Vietnam Holding Ltd.Equity Fund

Jay Vontobel - TBLI Europe 2010 Vietnam Holding Asset Management Ltd.

11 November 2010

Population 86 million

Median age 27.4 yrs

One-party state

Development agenda

Export and domestic growth

Foreign Direct Investment

2

Country Profile

Sources: Fitch, HSBC, EIU, VNHAM

Source: The Economist 3

Growth Challenges

Framework under pressure - 10 yr delay compared to China

Regulation enforcement

Disclosure standards

Water and air pollution

Selective censorship

Bottom-up social and environmental awareness developing

Integrating ESG

4Sources: VNHAM, Inrate

Sustainability Analysis

Sound management

Long-term earnings

Risk-adjusted returns

ESG Analysis

Financial Analysis

Investment Universe 600 Listed / 1400 OTC

RequirementsMarket Cap / Liquidity / Governance

Materiality

Investment SelectionIndustry Allocation

VNH PortfolioReview / Rebalance

Engagement

Portfolio Rating

5

Portfolio

22 Companies14 Industries

Benchmark

MSCI Emerging Markets Asia

Criteria

153 Sustainability Indicators 6 ThemesTested for controversial products and practices

Container & Packa

...

Pharmace

uticals

Food Products

BanksEnergy E

quipment & ...

Insurance

Household Durables

Beverages

Marine

Textile, A

pparels & L.

..

Building Products

Constructi

on Mater..

.

Auto Components

Chemicals

0

5

10

15

20

Score vs. Benchmark MSCI EM Asia

Sources: VNHAM, Inrate

Grade Features

PROACTIVE Above average sustainability score vs. peers No or minor involvement in controversial practices

IN PROGRESS Average sustainability score vs. peers. No or minor involvement in controversial practices

PASSIVE Below average sustainability score vs. peers. Possible involvement in controversial practices

Results & Review

6

Results

Overall results good

Identify key issues with laggards

Review

Validation of investment approach

Review criteria in local context

Remove labor bias

Next Steps

Broaden coverage

Regulatory endorsement

59%

36%

5%

Portfolio Results

Proactive

In Progress

Passive

Reporting

Business Ethics

Labour Issues

Environment

Individual & Collective Rights

Corporate Governance

-30-20-100102030

Indicator Themes

Sources: VNHAM, Inrate

Materialty

7

Case analysis

Identify and prioritize dimensions

Define and set milestones

Agree on engagement schedule

Sources: VNHAM

Sector Category Dimension Issue Probability Recommendation Standard / Legislation Milestone / KPI

Oil and Gas

Governance

Transparency Government ownership conflict of interest High

Future listing on International Stock exchange will require more transparency

SCICGovernment stake / Divestment plan

Bribery and corruption

Potential bribery / corruption in large-scale contracts

High Disclosure to shareholders of sensitive contracts

SCC Code of Corporate Governance

Disclosure practice

Social

Safety Labor safety in offshore activities Low

Check industry regulations on labor safety against international best practice

OHSAS 18001:2007

Number of incidents

HealthPollution, hazardous emissions effect on workers and residents' health

MediumImplement Health & Safety programs and employee training

VN workplace health & hygiene standards

Health & Safety program

Environment

Air Water and air pollution caused by offshore activities High Apply international

regulations on environment protection in oil and gas activities / Check resources and quality of oil spill rescue service

VN Law on Environment Protection /Convention of Law of the Sea

Incidents recorded & reported / Environmental program review 2011Water Oil spill High

Engagement

8

Active Ownership

Address ESG issues

Board member involvement

Monitor key issues & KPIs

Multi-Stakeholder

Broad local network

Investment pooling

VNH Forum 2007 2008 2009 2010

Events 1 2 1 1

Attendees 125 334 90 210

Sources: VNHAM, SCIC

VNH Forum

Bring global best practice to local context

Partnership with government agency

Voting FY 09/10

AGM attended 22

EGM attended 1

Shareholder opinions 3

Abstention from vote 3

Votes against management 3

Successful votes against management 1

VNH Profile

9

Differentiators

Local sustainability analysis

Value & risk management

Active ownership with investees and regulators

Goals

Profitability and reputation of investee companies

Above average returns under consideration of ESG factors

We generate high risk-adjusted returns by combining rigorous financial analysis with engagement and sustainability research

VNH Foundation

10

Corporate Social Responsibility

Funded from Performance Fee

Projects with maximum impact

Focus on Agent Orange victims

Scholarships in Ninh Tuan Province

Cooperation with Social Affairs Ministry

Swiss supervision and Swiss tax exemptions for donors

Thank you

11

Vietnam Holding Asset Management Ltd.

www.vietnamholding.com | info@vnham.com

Ho Chi Minh City1202 Fideco Tower81-85 Ham Nghi, Q1VietnamTel. +84 83 823 0465Fax. +84 83 823 4792

ZurichGartenstrasse 19CH - 8002SwitzerlandTel. +41 43 500 2810Fax. + 41 43 500 2815Hanoi706 North Star Building

4 Da Tuong, Hoan KiemVietnamTel. +84 43 946 1525Fax. +84 43 946 1535

Disclaimer

This presentation ("Update") is for information only and does not constitute or form part of any offer, inducement or an invitation to sell, acquire or issue, or any solicitation of any offer to purchase or subscribe for, any shares or securities including any ordinary shares (“Ordinary Shares”) in VIETNAM HOLDING LIMITED (the "Company") nor shall the Update or any part of it form the basis of or engage in investment activity, or be relied on in connection with, any contract therefore. The information contained in this Update has not been verified and no reliance may be placed for any purpose whatsoever on the information contained in this Update or on its completeness. No representation or warranty, expressed or implied, is given by the Company or any of their respective directors, officers, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained within this Update and no responsibility or liability is accepted for such information or opinions. This Update may contain forward-looking statements in particular, but without prejudice to the generality of the foregoing, no representation or warranty is given, and no responsibility or liability is accepted, as to the achievement or reasonableness of any future projections or the assumptions underlying them, or any forecasts, estimates, or statements as to prospects contained or referred to in this Update. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding the Company's present and future business strategies and the environment in which the Company expects to operate in the future. These forward-looking statements speak only as to the date of this Update and cannot be relied upon as a guide to future performance. The Company, its directors, officers, employees, agents or advisers expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Update to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement in this Update is based. The information and opinions in this Update (which includes information drawn from public sources) are subject to change without notice, updating, revision, further verification and amendment. No responsibility or liability is accepted by any person for any loss by any person, direct or indirect, howsoever arising from any use of, or reliance on, or in connection with, this Update or its contents or otherwise arising in connection therewith. This Update is not for publication, release or distribution, directly or indirectly, in or into the United States of America, Canada, Australia, the Republic of Ireland, the Republic of South Africa or Japan, or their respective territories. Recipients of this Update are recommended to seek their own independent legal and investment advice in relation to the matters set out in this Update.

12

Investment Strategy

Local Team - Value Approach

Earnings quality & differentiation

Not tied to benchmark

ESG integration

Engagement

Investment Universe

Equitizations and IPOs

Investments accumulated on OTC

Equitizations and IPOs

OTC market

Stock market

Enterprise Landscape

13

24.2%15.9%

12.2%

9.4%8.6% 6.7%

6.6%

4.9%

Main Industries

Chemicals

Food & Beverage

Construction & Materials

Health Care

Basic Resources

Banks

Industrial Goods & Services

Oil & Gas

Automobiles & Parts

Personal & Household Goods

Retail

Financial Services

Utilities

Portfolio

14Sources: Bloomberg, VNHAM

Investments

Equity 96.9%

Companies 32

Average size USD 2.33 M

Listed 69.8%

OTC 27.1%

Top 5 VNH Stake

AnGiang Plant Protection Agri-Chemical OTC 7.85%

Vinamilk Food & Beverage Listed 0.44%

Binh Minh Plastic Construction & Materials Listed 6.15%

Vinacafe Bien Hoa Food & Beverage OTC 5.83%

Dong Phu Rubber Basic Resources Listed 3.29%

Performance

Outperformance factors:

Value investment

Management engagement

Governance emphasis

Cumulative outperformance vs. VNI = 13.7%Currency devaluation since June 2007 = 20.9%

+13.7%

- 3.0%

- 6.0%

- 6.0%

- 9.7%

Performance vs. VNI

15Sources: LCF Rothschild

Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10-80%

-60%

-40%

-20%

0%

20%

NAV performance vs. Peers30 Sep 2010

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