Property Holding (VPH) Monthly Update – June 2016 VPH Update Un‐audited NAV for the month increased slightly by 0.1% and underperformed the Monthly Results June‐16 May‐16 % Change VNI which increased by 3.0% (both in EUR terms). The main contributing in NAV per share € 1.48 € 1.48 0.1% June were VNL(‐1.0%), D2D(+0.8%), and NBB(+0.6%) combined with 0.54% FX gain due Share price € 0.96 € 0.96 0.0% to depreciation of the Euro against the USD and VND. VNL decreased due to profit‐ taking after increasing significantly in previous months. D2D increased as the is Discount 35.2% 35.1% 0.1% highly illiquid and there were some small buy orders which pushed up the share price. Outstanding Shares 10,852,560 10,852,560 0.0% D2D is launching a new real estate project in Bien Hoa (Dong Nai) which is expected to Total NAV € 16,085,040 € 16,063,716 0.1% generate more profit for D2D aside from stable profits from industrial parks. According to CBRE, 6,100 new apartments were launched via 17 projects in Hanoi in Q2, up 19% q‐o‐q, but down 23% y‐o‐y. Sales continued to show positive signals. A Since total of 4,860 units were sold during Q2, up 20% q‐o‐q, but down 7.2% y‐o‐y. In 1H Performance Data Monthly YTD 2015 Inception 2016, 8,900 apartments were sold, with mid‐end apartments comprising 40%. In terms of pricing, some projects had increased prices by 4 to 6% compared to last year, NAV per share (€) 0.1% ‐1.6% 9.5 % ‐36.8% especially those with good locations, situated at an average distance from the city Share price (€) 0.0% 1.1% 1.1 % ‐63.8% center, and in the vicinity of infrastructure projects that were under construction. VN Index (€) Meanwhile, the HCM City market saw a fall in sales volume (5,887 units in total) in Q2, 3.0% 8.0% 12.1% ‐37.4% a cutback of 45% and 35% on both a y‐o‐yandq‐o‐qbasisrespectively.The condominium market saw a continued strong increase in supply in Q2, adding 10,107 VPH vs. VNI (EUR) Performance units, up 20% q‐o‐q, but falling 9% y‐o‐y. This quarter reported the highest number of 40% new launches in the mid‐end segment, which accounted for 41% of the total new 20% supply. Macroeconomic Update 0% After Brexit, the Chinese Yuan (CNY) touched its lowest level since 2010, but did not ‐20% significantly impact the VND as this currency still maintained its stability at ‐40% VND22,300‐22,350/USD. The stability of VND amid CNY depreciation in H1 2016 indicates an increasing insensitivity of the VND to CNY fluctuations. Since the ‐60% beginning of 2016, the VND has appreciated by 0.8% and is the most stable currency ‐80% in the ASEAN region. SBV’s new exchange rate mechanism and timely actions to 2007 2008 2009 2010 2011 2012 2013 2014 2015 balance US dollar supply and demand in the market play a critical role in stabilizing the FX rate. VPH NAV VNI (EUR) The trade surplus in 1H2016 reached USD1.5 bn, equivalent to 1.8% of total export turnover. The lower export growth rate in H1 2016 y‐o‐y was mainly attributed to Top 5 Holdings Foreign % of NAV decreases in exports of rice and mining products such as coal and crude oil and also Ownership reflected softening global demand. Import growth turned negative because of a drop Vinaland (VNL) 100.0% 32.2% in imports of machinery and equipment and decreases in global commodity prices. Nam Bay Bay (NBB) 33.2% 20.0% In 1H2016, the manufacturing and processing sector attracted the highest registered FDI of USD8.1 bn, followed by the real estate sector with USD0.6 bn. South Korea Industrial Urban Development No. 2 (D2D) 16.0% 9.2% remained the leading foreign investor with invested capital of USD4 bn, occupying Khang Dien Investment & Trading House 49.0% 7.2% 35% of the total registered FDI. Thu Duc Housing Development 42.4% 6.4% For subscription and redemption questions, please contact Investor Relations at [email protected] VPH Portfolio by Sector Vietnam Property Holding Company Details Cash & other assets ISIN KYG936251043 4.9% Commercial 4,0% Bloomberg Code 3MT:GR Reuters Code 3MT.DE German Securities Code A0M12W Residential 41,0% Independent Non‐executive Directors Dr. Lee G. Lam (Chairman) Mixed‐use Mr. Howard Golden 37,4% Dr. Kathryn Vagneur Executive Director Mr. Louis T. Nguyen Investment Objective The investment objective of the Fund is to maximize capital appreciation by investing in a portfolio of listed Infrastructure 12,7% property developers and development projects in Vietnam. The Fund has invested in and will continue to Vietnam Macroeconomic Indicators invest in equity securities of listed property developers, June‐16 Y‐o‐Y YTD 2015 development projects, and/or debt securities. The Fund GDP Growth (%) 5.55% 5.52% n/a 6.68% seeks to invest in a diversified portfolio that is expected to achieve above average returns at an acceptable level of 0.46% 1.72% 2.35% 0.60% Inflation (%) risk, give rise to long‐term and short‐term returns, and be Exports $14.8Bn 3.5% $82.2Bn $162.1Bn capable of yielding recurrent earnings or gains. Imports $14.9Bn 2.8% $80.7Bn $165.6Bn Investor Relations/ Communications Contacts Trade Surplus [email protected] / +848‐54043 488 ‐$0.1Bn $0.1Bn $1.5Bn ‐$3.5Bn Saigon www.saigonam.com or (Deficit) Jefferies International Disbursed FDI $1.45Bn 7.4% $7.25Bn $14.5Bn www.jefferies.com / +44 (0) 207 898 7127 Market Makers Registered FDI $1.13Bn ‐5.9% $11.28Bn $22.8Bn Numis Securities www.numis.com / +44 (0) 207 260 1000 VND/USD 22,241 2.0% ‐1.1% 22,491 Source: General Statistics Office, Bloomberg

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