VinaCapital Vietnam Opportunity Fund Limited AccumUSD · LSE:VOF

VinaCapital Vietnam Opportunity Fund Limited AccumUSD — VinaCapital Vietnam Opportunity Fund — H1 FY2018 Earnings Presentation

12 slides from VinaCapital Vietnam Opportunity Fund Limited AccumUSD's earnings presentation, Mar 28, 2018

  1. Slide 1: VinaCapital Vietnam Opportunity Fund 31 December 2017 Interim Results

    VINACAPITAL VIETNAM OPPORTUNITY FUND (“VOF”) 31 December 2017 Interim Results 28 March 2018 Public ANDY HO Chief Investment Officer Classified: Public

  2. Slide 2: VOF – a deep focus on private equity and privately negotiated opportunities

    VOF – a deep focus on private equity and privately negotiated opportunities Our strategy • We focus on opportunities not normally available to general market participants, such as PE deals. • We typically seek super minority positions where we can get performance commitments and drag along rights. •

  3. Slide 3: Six month NAV and share price performance

    Six month NAV and share price performance Share price return Net Asset Value (“NAV”) per share return 1 USD3.32 / GBP4.49 +17.4% NAV USD1.1bn , NAV/share USD5.58 +18.0% (USD terms) +12.7% (GBP terms) Vietnam Index return VOF Capital Markets Portfolio Return 2 984 points 31 Dec 2017 +27.4% +26.8% (US

  4. Slide 4: Strong market performance

    Strong market performance Vietnam’s stock market is outperforming ASEAN peers… 230 Relative index performance by country (USD terms, last 5 years) 210 Vietnam1 190 170 150 130 110 90 70 50 Vietnam Thailand Indonesia Philippines Malaysia Valuations are justified by solid earnings growth • Higher earn

  5. Slide 5: Vietnam economic snapshot

    Vietnam economic snapshot GDP growth is among the highest in EMs GDP growth: 6.8% in 2017, 6.6-6.8% in 2018 3 year average GDP growth (%) 1 8 2017 6.57 Drivers (% /GDP) Growth 6 Consumption 64% 9% 4 2 Exports 97% 21% 0 Manufacturing 15% 14% -2 -4 CPI is low and controlled Stable currency YoY CPI Vie

  6. Slide 6: VOF CAPM performance versus benchmarks

    VOF CAPM performance versus benchmarks FY 2017 FY2018 32.7% 32.2% 27.4% 26.8% 21.2% 20.6% 18.8% 14.6% 3.8% 2.4% VOF CAPM VN Index VNM ETF FTSE ETF MSCI EM Source: Numis Securities Country Funds Parity report and Bloomberg as of 31 December 2017. Fiscal year to date 6 | performance from 1 July 2017 t

  7. Slide 7: Capital Markets – Top 10 holdings performance

    Capital Markets – Top 10 holdings performance VOF’s top 10 capital markets holdings (six month performance) % of NAV FY2018 YTD Investee company Entry method Sector (31 Dec 2017) return 46.6% Hoa Phat Group (HPG) PE Construction materials 13.3 28.7% Vinamilk (VNM) SOE Food & beverage 10.8 112.4% Air

  8. Slide 8: Portfolio Summary by Asset Class

    Portfolio Summary by Asset Class Real estate Operating assets, projects, 2.3% 1.1% Bonds 4.2% Cash and others, Others 3.8% Operating 7.7% assets, 1.2% Real estate projects, 4.8% Private equity, 7.0% Private equity, 7.4% Listed equity, 31 December 2017 30 June 2017 58.4% Unlisted Equities, Cash, NAV

  9. Slide 9: Significant transactions – during the interim period

    Significant transactions – during the interim period 1 July 2017 – 31 December 2017 • Divestments - Reduce overweight positions: Vinamilk (VNM) USD54.6m Novaland (NVL) USD21.8m USD76.4m divested • Investments – Increase positions in PE and pre-IPO: o PIPE: Tasco (HUT) USD12.6m o Pre-IPO/PE: FPT Reta

  10. Slide 10: Significant transactions – post interim period

    Significant transactions – post interim period 31 December 2017 – 28 February 2018 • Investments – additional investments in equitisatons: o Equitisation: Binh Son Refinery (BSR)1 USD24.4m PV Power (POW)2 USD22.2m USD46.6m invested Value at 23 March 20183 USD52.8m • PE investments increased from 7.4

  11. Slide 11: VOF financial information

    VOF financial information Dividends Dividend per share Record date Pay date (USD cents) First interim dividend 4.8 25 August 2017 27 September 2017 Full year dividend 4.8 3 November 2017 1 December 2017 Interim dividend 5.5 6 April 2018 27 April 2018 Profit and loss Six months ended 31 Dec 2016 31 D

  12. Slide 12: Contact information

    Contact information VinaCapital 17th Floor, Sun Wah Tower 115 Nguyen Hue Street District 1 Ho Chi Minh City Vietnam www.vinacapital.com Andy Ho Khanh Vu Chief Investment Officer Investment Director T: +84 28 3521 1198 T: +84 28 3521 1170 E: Andy.ho@vinacapital.com E: Khanh.vu@vinacapital.com Ho Chi

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