VinaCapital Vietnam Opportunity Fund Limited AccumUSD · LSE:VOF
VinaCapital Vietnam Opportunity Fund Limited AccumUSD — VinaCapital Vietnam Opportunity Fund — Numis Emerging Markets Single-Country Funds Conference 2023
42 slides from VinaCapital Vietnam Opportunity Fund Limited AccumUSD's conference presentation, June 2023
Slide 1: VinaCapital Vietnam Opportunity Fund
ké4 VinaCapital VinaCapital Vietnam ae Opportunity Fund (LSE: VOF.LN) Numis Emerging Markets Single-Country Funds Conference
Slide 2: Classified: Restricted
Classified: Restricted
Slide 3: 3 objectives: Why Vietnam? Why Now? Why VOF?
3 objectives: Why Vietnam? Why Now? Why VOF?
Slide 4: Fun facts
3 fun facts: #1: Worlds largest producer of pepper, #2 coffee beans, #3 fish and seafood #1: Football is the most popular sport, #1 cryptocurrency adoption globally 4 stars: Michelin guide for Vietnam, 70 honorable mentions
Slide 5: Interesting facts
3 interesting facts: <5%: Vietnam is the fastest country in modern history to move out of poverty 65%: of population is under 35 years of age 22 seconds: 97 million population, 1 million births a year, 1.4% urbanization rate
Slide 6: Important facts
3 important facts: #1: Fastest growing Asian Economies, averages 7% past decade #1: Pew Research most positive view on capitalism (95% vs 70% for US) #2: Improvement in World Bank Governance Effectiveness Ranking
Slide 7: Bain's Five fundamental pillars driving Vietnam's growth
y 4 VinaCapital y Bain’s Five fundamental pillars driving Vietnam’s growth Talent Infrastructure Governance Geopolitics / Trade Digital Economy Large and highly Consistent focus on Improving business Export-oriented Digital-savvy nation skilled workforce infrastructure governance and ease economy wi
Slide 8: Vietnam Macroeconomics: The pursuit of Stability and Growth
Vietnam Macroeconomics The pursuit of Stability and Growth
Slide 9: Macroeconomic Summary
y 4 VinaCapital Macroeconomic Summary PMI May at 20-month k GDP! Vietnam's GDP grew 3.3% in 1Q28, and for 2Q23 appears weak. Challenging to achieve GDP growth in excess of 5% for 2023E based on ongoing revisions. Historical GPD 2022: 8% and Pre-Covid average: 7%. EPS? and PER Consensus EPS growth es
Slide 10: One of the World's Fastest Growing Economies
y 4 VinaCapital One of the World’s Fastest Growing Economies Classified: Restricted Strong GDP YoY Growth (%) Average Growth 8.0 8 2010 - 2019 +7% 6 5.0 4 2 ie) a Q S a Sources: General Statistics Office, Bloomberg, VinaCapital research & analysis 202 2011 ‘0 2013 2014 2015 2016 2017 2018 2019 2020
Slide 11: Vietnam's GDP Growth: 8.0% in 2022, 5.0% in 2023F
Vietnam’s GDP Growth: 8.0% in 2022, 5.0% in 2023F 2022 5M23 2023F Pre-COVID (yoy) Average* GDP +8.0% +3.3% +5.0% +7.0% Retail Sales +15.6% +8.3% +9.0% +9.0% Manufacturing +8.1% -2.5% -2.0% +12.0% Infrastructure 4%/GDP 4%/GDP 5%/GDP 3%/GDP Spending Tourist Arrivals ~20%/Pre-COVID ~60%/Pre-COVID 60%/P
Slide 12: Classified: Restricted
• • – – Classified: Restricted
Slide 13: Classified: Restricted
↓ – – – – Classified: Restricted
Slide 14: Vietnam Stock Market: Searching Confidence and Liquidity
Vietnam Stock Market Searching Confidence and Liquidity
Slide 15: Fast Growing Financial Market, With Attractive Valuation
y 4 VinaCapital Fast Growing Financial Market, With Attractive Valuation Market Size Has Grown 10x over 10 Years Market Capitalization (USD bn) 256 177 170 142 "5 124 5 66 63 46 1 33 40 30 40 4 44 a 22 20) ace de be ke Bs ee RI “tl Ss xv & wa w © x 3 2 e oy wv & $ £ e e e £ £ £ Bs e oa m HOSE HNX mU
Slide 16: Classified: Restricted Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg Classified: Restricted
Slide 17: Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg ▪ ▪ Classified: Public
Slide 18: Source: Bloomberg
Source: Bloomberg ▪ Classified: Public
Slide 19: Source: Bloomberg Classified: Restricted Source: VinaCapital Research
Source: Bloomberg Source: VinaCapital Research ▪ ▪ Classified: Restricted
Slide 20: VinaCapital Vietnam Opportunity Fund (VOF)
VinaCapital Vietnam Opportunity Fund (VOF) FTSE250 Investment Company with 20 years' experience in Private Equity opportunities
Slide 21: VOF invests growth equity in privately negotiated opportunities
Classified: Restricted 4 VinaCapital VOF invests growth equity in privately negotiated opportunities across listed and private equity. We are long-term, active investors who take significant minority stakes in leading companies in Vietnam.
Slide 22: Dividend yield, share buybacks, independent board
% >$350M BOARD DIVIDEND YIELD SHARE BUYBACKS FULLY INDEPENDENT SINCE 2016 SINCE 2011 BOARD Classified: Restricted
Slide 23: Steady, Long-term Performance Over Years
4 VinaCapital y so00% Steady, Long-term Performance Over 19 Years 900% 800% 700% 9 800% VOF NAV +782%, 9 500% or +12.5% p.a 400% 300% 200% 100% OY at SILKE SESE ISI PS I PS RS PERO REL EEL E LLL PPO DD 17 & ES Sh s ES ES Sk NY & ys & ys Se ys oe ss Ra ys oe ss ae y% ‘oy Sor ys no st ys oe ss —VOF NA
Slide 24: % NAV by Entry Method
% NAV* by Entry Method 60% 50% 40% 37% 34% 30% 22% 20% 10% 6% 0% Private Equity Private Placement & PIPE Equitisations Stock purchased on Stock Exchange FY17 FY18 FY19 FY20 FY21 FY22 VOF Quickbase Deal Pipeline Dashboard as at 30 June 2022. As at June 2022, almost 80% of the portfolio by entry metho
Slide 25: Investment Criteria. What we look for in businesses
Classified: Restricted 4 VinaCapital Investment Criteria. What we look for in businesses Scale agi Focusing on sectors and industries that present considerable headroom for growth, be it in manufacturing scale or market share growth. Management Alignment TCI THucue Capability and integrity of sponso
Slide 26: What do our typical investments look like?
y What do our typical investments look like? Classified: Restricted $25 - $75 million TICKET SIZE Fewer investments, larger in ticket size, accretive to NAV. 12% - 25% EXPECTED (MODEL) IRR Individual investments are priced to yield at least this much. However, the portfolio as a whole, is expected t
Slide 27: Investment holdings update
Investment holdings update
Slide 28: VOF: 200+ Investments
y 4 VinaCapital VOF: 200+ Investments Ff BS Hoan My \ e]* «100 onoup FT] Go "Eid ty HE THONG Y TE é THUCUC y yieyet ji DHS PHARMA [@ KHANG DIEN ACV) eee Vi m6t cugc séng khée dep hon Noi vn tin, noi xay t6 4m ne i | AGB CO ImexpHarM VINHOMES@) PRIME EXIMBANK — Vietcombank * Classified: Restricted
Slide 29: Portfolio: Top Public Equity and Private Equity holdings
(4 VinaCapital Portfolio: Top Public Equity and Private Equity holdings 31 May 2023 . . 4 NAV Top 10 Private Equity including NAV 9 Top 10 Public Equity Investments’ usbm YNAV Public Equity with Private Terms? usbm YoNAV sia Commercial Bank (ACB) 143.2 13.8% Tam Tri Medical JSC 37.9 3.6% || Initiall
Slide 30: Highlights of Investment and Divestment Activities
y 4 VinaCapital Highlights of Investment and Divestment Activities Chicilon Media ‘ USD38m Private Equity investment Tam Tri Medical ROS, Thai Hoa Hospital Roll up strategy and expansion Classified: Restricted IN Holdings + IN Dining — F&B portfolio growth 8 HOUSE a H i CRYSTAL JADE JUMBO % @ SUSHI
Slide 31: How do we invest in a challenging world
How do we invest in a challenging world
Slide 32: Classified: Restricted
• • • • • • Classified: Restricted
Slide 33: Governance and Fee Reduction
Governance and Fee Reduction
Slide 34: Board of Directors
Huw Evans Julian Healy Kathryn Matthews Peter Hames Hai Trinh Chairman Audit Chair Classified: Restricted
Slide 35: Reduction in Overall Fees effective July 2023 — Highlights
y (4 VinaCapital Reduction in Overall Fees effective 1 July 2023 — Highlights Classified: Restricted Fee Item Previous Effective 1 July 2023 Tiered, 1.5% for first USD500m ; 4 (Effectively 1.37% for first USD1bn) Tiered, 1.3% for first USD1bn Management Fee Incentive Fee 12.5% 10.0% Annual Hurdle Ra
Slide 36: Vietnam's Most Diversified Investment Manager
VinaCapital Vietnam’s Most Diversified Investment Manager
Slide 37: Vietnam's Only Multi-disciplinary Investment Manager
4 VinaCapital Vietnam’s Only Multi-disciplinary Investment Manager MULTI-ASSET EQUITY, FIXED INCOME, PRIVATE EQUITY, VENTURE CAPITAL, REAL ESTATE, AND CLEAN ENERGY & INFRASTRUCTURE $3.9 BN ASSETS UNDER MANAGEMENT 20 YEARS INVESTING IN VIETNAM 200+ PROFESSIONALS, GLOBAL EXPERIENCE LOCAL EXPERTISE As
Slide 38: Awards and Performance Rankings
y (4 VinaCapital Awards and Performance Rankings EST. 1886, For return in the period 2020 - 2022 Asia Asset Management The Journal of Investments & Pensions. Y Best Fund House - Vietnam (O} . avn in 2018, 2019, 2020, 2023 ] VESAF - Top 1 Equity Fund in Vietnam =O) | Y Best Equity Manager - Vietnam V
Slide 39: Diverse Investment Products
y 4 VinaCapital Diverse Investment Products VinaCapital is the most diversified asset manager in Vietnam with strong expertise in multiple asset classes. Our diversified platform provides us with an unparalleled business network to aid our clients and investee companies. VVF (UCITS fund) Local mutua
Slide 40: Responsible Investing & ESG Integration
y 4 VinaCapital Responsible Investing & ESG Integration Responsible Investing is at the core of what we do Collaborate Q Screening and Research =PRI 7 oan fy Investment Decision @ IFC| x Stewardship Performance Standards rRE We support Climate Change, Environment Corporate Social Responsibility and
Slide 41: Since 2006, Empowering Our Community Through the VinaCapital Foundation
y 4 VinaCapital Since 2006, Empowering Our Community ._1) VINACAPITAL Through the VinaCapital Foundation <7 FOUNDATION Find out more at: https://vinacapitalfoundation.org OUR ACHIEVEMENTS, We touch the lives of thousands of Vietnamese every year. Since 2006, VinaCapital Foundation has proudly transf
Slide 42: Contact details
ANDY HO KHANH VU Managing Director and Deputy Managing Director Chief Investment Officer Investments andy.ho@vinacapital.com khanh.vu@vinacapital.com Classified: Restricted