Vietnam Infrastructure Limited

Fund update 2Manager commentPortfolio data

Market update 4

Select company and project updates 5

Note on valuation methodology 7

Historical financial information 8

Manager information 9

Quarterly report 31 March 2012

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Quarterly report 31 March 2012

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Vietnam Infrastructure Limited AIM: VNI

Manager information

Manager comment

VNI’s net asset value was USD191.0 million or USD0.48 per share at 31 March 2012, an increase of 4.6 percent from the auditor reviewed net asset value of USD182.6 million or USD0.46 per share at 31December 2011. The fund’s share price rose to USD0.27 per share at the end of the quarter, up 35.6 percent from USD0.20 in December 2011. As a result the share price to NAV per share discount decreased significantly to 43.8 percent in March from 56.1 percent at the end of last year.

During the quarter, listed investee company Phuoc Hoa Rubber JSC (PHR) held its annual shareholder meeting and agreed to pay a cash dividend of 11 percent yield of par value. The company reported audited FY2011 revenue of USD124.0 million and a net profit of USD40.0 million, an increase of 27 and 65 percent respectively from a year ago. Additionally, PHR has already achieved USD10.9 million in pre-tax profit in the first three months of the year, which represents 44 percent of its annual target of USD24.5 million for the year ended 31 December 2012.

In addition, PetroVietnam Fertilizer and Chemicals (DPM) announced during the quarter consolidated FY 2011 revenue and net profit growth of 39.6 and 82.2 percent respectively. Shares of DPM closed at VND29,200 as of 30 March 2012, up 22.7 percent for the year and at a trailing P/E ratio of 3.6x.

In February, VNI announced that it had purchased the remaining 60 percent in VNC-55 Infrastructure Investment JSC (VNC-55), increasing its stake to 100 percent. The company, which specializes in building and leasing Base Transceiver Station (BTS) towers to mobile service providers, was valued at USD21.7 million. When combined with VNI’s other investments in this sector, the fund currently owns approximately 2,000 BTS towers nationwide. Given Vietnam’s high mobile phone penetration rate over the past few years and expected five year subscriber growth, VNI management considered that full control of VNC-55 is important to the fund’s strategic investment goals. This transaction helped increase VNI’s holdings in the telecommunications sector to USD39.5 million or 20.7 percent of total NAV.

VNI also announced the resignation of two of its Directors, Mr. Horst Geicke and Mr. Albert Theodore (‘Ted’) Powers following a change of ownership in its investment manager, VinaCapital Investment Management Ltd (VCIM). The Board will consult with VCIM to appoint another representative of VinaCapital at the next Board meeting.

The manager presented at this year’s LCF Rothschild Emerging market conference in London on 29 February 2012. The webcast of the presentation is now available on our website here.

Performance history (% change on NAV)

2012 2011 2010 2009

YTD 4.6% -20.2% -14.3% 5.5%VN Index 26.8% -25.6% -7.2% 47.7%

31 March 2011NAV 0.48 per share (↑ 4.6% q-o-q)Total NAV: USD191.0 million

Performance summary Cumulative change:

31 Mar 12 3mth 1yr 3yr

NAV per share 0.48 4.6% -10.9% -24.0%

Share price 0.27 35.6% -20.4% 47.1%

Premium/ (Discount) (43.8%)

Market cap 113.3m

Total NAV 191.0m

Fund background

Vietnam Infrastructure Limited (‘VNI’) is a closed-end fund launched in July 2007 and traded on the London Stock Exchange’s Alternative Investment Market (AIM).

ISIN KYG936121022Bloomberg VNI LNReuters VNI.L

Investment objective

Medium to long-term capital gains with some recurring income and short-term profit taking. Investment areas include energy, transport, industrial park development, telecommunicationsinfrastructure and water utilities. VNI invests primarily in private companies, including operating companies, and brown- and greenfield projects.

View VNI details.

Download VNI factsheet.

Fund managing director

Tony Hsun

Manager

VNI is managed by VinaCapital Investment Management Ltd (VCIM) and requires investment approvals from an Investment Committee.

More information about VCIM is available here.

NAV and share price performance (31 Mar 2012)

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

0.000.100.200.300.400.500.600.700.800.901.00

NAV 0.48

SP 0.28

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Quarterly report 31 March 2012

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Vietnam Infrastructure Limited AIM: VNI

Manager information

Mar-10 Mar-11 Mar-12 Cash allocation (Mar 2012)

0%

20%

40%

60%

80%

100%

39%34%

22% 12%

61% 66% 78%

5%5%

Cash Invested

Invested funds and cash balance

Portfolio by sector

By sectorNo. of

holdings NAV (USDm) % NAV

Agribusiness 2 4.5 2.4%

General Infrastructure 4 11.5 6.0%

IP and township 7 42.6 22.3%

Oil and gas 4 23.0 12.1%

Power 6 9.3 4.9%

Telecommunications 6 39.5 20.7%

Transport & logistics 6 14.4 7.5%

Others 2 3.3 1.7%

Cash 42.8 22.4%

TOTAL 37 191.0 100.0%

Portfolio by class

By asset class No. of holdings NAV (USDm) % NAV

Listed 23 46.7 24.5%

OTC 5 20.7 10.8%

Private Equity 8 77.5 40.6%

Bonds 1 3.3 1.7%

Cash 42.8 22.4%

TOTAL 37 191.0 100.0%

Top holdings at 31 Mar 2012

Investee Asset class Sector % NAVBook value (USD’000) Description

SEATH PE Telecommunications 16.8% 32,000 Vietnam’s largest private BTS holding company.

Ba Thien IP PE IP and township 9.6% 18,350 308ha IP project in Vinh Phuc province, near Hanoi

Long An IP PE IP and township 8.9% 17,000 Major IP and port project in Long An province.

NVO OTC Oil and gas 4.7% 8,914 Owner of Vietnam’s first operating private oil refinery

PVD Listed Oil and gas 4.1% 7,908 PetroVietnam subsidiary; oil and gas drilling services

CII Listed General infrastructure 3.9% 7,431 Vietnam’s top infrastructure investment company

PVS Listed Oil and gas 2.5% 4,842 A leading oil and gas technical services company

DIG Listed IP and township 1.7% 3,242 A leading real estate developer

HNEM PE Power 1.6% 3,012 Power company in northern Vietnam developing 3 hydropower plants

SJD Listed Power 1.4% 2,747 A profitable hydro power plant with capacity of 77.8MW

Committed

Due diligence

Free cash

Cash committed and under DD (USD)

Approved and committed cash 9.2m

General infrastructure 0.5m

IP & township development 8.0m

Oil & gas 0.7m

Under due diligence 10.5m

Power 3.0m

IP & township development 7.5m

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Quarterly report 31 March 2012

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Vietnam Infrastructure Limited AIM: VNI

Manager information

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

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.

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.

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.

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.

Vietnam GDP quarterly growth

Macroeconomic indicators and forecast

2011 Mar-12 YTD Y-o-Y change

GDP growth1 5.9% 4.0%

Inflation 18.1% 0.16% 2.6% 14.2%

FDI (USDbn) 14.7 1.4 2.6 9.7%

Imports (USDbn) 105.8 9.3 24.8 6.9%

Exports2

(USDbn) 96.3 9.1 24.5 23.6%

Trade deficit (USDbn) 9.5 0.2 0.3 -91.9%

Exchange rate3

(USD/VND) 21,036 20,860 -0.8% 0.0%

Bank deposit rate (VND %) 12.0-14.0% 13.0% -7.1% -7.1%

Mar

-09

Jun-

09

Sep-

09

Dec

-09

Mar

-10

Jun-

10

Sep-

10

Dec

-10

Mar

-11

Jun-

11

Sep-

11

Dec

-11

Mar

-12

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

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Quarterly report 31 March 2012

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Vietnam Infrastructure Limited AIM: VNI

Manager information

VNI held a 60 percent stake in GII valued at USD5.4 million

VNI held a 1.6 percent stake in VSH valued at USD1.7 million

Vinh Son - Song Hinh Hydropower JSC (HSX:VSH) Financial highlights

Vinh Son- Song Hinh Hydropower JSC (VSH) is the largest hydropower company in terms of market capitalization in Vietnam. The company owns two operating hydropower plants with a combined capacity of 136MW. For the past seven years, the company has consistently surpassed its designed capacity of 677 million kWh annually, based solely on a number of expansion projects that enlarged the reservoirs connected to its plants. In total for 2011, its plants generated 903.2 million kWh of electricity.Electricity of Vietnam (EVN), a State-owned company that holds a 31 percent stake in VSH, is the sole purchaser of the company’s electricity output. The company has been in an ongoing discussion with EVN regarding its power purchase agreement (PPA) since 2010, which is expected to conclude in 1H 2012, offering the company more favorable terms in accordance to the government’s recent deregulation directives for the power industry. VSH recorded revenue and net profit growth for FY 2011 of 5.5 percent and 13.5 percent, respectively, largely attributable to the completion of asset depreciation during the year. Stable growth is expected for FY 2012 with the anticipated upward adjustment in off-take pricing. For Q1 2012, VSH reported an electricity output of 283.4 million kWh, 16.6 percent higher than the same period a year ago.The company is expected to increase its electricity generation capacity significantly over the next several years by developing new hydropower plants, most notably, the Thuong Kontum, which is expected to begin operations in 2015 with a total capacity of 220MW.

Profit and loss (VND bn) FY10A FY11A FY12E

Revenue 424.5 447.8 478.6

Gross profit 240.7 286.7 315.8

Gross margin (%) 56.7% 64.0% 66.0%

Net income 304.0 345.0 382.8

Net margin (%) 71.6% 77.0% 80.0%

EPS (VND) 1,503 1,706 1,893

DPS (VND) 1,000 1,000 1,000

Balance sheet (VND bn) FY10A FY11A FY12E

Total assets 3,028.8 3,345.7 3,768.8

Shareholders’ equity 2,430.0 2,343.1 2,535.0

ROE (%) 12.5% 14.7% 15.1%

Book value per share (VND) 12,015 11,642 12,535

Valuation FY10A FY11A FY12E

PER (x) 7.4 6.8 5.9

P/B (x) 0.9 1.0 0.9

Dividend yield (%) 9% 9% 9%

Global Infrastructure Investment JSC – GII Financial highlights

Global Infrastructure Investment JSC (GII) is a private operator of BTS towers in Vietnam. Set up in 2008, the company is a joint venture between VNI and local partners. GII currently owns 460 BTS towers with a tenancy ratio (number of tenants to each tower) of 1.33.Throughout the last few years, the company has been expanding to establish its presence in key development areas from the central to southern provinces of Vietnam. Key revenue streams come from leasing towers and ground equipment, as well as provision of on-call services for operators during network downtime.Going forward, GII’s strategy is to improve margins and scale business by bringing second and third tenants under contract on its existing network of towers. In an effort to offer more services and increase revenue streams, the company is exploring new business models in both the In-Building System (IBS) and Distributed Antenna System (DAS) sectors.

Profit and loss (VND bn) FY10A FY11A FY12ERevenue 63.3 70.9 76.3Gross profit 27.0 27.9 29.5Gross margin (%) 43% 39% 39%Net income 11.0 13.8 14.5Net margin (%) 17% 20% 19%EPS (VND) 1,576 1,768 1,857Balance sheet (VND bn) FY10A FY11A FY12ETotal assets 170.2 147.6 153.0Shareholders’ equity 89.8 103.5 117.6ROE (%) 12% 13% 12%

Book value per share (VND) 12,831 14,785 16,801

Select company and project updates

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Vietnam Infrastructure Limited AIM: VNI

Manager information

VNI held a 2.0 percent stake in PVS valued at USD4.8 million

VNI held a 6.7 percent stake in CII valued at USD7.4 million

Hochiminh Infrastructure Investment JSC (HSX:CII) Financial highlights

Ho Chi Minh City Infrastructure Investment JSC (CII) is one of Vietnam’s leading infrastructure companies, that invests in projects under build operate-transfer (BOT), build-transfer (BT) and build own-operate (BOO) contracts, real estate projects as well as providing traffic toll collection equipment and services. Its diverse portfolio includes seven traffic toll projects, three water treatment plants, two industrial parks and seven real estate projects. We continue to believe CII will rebound in 2012, with a reversal of the provision for potential financial losses set aside in 2011, higher toll fees approved in July 2011, commencement of the toll collection station for the Phan Rang –Thap Cham route and the expected divestments of Kinh Dong and Dong Tam water plants. For Q1 2012, CII reported unconsolidated net profit growth of 34 percent year-on-year.On 14 April 2012, CII held its ground-breaking ceremony for the Saigon 2 Bridge BT project adjacent to the current Saigon Bridge, with estimated total investment capital of USD75 million. The company also announced plans to pay a cash dividend of six percent yield for FY 2011.

Profit and loss (VND bn) FY10A FY11A FY12ERevenue 198.0 198.8 218.7Gross profit 174.0 167.9 188.4Gross margin (%) 87.9% 84.5% 86.2%Net income 377.0 163.6 392.6Net margin (%) 190.4% 82.3% 179.6%EPS (VND) 5,021 2,179 5,230DPS (VND) 1,800 1,800 1,800Balance sheet (VND bn) FY10A FY11A FY12ETotal assets 3,538.5 5,016.8 3,454.0Shareholders’ equity 1,403.0 1,231.5 1,489.0ROE (%) 26.9% 13.3% 26.4%Book value per share (VND) 18,686 16,402 19,832Valuation FY10A FY11A FY12EPE (x) 3.2x 7.4x 3.1xP/B (x) 1.6 1.9 1.5Dividend yield (%) 5.9% 5.9% 5.9%

PetroVietnam Technical Services Corporation (HNX:PVS) Financial highlights

PetroVietnam Technical Services (PVS) is an oil and gas service provider in Vietnam, with multiple business lines that include oil platform construction and transportation, petro port operations, and providing maintenance services for offshore vessels. PVS holds a significant market share in the industry, with approximately 80 percent market share of platform service ships and three (23.1 percent) of the floating production storage and offloading (FPSO) facilities operating in Vietnam.

The company is majority-owned by PetroVietnam, Vietnam’s State-owned oil and gas company. For the past three years, PVS’s revenue and net profit grew an average 41 and 33 percent respectively. For FY 2011, revenue increased 43.9 percent and net profit by 35.9 percent year-on-year, as core business unit growth remained stable and a one-time recorded sale of a FPSO unit to Vietsovpetro in Q4 2011.

As at 31 March 2012, PVS was trading at VND16,100, a trailing 12-month P/E of 2.3x and P/B of 0.8x.

Profit and loss (VND bn) FY10A FY11A FY12ERevenue 16,879.6 24,298.6 27,943.4Gross profit 1,168.1 1,955.9 2,179.6Gross margin (%) 6.9% 8.0% 7.8%Net income 920.6 1,250.3 1,121.3Net margin (%) 5.5% 5.1% 4.0%EPS (VND) 4,631 4,198 3,765DPS (VND) 1,500 1,500 1,500Balance sheet (VND bn) FY10A FY11A FY12ETotal assets 17,513.2 22,630.3 22,472.5Shareholders’ equity 3,535.4 5,754.8 6,042.5ROE (%) 26.0% 21.7% 17.4%Book value per share (VND) 17,783 19,324 20,290Valuation FY10A FY11A FY12EPER (x) 3.5 3.8 4.3P/B (x) 0.9 0.8 0.8Dividend yield (%) 9.3% 9.3% 9.3%

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Vietnam Infrastructure Limited AIM: VNI

Manager information

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

Relevant datesVNI’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. VNI calculates its unaudited NAVs monthly and this is normally announced within ten days of month-end. Update reports 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 equitiesThe 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.

OTC equitiesThe 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.Private equitiesUnquoted 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.

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.

More information on valuation is available on the Investing policy page of the VNI website: VNI Investing policy.

Audit and valuation committeeVNI has 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 committee meets quarterly.

VNI Audit and Valuation CommitteeEkkehard Goetting (Chair)Luong Van LyPaul Cheng

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 our investment funds.

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Quarterly report 31 March 2012

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Vietnam Infrastructure Limited AIM: VNI

Manager information

Historical financial information

Years ended 30 June 2007 2008 2009 2010 2011

Statement of Income (USD’000)

Total income from ordinary activities - (43,732) (25,715) 3,143 (47,620)

Total expenses from ordinary activities (851) (9,750) (8,223) (7,313) (7,066)

Operating profit before income tax (851) (53,482) (33,938) (4,170) (54,686)

Income tax expense - - - - (32)

Profit for the year (851) (53,482) (33,938) (4,170) (54,718)

Minority interests - - (124) (95) 1,483

Profit attributable to ordinary equity holders (851) (53,482) (33,814) (4,075) (56,201)

Statement of financial position (USD’000)

Total assets 402,100 337,748 263,871 262,050 213,458

Total liabilities (12,563) (1,510) (1,723) (4,417) (9,377)

Net assets 389,537 336,238 262,148 257,633 204,081

Share information

Capital distribution (cents per share) - - 10 - -

Basic earnings per share (cents per share) (0.2) (13) (8) (1) (14)

Share price as 30 June 1.03 0.60 0.33 0.34 0.31

Ordinary share capital (thousand shares) 402,100 402,100 402,100 402,100 402,100

Market capitalization at 30 June (USD’000) 414,163 239,250 131,688 136,714 122,641

Net asset value per ordinary share (USD) 0.97 0.84 0.65 0.64 0.50

Ratio

Return on average ordinary share holder’s funds -0.2% -14% -9% -1% -14%

Expense/income ratio N/A 22% 32% 233% -15%

Fund summary

Vietnam Infrastructure Limited (“VNI”) is a closed-end fund trading on the AIM Market of the London Stock Exchange. Download the VNI Factsheet at www.vinacapital.com Fund launch5 July 2007Term of fundTen years and then subject to shareholder vote for continuationFund domicileCayman IslandsLegal formExempted company limited by sharesStructureSingle class of ordinary shares trading on the AIM market of the London Stock Exchange plc.AuditorPricewaterhouseCoopers (Hong Kong)Nominated adviser (Nomad)Grant Thornton Corporate FinanceCustodian and AdministratorStandard Chartered (Singapore)BrokersLCF Edmond de Rothschild Securities (Bloomberg: LCFR)Numis Securities (Bloomberg: NUMI)LawyersLawrence Graham (UK)Maples and Calder (Cayman Islands)Management and performance feeManagement 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 watermarkInvestment manager: VinaCapital Investment Management LtdInvestment focus: Medium to long term capital gains with some recurring income through investment in the following infrastructure and infrastructure-related sectors: Energy; Transportation; Industrial Parks; Telecommunication; and Water and environmental utilitiesInvestment focus by geography: Greater Indochina comprising: Vietnam (minimum of 70 percent), Cambodia, Laos, and southern China.

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Vietnam Infrastructure Limited AIM: VNI

Manager information

VinaCapitalVinaCapital Investment Management Ltd (VCIM) is the BVI-registered investment manager of Vietnam Infrastructure Ltd (VNI).

Don Lam Chief Executive OfficerBrook Taylor Chief Operating OfficerTony Hsun Managing Director, Infrastructure Luong Doan Director, Infrastructure

ContactDavid Dropsey Investor Relations/Communications

ir@vinacapital.com+848-3821-9930www.vinacapital.com

Vietnam Infrastructure Ltd (VNI)

Brokers LCF Edmond de Rothschild Securities+44 (0)20 7845 5960, funds@lcfr.co.uk

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

Nominated advisor Grant Thornton Corporate FinanceAuditor PricewaterhouseCoopers (Hong Kong)Internal auditor KPMG (Vietnam)Custodian and Admin Standard Chartered (VNI)

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.

VNI Board of DirectorsVietnam Infrastructure Ltd (VNI) is led by a Board of Directors composed of a majority of independent non-executive directors.

Paul Cheng Chairman (Independent)Ekkehard Goetting Director (Independent)Luong Van Ly Director (Independent)