VinaCapital Vietnam Opportunity Fund Limited

NAV and share price performance (31 March 2012)

USDm

5,0 4,0 3,0 2,0 1,0 0,0

NAV 2.36

SP 1.55

VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 Top holdings at 31 March 2012

Top 5 listed investments Name of investee

Vinamilk (VNM) Eximbank (EIB) Kinh Do Corp (KDC) Hoa Phat Group (HPG) Phu Nhuan Jewelry

Top 5 OTC investments Name of investee

An Giang Plant Protection Halico Nam Viet Oil Binh Dien Fertiliser Tam Phuoc Industrial

Top 5 real estate investments Project

Sofitel Metropole Century 21 Legend hotel Dai Phuoc Lotus VinaLand Ltd (AIM: VNL)

Top 5 private equity investments Name of investee

Prime Group Yen Viet IBS International School, HCMC Indochina Food

% of NAV

7.9 6.8 4.1 2.5 1.8

% of NAV

4.5 1.3 0.7 0.4 0.3

% of NAV

7.8 3.6 3.5 3.0 2.8

% of NAV

1.8 1.1 1.0 0.7 0.6

Sector

Consumer goods Financial services Consumer goods Industrials Consumer goods

Description

Leading dairy company with dominant market share.

One of the top ten commercial banks.

Top confectionary manufacturer in Vietnam.

Major steel manufacturer.

The largest jewelry manufacturer and distributor in Vietnam.

Sector

Agriculture Consumer goods Mining/Oil & Gas Agriculture Real estate

Description

Leading plant protection chemicals firm. Liquor producer with popular brands. Major gasoline producer.

Largest NPK fertiliser producer.

An industrial park, a subsidiary of Tin Nghia, Dong Nai’s biggest state corporation.

Sector

Hospitality Real estate Hospitality Real estate Real estate

Description

Vietnam’s top city-centre hotel. HCM City residential development. One of the leading 5 star hotels in Ho Chi Minh City.

Residential developer with townhouse sales underway. VCIM-managed Vietnam real estate fund.

Sector

Industrials Agriculture Industrials Education Consumer goods

Description

Ceramics producer with dominant market share. Produces birds nest nutritional products. Construction materials firm. Leading international school in Ho Chi Minh City providing world-quality education.

The leading sugar and ethanol manufacturer in Vietnam and Cambodia.

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 Portfolio by asset class

Others 5.3% Cash 5.1% Bonds 1.2% Private equity 7.5% Overseas equity 1.1% OTC stocks 7.6% Listed equity 36.6% Real estate 35.5%

Performance by asset class, Q1 2012 (USD’000)

Capital markets Private equity Cash and others 70 000 60 000 50 000 40 000 30 000 20 000 10 000 0 54 534 5,401 -693 Hospitality projects Real estate projects -669 -7,366

Portfolio by sector

Others 5.3% Cash 5.1% Other sectors 4.1% Pharma and healthcare 2% Mining/Oil & Gas 2.6% Agriculture 8.9% Financial services 8.6% Industrials 6.2% Consumer goods 16.2% Hospitality 12.4% Real estate equities 5.3% Real estate projects 23.1%

Recent divestment results

USDm 60,0 50,0 40,0 30,0 20,0 10,0 VinaCafe Investment Licogi 16 Exit

Exit date Entry date Gross XIRR Multiple

Dec-10 Nov-04

19%

1.8

Dec-10 Feb-07

35%

1.7

Itaco Dec-10 Jan-07

-13%

0.7

Halico Apr-11 Nov-06

59%

5 International School Hoan My Hospital May-11 Sep-04

54%

4 Dec-11 Sep-09

51%

2.2

Total P/L 51 207

Pho 24 Feb-12 Feb-07

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012

GDP growth fell to 4.0 percent in the first quarter, compared to 5.6 percent last year.

The VND appreciated 0.8 percent against the USD in the first quarter. Inflation fell to just 2.6 percent for the first quarter of 2012

The VND closed the month of March at a reference rate of approximately VND20,830 versus the USD from the end of December 2011. Stabilizing efforts have clearly been working during the first quarter of 2012 as the VND has actually appreciated 0.8 percent, primarily due to the trade deficit reaching only USD300 million year to date. For all of 2011, the deficit nearly reached USD10 billion, placing huge pressure on the government to devalue the VND last year. Additionally, the spread between the free market exchange rate and the official bank rate has effectively gone to zero, indicating that there is very little pressure for the VND to devalue more in the near-term. Exporters are willing to sell their USD to the SBV or other commercial banks providing an ample supply in the foreign exchange market. We continue to estimate an interbank rate of VND22,000 per USD by the end of 2012. During March, the inflation rate was 0.16 percent, equivalent to 14.2 percent year-on-year and 2.6 percent for the first quarter. The reduction in CPI has come primarily from a weakness in aggregate consumer demand as purchasing power fell as a result of the high levels of inflation throughout 2011. The removal of subsidies in major utility and transport sectors such as electricity and gasoline, as well as an expected increase in the minimum wage due in May, will continue to impose added pressure for inflation throughout 2012. However, we project CPI to continue its descent, reaching 10.0 percent for the year, down substantially from 18.1 percent in 2011.

Interest rates remain high, but should decrease in the near term as the government has lowered policy rates and deposit caps.

Macro economy

The macroeconomic headlines were dominated in the first quarter of 2012 by Vietnam’s GDP growth of 4.0 percent versus 5.6 during the same period a year ago and the lowest since June 2009. The industry and construction sector grew 2.9 percent, while agriculture, forestry, and fishery production increased 2.8 percent from the same period last year. Contributing the most towards first quarter GDP growth was the services sector, which grew 5.3 percent. As a result of the lower inflation and the deceleration of GDP growth, the State Bank of Vietnam (SBV) lowered policy rates and the deposit rate cap by 1 percent. However, interest rates remain very high at between 15.0 and 20.0 percent for business loans, higher for non-performing sectors of the economy. Throughout the first quarter of 2012, there have been widespread shortages of capital and an inability for businesses to access bank credit. The government has identified the potential for the economy to enter stagflation and have removed some restrictions on bank lending, specifically within the real estate sector, as well as a 1.0 percent reduction in policy rates and deposit caps. Also, the government has liberalized bank loans for the basis of consumption. An estimated 60 to 70 percent of total consumption comes from the private sector, a major driver of GDP growth.

Macroeconomic indicators and forecast

2011 Mar-12 GDP growth 1

8,00 7,00 6,00 5,00 4,00 3,00 2,00 1,00 0,00 5.9%

Vietnam GDP quarterly growth

YTD

4.0%

Y-o-Y change Inflation FDI

(USDbn)

Imports

(USDbn)

Exports 2

(USDbn)

Trade deficit

(USDbn)

Exchange rate 3

(USD/VND)

Bank deposit rate

(VND %) 18.1% 14.7

105.8

96.3

9.5

21,036 12.0-14.0% 0.16% 1.4

9.3

9.1

0.2

20,860 13.0% 2.6% 2.6

24.8

24.5

0.3

-0.8% -7.1% Note: GDP figure updated quarterly. Exchange rate is Vietcombank ask rate at end of period. Sources: GSO, SBV, VCB.

1 Annualised rate. 2 Includes gold. 3 State Bank central rate.

14.2% 9.7% 6.9% 23.6% -91.9% 0.0% -7.1% Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper.

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012

Supply and demand for most real estate sectors are at lows

Real estate market

Demand throughout Vietnam’s real estate market remained slow throughout the first quarter of 2012, which included the annual lunar new year (Tet) holiday. Additionally, the quarter’s slow GDP growth of 4 percent and a high interest rate environment did not help conditions. Construction of many residential and commercial projects have come to a halt for an extended period of time. The only sector experiencing signs of life are affordable residential landed housing developments. Also, for the quarter, the hotel sector performed modestly while the retail sector is looking likely to stabilize in the near-term.

Office space construction continued to slow, but net absorption improved Two major retail deals were struck during the quarter, bringing optimism into the retail sector

Within the office sector, there was no added supply during the quarter in Hanoi, while Ho Chi Minh City (HCMC) only had seven Grade C buildings become operational. The combination of low office space demand and the financial constraints facing developers, continues to cause significant delays in construction progress. However, net absorptions in both Hanoi and HCMC have improved, with 14,000 sqm and 32,000 sqm in NLA respectively, above quarterly averages for 2011. Vacancy levels have dropped due to a reduction in rent prices. As of note, VOF has almost no exposure in the office sector.

International retailers continue to drive demand for retail space in Vietnam. During the quarter, two major retail deals were completed. A long term lease between Takashimaya and Keppel Land for approximately 15,000 sqm of retail space was signed for Saigon Centre, currently in phase two. Secondly, an investment deal involving another retailer from Japan, AEON Group, which acquired approximately 3.5ha at the retail site in Celadon City, a development by a Malaysian group and local developer in the Tan Phu District.

In the residential condominium market, first quarter launches of new supply equaled only 648 units in HCMC, one ninth the level launched during the same quarter a year ago. However, unit prices remained flat as developers were noticeably reluctant to further reduce prices or add incentives. Although, anecdotal evidence from sales agents showed positive sentiment and growing interest from prospective buyers at the end of the quarter. Within the landed property sector, HAGL (HAG) launched a land plot project in District 9, HCMC in April. According to HAG, the project, comprising of 300 lots at affordable prices, ranging from USD70,000 to USD200,000 was nearly sold out over one weekend.

Hotel performance was negatively impacted by increased supply, despite higher foreign tourism

During the quarter, approximately 1.9 million foreign tourists visited Vietnam, a 24.5 percent increase from a year ago. However hotel performance was modest with both occupancy rates and revenue per available room lower across all types, year-on-year. VinaCapital’s hotels demonstrated a slight improvement in both these categories when compared to last year. During the quarter a wide range of hotels were launched, with 14 hotels of 3-4 star quality for a total of 877 rooms, added to the HCMC market. Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper.

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HCM City condominium market, Q1 2012

Units

20 000 15 000 10 000 5 000 0 High-end Existing Supply New launch

HCM City international hotels, as at Mar 2012

$200 $150 $100 $50 $0 ADR (USD)

Mid-end Affordable Occupancy (%)

USD/sqm

1 800 1 600 1 400 1 200 1 000 800 600 400 200 New completion Current Price (as of Q1 2012)

Source: CBRE Vietnam

100% 80% 60% 40% 20% 0%

Source: VinaCapital

VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 VOF at 31 March 2012 held a stake in AGPP valued at USD33.6 million An Giang Plant Protection JSC (AGPP)

An Giang Plant Protection JSC, formerly a state-owned company, is currently the market leader in the manufacturing and distribution of pesticides in Vietnam. The company utilizes its strong and extensive distribution network of 23 stock-keeping units (SKU), 500 wholesalers, and 4,500 retail outlets. The company has over 900 employees in offices in Ho Chi Minh City and Cambodia, two pesticide and five seed factories, a laboratory, and a packaging plant. In 2011, the company invested in three rice mills with capital expenditure of USD19 million as part of its new business strategy. The expansion into the rice processing sector is to generate more organic revenue from operations higher on the value chain of the agriculture sector. For FY 2011, AGPP reported revenue of USD231.9 million and a net profit of USD20.3 million, an increase of 20 and 55 percent year-over-year respectively, underpinned by improved gross margins and a significant USD2.9 million decrease in foreign exchange losses. The company has proposed to pay a cash dividend with a yield of 6.6 percent. As at 31 March 2012, market capitalization was approximated USD135.7 million, with 2012 P/E and P/B of 6.6x and 2.3x respectively. Additionally, An Giang Plant Protection is planning to list on the Ho Chi Minh Stock Exchange in the near-term.

Financial highlights

Profit and loss (VND bn)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted) DPS

Balance sheet (VND bn)

Total assets Shareholders’ equity ROE (%) Book value per share

Valuation (VND bn)

PER (x) P/B (x) Dividend yield (%)

VOF at 31 March 2012 held a stake in VNM valued at USD59.9 million Vinamilk (VNM)

Vinamilk (VNM) is the leading dairy products manufacturer and distributor in Vietnam, with more than 30 percent of the total dairy market. The company offers a wide range of products, from fresh and powdered milk to condensed milk, yogurt and coffee. The domestic market accounts for about 90 percent of total sales. It is the first Vietnamese company to be one of Asia’ s Top 200 Small and Midsize Companies, according to Forbes, ranked 18th among the Top 200 in terms of profit and 31st in overall market value. In 2011, VNM achieved net revenue of USD1.06 billion, 29.5 percent YoY growth. Over the past 3 years, VNM has achieved a CAGR of 37 percent for revenue, helping to achieve its target revenue of USD1.0bn two years ahead of schedule. Net profit for 2011 was USD 199.3m, up 15.2 percent compared to 2010. VNM set a target to triple revenue to USD3.0 billion by 2017. The company expects these results given the growth expectations of Vietnam’s current dairy consumption per capita, at just 9kg per capita, per year, compared to 24kg and 60kg for China and Europe, respectively. VNM closed at VND 90,000 per share as of 31 March 2012, at a PE of 10.7x for 2012 and a P/B 2012 of 3.3x.

Financial highlights

Profit and loss VND bn)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted) DPS

Balance sheet (VND bn)

Total assets Shareholders’ equity ROE (%) Book value per share (VND)

Valuation (VND bn)

PER (x) P/B (x) Dividend yield (%) Please think before printing. This report is designed to be view ‘full screen’ without the need to print on paper.

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FY09A

3,176 912 28.7% 328 10.3% 14,578 12,148 1,538 638 51.4% 23,630 19.3 6.40 1.3%

FY10A

17,184 5,173 30.1% 3,616 21.0% 6,845 2,000 10,773 7,964 45.4% 14,323

FY10A

4,062 1112 27.4% 276 6.8% 6,195 4,444 1,854 1,024 27.0% 16,490 8.6 4.4 1.6%

FY11A

22,264 6,554 29.4% 4,166 18.7% 7,632 3,000 15,564 12,412 33.6% 22,323 12.6

6.0

2.3%

12.0

4.0

4.4%

FY11A

4,869 1,361 28.0% 427 8.8% 6,876 6,876 2,707 1,225 34.9% 19,726 10.2 2.8 4.4% 3,012 1,530 32.1% 24,638 6.6 2.3 6.6%

FY12E

26,480 7,680 29.0% 4,690 1877% 8,420 3,000

FY12E

5,599 1,565 28.0% 491 8.8% 7,907 7,907 15,564 15,000 33.6% 26,929 10.7

3.3

3.3% 7

VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 Lam Thao Fertilisers and Chemicals JSC (LAS) Financial highlights VOF at 31 March 2012 held a stake in LAS valued at USD4.6 million

Lam Thao Fertilizer is a leading NPK (Nitrogen, Phosphorus and Potassium) fertilizer producer in Vietnam with a dominant position in the NPK and superphosphate fertilizer sector. Annually, LAS produces 800,000 tons of NPK accounting for approximately 40 percent of domestic market share. The company has over 50 fertilizer SKUs branded under the Lam Thao registered trademark and boasts a strong distribution network. Following its privatization, Lam Thao has restructured itself from a state-owned company and improved efficiency throughout its operations. In FY 2011 net profit after tax was USD14.3 million, more than four times what the company earned in 2009, due to management efforts to restructure short-term debt and cut operating costs. LAS has set a target of USD14.3 million profit after tax for FY 2012, despite the current macroeconomic environment and rising material input costs. The company’s investment pipeline includes a new fused superphosphate and a sulfate ammonia factory to be built by 2015. LAS will spend an estimated USD100 million for these investments mostly financed by the company’s retained earnings and long-term loans at advantageous rates.

Profit and loss (VND bn)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted) DPS

Balance sheet (VND bn)

Total assets Shareholders’ equity ROE (%) Book value per share

Valuation (VND bn)

PER (x) P/B (x) Dividend yield (%)

FY09A

3,366 565 16.7% 71 2.1% 1,314 1,000 2,208 471 15.0% 10,902 17.8x

2.3x

4.0%

FY10A

3,609 725 20.1% 287 8.0% 5,341 1,200 1,861 720 39.8% 13,314 4.4x

1.8x

5.1% As at 31 March 2012, LAS traded at VND 23,500 per share, a 2012 PE of 3.8x and P/B of 1.4x.

Hoa Phat Corporation (HPG) Financial highlights VOF at 31 March 2012 held a stake in HPG valued at USD18.7 million

Hoa Phat Group (HPG) is a leading industrial manufacturer in Vietnam, ranked first in steel manufacturing market share in 2011. Established in 1992 as a trading company, HPG has evolved into a holding group with seven subsidiaries and three affiliated companies, specializing in construction materials such as steel, steel pipe, furniture, refrigerators, construction and mining equipment, and industrial park operations. HPG has a well established nationwide distribution and sales network, with a strong platform for future product expansion and diversification.

Profit and loss (VND bn)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted) DPS

Balance sheet (VND bn)

Total assets Shareholders’ equity ROE (%) Book value per share

Valuation (VND bn)

PER (x)

FY09A

8,244 1,976 24.0% 1,271 15.4% 3,999 1,200

FY10A

14,492 2,458 17.0% 1,349 9.3% 4,244 1,200 Due to the difficult business environment in 2011, the company’s net profit was down 8.4 percent year-over year from a reduction in gross margins and higher interest expense. HPG’s current capital expenditures include a steel complex with an annual capacity of 700,000 tons and plans for expanding operations into the mining and energy sector to mitigate the company’s rising utility and input costs. For FY2012, management projects net profit after tax of VND872 billion (USD41.5 million), accounting for the current high interest rate environment and expansion costs. 10,243 4,898 25.9% 15,410 7.7

14,903 6,398 21.1% 20,129 7.2

As at 31 March 2012, HPG traded at VND23,100 per share, equivalent to a 2012 P/E of 9.0x and P/B of 1.0x.

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P/B (x) Dividend yield (%)

2.0

5.5% 1.5

2.9%

FY11A

18,092 2,872 15.9% 1,236 6.8% 3,889 17,524 7,413 16.7% 23,326 4.5

0.8

FY11A

4,056 799 19.7% 300 7.4% 5,555 2,000 2,228 875 34.2% 16,203 4.2x

1.4x

8.5% 2,400 900 33.3% 16,667 4.2x

1.3x

8.5%

FY12E

18,200 2,730 15.0% 872 4.8% 2,535 -

FY12E

4,100 800 19.5% 300 7.3% 5,555 2,000 20,000 8,000 11.0% 23,255 9.0

1.0

VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 VOF at 31 March 2012 held a stake in KDH valued at USD9.7 million Khang Dien Housing Investment and Development Company (KDH)

Khang Dien Company (KDH) is one of the largest real estate developers in Ho Chi Minh City, with approximate 40ha land bank allocated over 11 projects in the rapidly growing Districts 2 and 9. The company specializes in the development of villas and townhouses, currently the strongest performing residential real estate sector in Vietnam. Revenue and net profit for KDH declined significantly in FY 2011, compared to FY 2010, achieving only USD79.5 million and USD480,000. During the year, in an effort to reduce interest expenses caused by high interest rates, KDH divested its entire Goldora project to Indochina Land and a 70 percent stake in SpringLife Apartments in District 2 to CapitaLand. As a result, the company received USD28.8 million in total proceeds with gross profit of USD4.8 million, reducing debt to USD26.4 million at year’s end. The company is now focused on selling four projects: Villa Park, Mega, Tri Minh and Doan Nguyen. Revenue and net profit are projected at USD27.8 million and USD3.8 million accordingly for FY 2012.

Throughout the beginning of 2012, VOF has increased ownership in KDH from 14.9 percent to 20 percent, and is now the second largest shareholder.

As at 31 March 2012, KDH closed at VND 18,800 per share, at a 2012 PE of 11.1x and P/B of 1.1x.

Financial highlights

Profit and loss (VND bn)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted) DPS

Balance sheet (VND bn)

Total assets Shareholders’ equity ROE (%) Book value per share

Valuation (VND bn)

PER (x) P/B (x) Dividend yield (%)

FY09A

145.9

77.6

53.2% 44.9

30.8% 1,380 -

FY10A

774.1

303.2

39.2% 226.1

29.2% 4,890 -

FY11A

404 63.4

15.7% 2.4

0.6% 230 1,167 332 13.5% 23,024 2,647 439 51.5% 27,426 2,417 439 0.6% 27,426 8.8x

1.6x

83.9x

0.7x

FY12E

597 120.2

20.1% 80.2

13.4% 1,800 2,400 482 16.6% 24,979 11.1x

1.1x

VOF at 31 March 2012 held a stake in the Movenpick Hanoi hotel valued at USD1.5 million Movenpick Hanoi

The original property was acquired by both VOF and VNL in 2008, fully renovated with 154 rooms over 11,000 sqm gross floor area and rebranded into the Movenpick, an international 5-star hotel, managed by a Swiss group. The hotel is located on Ly Thuong Kiet Boulevard, a 2,950 sqm prime plot within Hanoi’s CBD, surrounded by government offices, hospitals, hotels and the International Exhibition Centre. The site is also within walking distance to Hanoi’s Old Quarter. The Movenpick Hanoi’s occupancy rate averaged approximately 73 percent throughout 2011, and generated USD7.5 million in revenue and USD3.4 million in gross operating profit for FY 2011, including USD1.0 million in income generated by the hotel’s electronic casino. Management expects financial results to remain stable through FY 2012, with a target of USD8.4 million in revenue and USD3.7 million in gross profit.

**Financial highlights (*)**

Profit and loss (USD)

Revenue Gross profit Gross margin Net income Net margin EPS (adjusted)

Balance sheet (VND bn) FY09A

1.4

(0.2) 45.3% (3.0) (214.3%) Total assets Shareholders’ equity ROE (%) 19.2

(8.4) N/A Book value per share N/A

(*): Financial years are ended as at 30 June.

FY10A

6.5

2.6

40.0% (0.7) (10.8%) 16.6

(9.0) N/A N/A

FY11A

7.5

3.4

45.3% 0.1

1.0% 15.3

(8.9) N/A N/A

FY12E

8.4

3.7

44.0% 0.3

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012

The manager update section provides investors with information on the policies and practices of VinaCapital Investment Management Ltd (VCIM), as well as updates on VinaCapital relevant to the performance of its investment funds.

Valuation and NAV calculation

The accurate and fair valuation of assets held in fund portfolios is a central component of successful fund management. VOF follows international best practice whenever possible in its valuation process.

Private equities

Unquoted securities will initially be valued at cost. Revaluations of unquoted investments are conducted at 30 June annually in accordance with the guidelines issued by the British Investment Fund Association.

Relevant dates

VOF’s financial year-end is 30 June. Audited annual results must be announced within six months of this date. Interim results at 31 December receive an auditor review and must be announced within three months of this date. VOF calculates its unaudited NAV monthly and this is normally announced within ten days of month-end. Update reports on the fund’s performance are issued on a monthly and quarterly basis, in addition to an annual report with the audited final results.

The methods used to value different assets:

Listed equities

The value of listed securities is based on the last traded price of the security on the stock exchange where it trades, or if there is more than one stock exchange on which the security trades, that which is considered the principal stock exchange for that security.

Real estate holdings

Real estate projects are initially valued at cost. Once an investment license is obtained, or by way of other arrangements VOF has a legal entitlement to an investment property, the investment property is revalued. Investment properties are revalued at least annually and may be revalued more frequently if the investment manager or valuation committee believes there has been a material change in the value of a property. The valuation process consists of obtaining two or more valuations for each property from independent third-party valuation companies. The valuations are reviewed by the valuation committee as the basis for the final valuation approved by the Board. At the end of each quarter, the manager also reviews all real estate investments for possible impairment based on internal calculations. If there is evidence of impairment an independent valuation will be obtained to assess the need for any adjustment in the value of the property.

More information on valuation is available on the Investing policy page of the VOF website: Audit and Valuation committees

VOF has both an audit and valuation committee composed of independent non-executive members of the board of directors of the fund, and chaired by an independent director. The committees meet at least quarterly.

VOF Audit Committee

Michael G. Gray (Chairman) Martin Glynn William Vanderfelt

VOF Valuation Committee

Martin Glynn (Chairman) William Vanderfelt Michael G. Gray VOF Investing policy.

OTC equities

The market price of OTC equities is determined based on a sample of closing prices obtained from a minimum of three leading securities companies in Vietnam. The price used is normally the average of the sample, with outlying prices removed to avoid bias.

All other assets and liabilities are recorded at their respective fair values or cost, as required by the International Financial Reporting Standards and as set out in the Notes to the Consolidated Financial Statements as at 31 December 2011.

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012 Historical financial information

Years ended 30 June Statement of Income (USD’000)

Total income from ordinary activities Total expenses from ordinary activities Operating profit before income tax Income tax expense Profit for the year Minority interests Profit attributable to ordinary equity holders

Statement of financial position (USD’000)

Total assets Total liabilities Net assets

Share information

Basic earnings per share (cents per share) Share price as 30 June Ordinary share capital (thousand shares) Market capitalization at 30 June (USD’000) Net asset value per ordinary share (USD)

Ratio

Return on average ordinary share holder’s funds Dividend pay out as % avg. NAV Investment management fees/avg. NAV

2005

7.4% 0.6% 7.6%

2006

58.2% 0.0% 12.8%

2007

4,393 (1,522) 2,871 2,871 2,871 111,529 (39,958) 75,572 75,572 523 75,049 360,527 (95,164) 265,363 265,363 1,196 264,167 (381,067) (34,465) (415,532) (125) (415,657) 1,347 (417,004) 96,943 702 96,241 277,942 33,012 244,930 924,785 103,121 821,664 8 1.58

75,155 118,745 1.28

76 2.32

122,657 283,951 2.00

134 3.41

250,648 853,456 3.28

72.8% 0.0% 15.6%

2008

723,614 54,727 668,877 (141) 2.16

324,610 699,535 2.06

-67.8% 0.0% 2.9%

2009 2010

29,075 (25,869) 3,206 (108) 3,098 (3,684) 6,782 134,263 (29,047) 105,216 211 105,005 311 104,694 718,023 36,111 681,912 2 1.43

324,610 462,569 2.10

1.1% 0.0% 2.0% 793,820 11,319 782,501 32 1.40

324,610 455,428 2.41

17.0% 0.0% 2.0%

2011

(8,420) (27,214) (35,634) 545 (36,179) 106 (36,285) 764,603 12,697 751,906 (11) 1.57 324,610 509,313 2.32 -6.0% 0.0% 2.0%

Fund summary

VinaCapital Vietnam Opportunity Fund Ltd (“Vietnam Opportunity Fund” or “VOF”) is a closed-end fund trading on the AIM Market of the London Stock Exchange. Download the VOF factsheet at www.vinacapital.com

Fund launch

30 September 2003

Term of fund

Five years with continuation, subject to shareholder vote for liquidation

Fund domicile

Cayman Islands

Legal form

Exempted company limited by shares

Structure

Single class of ordinary shares trading on the AIM market of the London Stock Exchange plc.

Auditor

PricewaterhouseCoopers (Hong Kong)

Nominated adviser (Nomad)

Grant Thornton Corporate Finance

Custodian and Administrator

HSBC Trustee

Brokers

LCF Edmond de Rothschild Securities (Bloomberg: LCFR) Numis Securities (Bloomberg: NUMI)

Lawyers

Lawrence Graham (UK) Maples and Calder (Cayman Islands)

Management and performance fee

Management fee of 2 percent of NAV. Performance fee of 20 percent of total NAV increase after achieving the higher of an 8 percent compound annual return and the high watermark Investment manager: VinaCapital Investment Management Ltd Investment policy: Medium to long term capital gains with some recurring income and short term profit taking. Primary investment focus areas are: Privately negotiated equity investments; Undervalued/distressed assets; Privatisation of state-owned enterprises; Real estate; and Private placements into listed and OTC-traded companies.

Investment focus by geography:

Greater Indochina comprising: Vietnam (minimum of 70 percent), Cambodia, Laos, and southern China.

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VinaCapital Vietnam Opportunity Fund

AIM: VOF

Quarterly report 31 March 2012

Important Information

This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Vietnam Opportunity Fund Limited, VinaLand Limited or Vietnam Infrastructure Limited (each a “Company”). Any investment in any of the Companies must be based solely on the Admission Document of that Company or other offering document issued from time to time by that Company, in accordance with applicable laws.

The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in either of the Companies and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances.

The securities of the Companies have not been and will not be registered under any securities laws of the United States of America nor any of its territories or possessions or areas subject to its jurisdiction and, absent an exemption, may not be offered for sale or sold to nationals or residents thereof.

No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Companies or VinaCapital Investment Management Limited or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise.

No warranty is given, in whole or in part, regarding the performance of either of the Companies. There is no guarantee that investment objectives of any of the three Companies will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed.

This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of VinaCapital Investment Management Limited.

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VOF Board of Directors

VinaCapital Vietnam Opportunity Fund Ltd (VOF) is led by a Board of Directors composed of a majority of independent non-executive directors.

William Vanderfelt Michael G. Gray Martin Glynn Don Lam

Chairman (Independent) Director (Independent) Director (Independent) Director

VinaCapital

VinaCapital Investment Management Ltd (VCIM) is the BVI registered investment manager of VOF.

Don Lam Brook Taylor Andy Ho Nguyen Viet Cuong Dang P. Minh Loan

Contact

David Dropsey

Chief Executive Officer Chief Operating Officer Managing Director, Head of Investment Deputy Managing Director, Capital markets Deputy Managing Director, Private equity Investor Relations/Communications [email protected]

+848-3821-9930 www.vinacapital.com

Vietnam Opportunity Fund (VOF)

Brokers

LCF Edmond de Rothschild Securities +44 (0)20 7845 5960 or [email protected]

Numis Securities + 44 (0)20 7260 1327, www.numiscorp.com

Nominated adviser Auditor Internal auditor

Grant Thornton Corporate Finance PricewaterhouseCoopers (Hong Kong) KPMG (Vietnam) Custodian and Admin HSBC Trustee

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