Net Asset Value

26 January 2015

VinaLand Limited (the "Company" or "VNL")

Net Asset Value

The Company announces that, at its close of business on 31 December 2014, its unaudited net asset value (NAV) was USD401.6 million or USD0.918 per share. This represents no change from a net asset value per share of USD0.918 from its close of business on 30 September 2014.

The unaudited NAV of USD0.918 per share does not reflect any impact as a result of the increase in residential land use costs announced by the Hanoi and Ho Chi Minh City People's Committee on 29 December 2014, which took effect on 1 January 2015. Our preliminary estimate of the immediate impact due to this change is a reduction of between 2% to 6% (worst case) in the 31 December 2014 NAV as a result of increased costs for land use rights. The Manager believes that it is too early to arrive at a conclusion as to how this increase in government land costs will impact on the market price of both residential land and flow through effect on commercial land and whether this may have a positive impact on market pricing across the real estate market that may counter this land price increase in the short to medium term. The 31 March 2015 NAV will reflect the impact of these land costs and any consequent changes in the market value of residential land.

More information on the Company is available at www.vinacapital.com/vnl 

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

+84 8 3821 9930

david.dropsey@vinacapital.com

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

+44 (0)20 7383 5100

philip.j.secrett@uk.gt.com

Hiroshi Funaki / Andrew Davies

Edmond de Rothschild Securities, Broker

+44 (0)20 7845 5960

funds@lcfr.co.uk

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

+44 (0)20 7260 1000

funds@numis.com

Andrew Walton

FTI Consulting, Public Relations (London)

+44 (0)20 7269 7204

andrew.walton@fticonsulting.com