29 January 2018

Vincom Retail Joint Stock Company

FY 2017 Financial Results

1. Key Highlights

Performance Overview – FY 2017

Revenue from

Leasing(1)

VND4,605 billion

19.7% YoY

Gross Profit

VND3,473 billion

20% YoY

1

Note: IFRS Management Consolidated Financial Reports for FY2017 (conversion from VAS into IFRS by management, excludes impact from IP/IPUC revaluation gain/loss);

(1) Leasing revenue include other revenue and revenue from trading goods

(2) NOI for leasing investment properties and rendering of related services

EBITDA

VND4,315 billion

5.5% YoY

Total PATMI

VND3,433 billion

45.9% YoY

Leasing NOI(2)

VND2,768 billion

25.2% YoY

Continued Expansion of Nationwide Presence

Portfolio in Prime Urban and Growth Cities Unique Multi-Format Retail Model

VC14%

VMM34%

VP48%

VC+4%

46 malls

across 24

cities /

provinces

4 retail

formats for

specific

areas

Proven and

scalable retail

development

platform

Vincom CenterNo. of Malls: 4

GFA: 165,876 sqm

Vincom Mega MallNo. of Malls: 3

GFA: 395,148 sqm

Vincom PlazaNo. of Malls: 30

GFA: 568,170 sqm

Vincom+No. of Malls: 9

GFA: 50,199 sqm

(Segmentation by GFA)

Hanoi

7 Vincom Malls

3 Vincom Centers

2 Vincom Mega Malls

2 Vincom Plazas

Ho Chi Minh City

11 Vincom Malls

1 Vincom Center

1 Vincom Mega Mall

7 Vincom Plazas

2 Vincom+ Malls

North Vietnam

8 Vincom Malls

6 Vincom Plazas

2 Vincom+ Mall

Central Vietnam

10 Vincom Malls

6 Vincom Plazas

4 Vincom+ Malls

South Vietnam

10 Vincom Malls

9 Vincom Plazas

1 Vincom+ Mall

Key Cities

60%Market Share(1)

46Operational

Malls

1.2mmRetail GFA

(sqm)

2

Note: As at 31 December 2017

(1) Based on Colliers as at August 2017. Based on Vincom Retail’s combined retail GFA in Hanoi and HCMC, and GFA of all multi-tenant shopping malls in Hanoi and HCMC. (2) As at 31 December 2017.

2. Operational Update

500

700

800

900

1,000

1,100

1,200

2017 Operational Highlights

Leasing Revenue (VNDbn)(1)

Retail GFA

(‘000 sqm)

20172013 20142004 2010 2011 2012 2015 2016

1,953

Vincom Center

Ba Trieu

Vincom Center

Dong Khoi

Vincom Plaza

Long Bien

1st Retail Mall in

Vietnam

1st Integrated

Project in

Vietnam

13 Years of Operating Experience Achieving ~1.2 mm sqm of Retail GFA (~28x Increase Since 2004)

2014 – 17 CAGR:

Revenue: 32.4%

GFA: 33.0%

Note: As at 31 December 2017

(1) IFRS Management Consolidated Financial Reports for FY2017 (conversion from VAS into IFRS by management, excludes impact from IP/IPUC revaluation gain/loss)

1 2 3 3 5 6 21 31 46No. of Malls

600

2,438

3,847

4,605

Vincom Mega Mall

Royal City

3

2017 Highlights

Listed on HOSE in November

15 new Vincom shopping malls

H&M opened 2 stores in Hanoi and Ho Chi Minh City

Zara opened first store in Hanoi

Key tenants added: Inditex brands (Stradivarius, Massimo Dutti, Pull & Bear), H&M and

Old Navy

Contracted pipeline of c.71 projects

H&M - 1st store in Vietnam Zara and sister Inditex brands

Average Occupancy

Key Operational Metrics

Retail GFA

FY 2016 FY 2017Change

(bps)

Vincom Center 93.7% 92.8% (90)

Vincom Mega Mall 80.2% 82.8% 260

Vincom Plaza 92.0% 90.7% (130)

Vincom+ 72.5% 65.6% (690)

Overall 86.5% 87.2% 70

Figure in sqm FY 2016 FY 2017 Change (%)

Vincom Center 165,876 165,876 -

Vincom Mega Mall 395,148 395,148 -

Vincom Plaza 440,106 568,170 29.1

Vincom+ 27,679 50,198 81.4

Overall 1,028,808 1,179,393 14.6

4

Note: As at 31 December 2017

Tenant Update

Key Tenants Joining in 2017 Key Tenants Signed in 2017

for Expansion

Note: (1) Refers to sales office where developers can market their projects and have customers and sales people consult and transact.

(2) Tenant mix is based on NLA at the end of each period

Tenant Update for 2017 Tenant Mix Comparison(2)

24.3%

13.9% 15.4%

18.4%

27.9%

24.0%

13.9% 16.1%

18.6%

27.4%

Fashion Food & Beverage

Hypermarket / Supermarket Entertainment

Others

As at Jun 2017

VinDS’ retail GFA was reduced in certain malls to accommodate

certain domestic accessories, cosmetics and fashion brands

VinCity, Vingroup’s affordable housing brand, has leased space in

Vincom Mega Mall Thao Dien, Vincom Mega Mall Times City and

Vincom Mega Mall Royal City to open their real-estate “trading floor”(1)

As at Dec 2017

5

Format 2H 2017 2018E – 2019E

Vincom Center - 5

Vincom Mega Mall - 0

Vincom Plaza 3 27

Vincom+ 3 19

Malls Opening by Format

Malls Opening from 2018E – 2019E

6 malls opened in 2H 2017

51 malls to be opened in 2018E – 2019E

6

3. Financials and Capital

Management Update

Financial Performance FY 2017 vs. FY 2016

Figures in VND billion FY 2016(1) FY 2017(2) Change (%) Commentary

Leasing of Investment Properties

and Rendering of Related

Services3,847 4,605 19.7

Leasing revenue growth mainly driven by addition of

15 malls during the year and full operation of 10 malls

previously opened in 2016

Sale of Inventory Properties 2,556 809 (68.4)

In 2016, sale of inventory properties was mainly

attributed to delivery of Vinhomes Nguyen Chi Thanh

and Hai Phong shop-houses

In 2017, sale of inventory properties mainly came from

small shop-house projects and shop-offices in Royal

City and Times City

Gross Profit 2,893 3,473 20.0 Increase of leasing revenue and related services

Operating Profit 3,009 3,288 9.3 Mainly due to gain from disposal of Tan Lien Phat

Profit Before Tax 2,557 3,703 44.8 Due to increase in above items

Profit After Tax 2,362 3,434 45.4 Due to increase in above items

Profit after Tax and Minority

Interest2,354 3,433 45.9 Due to increase in above items

7

Note: (1) IFRS Audited Consolidated Financial Reports for FY2016. Profit Before Tax, Profit After Tax, Profit After Tax and Minority Interest exclude impact from IP/IPUC revaluation gain/loss.

(2) IFRS Management Consolidated Financial Reports for FY2017 (conversion from VAS into IFRS by management, excludes impact from IP/IPUC revaluation gain/loss)

Figures in VND billion Q4 2016 Q4 2017 Change (%) Commentary

Leasing of Investment Properties

and Rendering of Related

Services998 1,261 26.4

Leasing revenue growth mainly driven by addition of

15 new malls during the year and full operation of 10

malls previously opened in 2016

Sale of Inventory Property 304 261 (14.0)

In 2016, sales of inventory properties was mainly

attributed to delivery of Vinhomes Nguyen Chi Thanh

and Hai Phong shop-houses

In 2017, sales of inventory property mainly came from

small shop-house projects and shop-offices in Royal

City and Times City

Total Revenue 1,302 1,523 17.0

Leasing revenue growth mainly driven by addition of

15 new malls during the year and full operation of 10

malls previously opened in 2016

Gross Profit 567 786 38.5 Due to increase in above items

Operating Profit / (Loss) (70) 656 n.m

2016 loss was mainly due to sharing loss in Tan Lien

Phat, an associate, due to reclassification and

allocation of expenses

Profit / (Loss) before Tax (217) 660 n.mAdditional 2016 loss was due to prepayment penalty

for early repayment of international unsecured bonds

Profit / (Loss) for the Period (251) 528 n.m Due to increase in above items

Profit / (Loss) after Tax and

Minority Interest(253) 528 n.m Due to increase in above items

Financial Performance Q42017 vs. Q42016

8

Note: VAS Unaudited Consolidated Financial Reports for FY2017

1,953 2,732

3,847 4,605

3,249

2,556 809

1,953

5,981 6,403

5,413

2014 2015 2016 2017

Leasing of Investment Properties Sale of Inventory Properties

Financial Performance

VNDbn

Total Revenue(1) Gross Profit

80.2% 45.2%36.4% 64.1%

Gross Profit Margin (%)

1,412 1,931

3,009 3,288

2014 2015 2016 2017

VNDbn

Operating Profit

VNDbn

Profit After Tax and Minority Interest

548 1,226

2,354

3,433

2014 2015 2016 2017

VNDbn

1,226 2,007 2,642 2,781

VAS(2) Gross Profit (VNDbn)

105 1,090 2,437 2,017256 1,296 2,732 2,166

VAS(2) Profit After Tax and Minority Interest (VNDbn)VAS(2) Operating Profit (VNDbn)

9

1,567 1,855 2,631

3,271 323

262

202

1,567

2,178

2,893

3,473

2014 2015 2016 2017Leasing of Investment Properties Sale of Inventory Properties

Note: Financials based on IFRS standards (exclude impacts from IP/IPUC revaluation gain/loss) unless otherwise stated

(1) Leasing revenue include other revenue and revenue from trading goods

(2) VAS Audited Consolidated Financial Reports for FY2014, FY2015, FY2016 and VAS Management Consolidated Financial Reports for FY2017

Balance Sheet

25,028 34,560 31,159

42,613

17,322

13,648 15,014

15,856 42,350

48,208 46,173

58,470

2014 2015 2016 2017

Investment Properties and Investment Properties Under Construction Other Assets

2,280

3,094 2,842

5,787

1,079

397

1,698

3,252

2014 2015 2016 2017

Total Borrowings Cash and Cash Equivalents

VNDbn

Total Assets Total Inventory

VNDbn

2,318

1,684

811

1,701

2014 2015 2016 2017

VNDbn

Total Borrowings and Cash and Cash Equivalents

VNDbn

Total Equity

21,456 24,528

33,986

42,220

2014 2015 2016 2017

10

2,613

Receivable from

short term loan

Note: IFRS Audited Consolidated Financial Reports for FY2014, FY2015, FY2016 and IFRS Management Consolidated Financial Reports for FY2017 (conversion from VAS into IFRS by management, excludes impact from IP/IPUC

revaluation gain/loss from 2016 to 2017)

(1) Includes reclassifications to inventory property, as well as disposal (amounting to US$155.9mm in 2016).

(1) Re-tenanting and redevelopment exercise across Vincom

Mega Mall portfolio, leading to short-term IP asset value

reduction and FV loss from IP of c.US$50mm

(2) Upon completion of repositioning,

property values have returned to normalized levels in 1H2017

(3) Reallocation out of IP and IPUC amounting to

c.US$192mm(1)

3.2

175.8

2016 2017

Liquidity Position

(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + ST Investments + Receivables of Short-term loans), and Cash &Cash Equivalent include 3-year deposit amount of VND1,830bn due to flexible

withdrawal nature of the deposit.

(2) Interest Coverage Ratio = Operating Profit / Net Interest Expenses, (3) Interest income include interest from BCC contracts, (4) Average borrowing cost based on outstanding loans as of 31 Dec 2016 and 31 Dec 2017 respectively

2.5%

-0.2%

2016 2017

%

Net Debt(1) / Total Assets Net Debt(1) / Equity

%

3.4%

-0.3%

2016 2017

Times

Interest Coverage Ratio(2) (3)

%

9.4%

8.9%

2016 2017

11

Note: Financials based on IFRS standards.

Average borrowing cost(4)

Appendix

Bridging VAS to IFRS

VAS FY2017 Adjustment IFRS FY2017

Leasing revenue and other related services 4,477 37 4,514

Sale of residential inventory 950 (142) 809

Other revenue 91 91

Total revenue 5,518 5,413

Cost of leasing activities and other related services (2,123) 885 (1,284)

Cost of residential inventory sold (565) (42) (607)

Others (50) (50)

Cost of goods & services (2,738) (1,941)

Gross profit 2,781 3,473

Selling expenses (246) (246)

General and administrative expenses (314) 10 (304)

Share of profit of associate 540 (102) 438

Other income 36 385 421

Other expense (55) (55)

Finance expense (1,166) 588 (578)

Finance income 571 (17) 554

Profit before tax 2,147 3,703

Tax expense (130) (139) (269)

Profit after tax 2,017 3,433

Commentary on Adjustments

Depreciation of malls is included in

VAS; added back for IFRS

Decrease in share of profit of

associate under IFRS

Recorded gains from disposal of

TLP under IFRS

Eliminated losses from disposal of

TLP under VAS

Lower COGS so higher tax amount

(assuming 20% CIT)

12