Figures are since inception of VOF, equity invested but unrealised includes investments that have been reclassified as public equities post listing

Private Equity investments have realised USD231m1 in gross returns to date at a multiple of 2.1x2 for fully realised assets and 2.0x for partially realised3 assets

Fully Realised: 18 Deals In USDm

Partially Realised: 8 Deals In USDm

19

18 deals realised proceeds of $330m for an IRR of 26%

8 deals partially realised at an IRR of

21%

In addition there is a further USD167m in 8 unrealised deals

VOF: A strong legacy of private investments since inception

Investment at cost USD224m (50%)

Exit proceeds

USD144m (26%)

Investment at cost USD130m (30%)

Exit proceeds

USD300m (54%)

Investment at cost USD88m (20%)

Exit proceeds

USD108m (20%)

Top 10 exits account for 30% of capital invested but 54% exit proceeds (in a total of 35 exited investments)

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Multiple < 1.0x

Exi

t M

ult

iple

Multiple > 1.5x Multiple 1.5 – 1.0x

20

Historically, larger deals have provided higher returns in private equity

Real estate: A change in strategy

21

RE Investment Market Value

(USDm)1

% of total of VOF NAV1

Direct RE Projects

101.5 14.9%

VNL Shares 19.0 2.8%

Total Direct RE Projects 120.5 17.7%

Listed Shares 38.5 5.6%

OTC Shares 3.9 0.6%

Private Equity 21.2 3.1%

Total Indirect Investment 63.6 9.3%

Total Real Estate Investment 184.1 27.0%

VOF will continue to move away from direct real estate investments to indirect investments, such as Novaland

14.9%

10.7%

74.4%

DRE

Operating Assets

CapM and others

4.8%

10.7%

84.5%

Current Allocation

Allocation after expected exits

1As at 31 August 2015

Share buyback summary

22

VOF has returned USD47.3m to shareholders during FY2015 and USD 220.5m since inception of the share buyback programme

(45%)

(40%)

(35%)

(30%)

(25%)

(20%)

(15%)

(10%)

(5%)

0%

2

4

6

8

10

12

Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep

2011 2012 2013 2014 2015

Dis

cou

nt

to N

AV

/sh

are

(%)

VO

F sh

ares

pu

rch

ase

d (

mill

ion

s)

Shares bought back Discount to NAV

VOF: Our strategy moving forward

① Focus on sectors that contribute to domestic economy

• Food & beverage: Anticipate strong earns growth as consumers benefit from low inflation, increased spending power/wealth creation

• Indirect real estate: Low bank deposit rates will channel money into real estate

• Other sectors include

‐ Education, ‐ Healthcare, ‐ Media, ‐ Logistics, ‐ Construction materials, ‐ Agri/aquaculture, ‐ Hospitality.

② Increase PE and OTC holdings

• Continue to pursue PE deals of meaningful size (USD10m to USD40m). Several market leaders are seeking investments in exchange for minority / non-controlling stakes

• SOE equitisations provide opportunities to rebuild our OTC portfolio. Several successful investments include AGPPS, Vinamilk., Vinatex and South Basic Chemical

• Continue to restructure the portfolio away from direct real estate holdings

23

Contents

24

1. Macroeconomic review

2. VOF’s performance

3. 2015 highlights

4. Top holdings

5. Strategy going forward

Making good investments by re-investing our proceeds

25

Proceeds from exits... ... Re-invested into private deals

AGPP USD63m IRR 23% Agri-chemicals

VNM USD20m Premium 10% Dairy products

KDC USD32m IRR 34% Confectionary

IDP USD35m Entry P/S <1x Dairy products

Vinatex USD8m Entry P/E 11.9x Textile and garments

QNS USD13m Entry P/E 10.4x Soymilk products

VOF: Private equity investment into IDP

26

Established brand name but limited product mix and growth.

VOF has implemented: • New CEO

appointment • New product range

and branding • Doubling of sales

YOY.

Mr Tran Bao Minh, CEO

2013 and earlier

Following VOF’s involvement USD45m

Co investment Revenue of

USD80m 31% annual growth rate

A top five manufacturer of dairy products in Vietnam

Ranked 2nd in yogurt and 5th in UHT milk, IDP is projected to enjoy USD100m revenue

in 2015

Vietnam’s F&B sector has high barriers to entry, VOF is building IDP into a sound

business, attractive to global dairy players

27

Quang Ngai Sugar (QNS)

Value Add Manufacturer

• Products include beer, cream mix biscuits, confectionery, soft drinks mineral water, industrial and food alcohols, glucose, sugar cane and paperboard packages

VOF is the largest institutional investor in QNS

Market share in core products

• 85% market share in Vietnam soymilk in carton box

• Produces and distributes 8% of total Vietnams sugar by Volume

Adding value at the corporate

level

• VinaCapital is introducing international experts to promote QNS’s products regionally

Revenue

up by

19%p.a

Profits up

by

32%p.a.

2015P

ROE

37%

The bottom Line:

• NVLG is a leading private real estate developer in Vietnam and has established a good reputation as a developer which focuses on well-located mid-scale projects

• The company’s projects are located throughout Ho Chi Minh City, developed under the Novaland brand they were valued at USD753.4m at YE 2014

• Up to 30 April 2015, NVLG had sold and pre-sold over 5,900 units, as well as holding over USD190m in signed contracts to acquire additional land for future development

About NovaLand

Deal Structure

• NVLG sought to obtain capital for expansion as it seeks to leverage its strong position in Ho Chi Minh into accelerated growth as the property sector warms up

• The deal was structured to provide both income and capital growth with significant downside protections for note-holders

• VOF will target an exit in 2-3 years, primarily through IPO with trade sale also a possibility

Leading real estate developer in Vietnam’s

biggest market

Growth in both revenue & profits to exceed 50% p.a.

Robust downside protections at company

and sponsor level

In June 2015, as part of a syndicate, VOF successfully led negotiations in a convertible preferred share offering in Novaland Group, investing USD15m as part of a USD45m syndicate.

Latest investment: Novaland Group (“NVLG”)

28

Contents

29

1. Macroeconomic review

2. VOF’s performance

3. 2015 highlights

4. Top holdings

5. Strategy going forward

Our priorities over the next 12 months…

30

#1 Execution

#2 Operations

#3 People

• Grow PE portfolio from 10% to 15%

• Reduce real estate from 15% to 10%

• Deliver stable returns in excess of 15%

• Wean ourselves off sell-side research

• Leverage our research platform

• eFront – portfolio management system

• Grow investment team (added 5 new members in past year)

• Encourage new investment ideas

• Leverage “grey hair” operational experts

Focus: A private approach to public and private market investing

What we will be focusing on

31

Challenges

• Competition: competition for PE deals increasing.

• Other funds and strategic investors

• Valuations are rising

• Returns: how to deliver consistent returns.

• PE investments have longer time horizons

• Liquidity constraints

• Discount: more effective means of closing discount.

• Other forms of capital return

• Threat from hedge and activist investors

Opportunities

• Focus: investing in PE-type deals.

• Grow from 2% to 9% of portfolio

• Over USD400m of deals in pipeline

• Differentiated: private-style investing.

• Minority protections, non-control positions

• PIPEs, SOE equitizations, negotiated deals

• Unique: only LSE main board listed fund.

• Delisting and consolidation of other funds.

• Remains most liquid VN fund traded.

VOF strategy

Actions to close the discount to NAV:

• Continue the share buyback program

• Broaden investor base and increase knowledge of VOF by improving communication with investors:

• Marketing and promoting our fund

• More research coverage

• Main board listing on the London Stock Exchange

Investment strategy to continue enhancing total NAV:

• Privately negotiated investments in private and listed companies, with a focus on:

• Sectors that support domestic growth;

• SOE privatisations;

• Selective real estate equity investments.

• Target deeply discounted listed equities with strong fundamental sand M&A opportunities

• Rebalance the Real Estate portfolio with a focus on companies instead of projects

• Actively seek to exit matured assets at premium to market price

32

33

VinaCapital Group 17th floor, Sun Wah Tower 115 Nguyen Hue, District 1, Ho Chi Minh City, Vietnam

P: (84 8) 3821 9930 F: (84 8) 3821 9931

Email: ir@vinacapital.com

Website: www.vinacapital.com

Ho Chi Minh City Hanoi Danang Nha Trang Singapore