8 May 2018

Vincom Retail Joint Stock Company

1Q2018 Financial Results

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all

material information concerning Vincom Retail Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the basis for any investment

decision or commitment whatsoever.

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implied) or accepts any responsibility or liability for the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made available. It is not the

intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the financial or trading position or prospects of the Group. No part of this

presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this presentation should be construed as constituting legal,

business, tax or financial advice. You should conduct such independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an independent determination

of the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and

all of which are based on management’s current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as

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other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are not guarantees of future

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employees, agents, advisers or any other person undertakes to update or revise any forward-looking statements as a result of new information or to reflect future events or circumstances.

Disclaimer

1

1. Key Highlights

Performance Overview – 1Q2018

Revenue from

Leasing(1)

VND1,282 billion

18.9% YoY

Gross Profit(2)

VND801 billion

7.4% YoY

3

Note: Based on VAS Unaudited Consolidated Financial Statements for 1Q2017 and 1Q2018

(1) Leasing revenue includes other revenue; (2) Gross profit includes depreciation and amortization relating to investment properties that amounted to VND 179.3bn and VND 254.3bn in 1Q17 and 1Q18, respectively

(3) NOI for leasing investment properties and rendering of related services, being calculated based on management report by taking the sum of gross rental income and other property-related income less any property-

related operating expenses including period land lease costs and amortization of prepaid land lease costs but excluding holding company expense allocations

EBITDA

VND1,090 billion

16.1% YoY

Leasing NOI(3)

VND905 billion

23.0% 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

46Operational

Malls

24Cities/

Provinces

1.2mmRetail GFA

(sqm)

4

Note: As at 31 Marrch 2018

2. Operational Update

500

700

800

900

1,000

1,100

1,200

1Q2018 Operational Highlights

Leasing Revenue (VNDbn)(1)

Retail GFA

(‘000 sqm)

20172013 20142004 2010 2011 2012 2015 2016

1,927

Vincom Center

Ba Trieu

Vincom Center

Dong Khoi

Vincom Plaza

Long Bien

1st Retail Mall in

Vietnam

1st Integrated

Project in

Vietnam

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

2014 – 17 CAGR:

Revenue: 32.2%

GFA: 33.0%

Note: As at 31 March 2018

(1) VAS Audited Consolidated Financial Reports for 2014, 2015, 2016 and 2017

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

600

2,427

3,805

4,455

Vincom Mega Mall

Royal City

6

1Q2018 Highlights Run 02 marketing campaigns: “Connecting with Gifts – Tet with Good Fortune” and “8 Flowers for March”, increased footfall by 15% and 30% vs other regular periods

Signed ~30,000 sqm NLA and over 200 advertising contracts

Key tenants signed for expansion: Tiniworld, Xiaomi, Phuc Long, Jaspal Group

Running set up for 03 Vincom Plaza malls to be opened in April in Thanh Hoa, Bao Loc, Long An

Preparing for 02 additional Vincom Plaza malls to be opened in May in Hue and Quang Binh

Average Occupancy

Key Operational Metrics

Retail GFA

1Q2017 1Q2018Change

(bps)

Vincom Center 92.6% 94.0% 135

Vincom Mega Mall 81.0% 89.0% 798

Vincom Plaza 93.3% 87.9% (544)

Vincom+ 59.6% 73.3% 1,376

Overall 87.2% 88.4% 112

Figure in sqm 1Q2017 1Q2018 Change (%)

Vincom Center 165,876 165,876 -

Vincom Mega Mall 395,148 395,148 -

Vincom Plaza 451,531 568,170 25.8

Vincom+ 31,729 50,198 58.2

Overall 1,044,284 1,179,393 12.9

7

Note: As at 31 March 2018

Tenant Update

Key Tenants Joining in 2017 Key Tenants Signed for

Expansion (1)

Note: (1) In 1Q2018, key tenants signed for expansion included Tiniworld, Xiaomi, Phuc Long, Jaspal Group

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

Tenant Update for 2017 and 1Q2018 Tenant Mix Comparison(2)

24.0%

13.9% 16.1%

18.6%

27.4%

Fashion Food & Beverage

Hypermarket / Supermarket Entertainment

Others

Repositioning, re-tenanting, and implementing new concepts to certain

malls in order to attract footfall from adolescences

Applying new technology (i.e. thermal counter, heat map, etc) in

counting footfall in order to effectively co-ordinate with tenants during

daily operation

As at Mar 2018

8

Format 1H 2018E 2018E – 2019E

Vincom Center - 5

Vincom Mega Mall - 0

Vincom Plaza 5 26

Vincom+ 1 16

Malls Opening by Format

Malls Opening from 2018E – 2019E

6 malls To be opened in 2Q2018

47 malls to be opened in 2018E – 2019E

9

+ 3VC+ (Tây sơn, Yên Nghĩa,

3. Financials and Capital

Management Update

Figures in VND billion Q1 2017 Q1 2018Change

(%)Commentary

Leasing of Investment

Properties and Rendering

of Related Services1,079 1,282 18.9

Approximately 50% was attributed to the 15 malls opened in

2017.

Sale of Inventory Property 315 335 6.5

In Q1 2018: delivery of shop-houses in southern and south

central provinces

In Q1 2017: delivery of shop-offices in Hanoi and shop-houses in

southern provinces

Total Revenue 1,394 1,618 16.1 Due to increase in above items

Gross Profit 746 801 7.4

Operating Profit / (Loss) 617 647 4.9

Profit / (Loss) before Tax(1) 620 702 13.3

Profit / (Loss) for the

Period (1) 554 541 (2.3)

Effective tax rate was low in 2017 due to offsetting of previous

losses carried forward. In 2018, VRE does not have losses

carried forward

Profit / (Loss) after Tax and

Minority Interest (1) 554 541 (2.3)

Financial Performance Q1 2018 vs. Q1 2017

11

Note: VAS Unaudited Consolidated Financial Reports for Q1 2018

(1) Excluded one-off gain from Shares of profit of associates resulted from divestment of Tan Lien Phat JSC

1,651

2,5903,089

736 905

2015 2016 2017 1Q2017 1Q2018

68.0% 68.1% 69.3% 69.9% 71.5%

Leasing NOI Margin (%)

1,401 2,011 2,342

579 677

607

623 411

159 117

(2)

8 48

8 7

2,007

2,642 2,801

746 801

2015 2016 2017 1Q2017 1Q2018

Leasing of Investment Properties Sale of Inventory Properties Other revenue

2,427

3,8054,455

1,053 1,266

3,267

2,556 951

315 335

26424

112

26 17

5,9586,386

5,518

1,394 1,618

2015 2016 2017 1Q2017 1Q2018

Leasing of Investment Properties Sale of Inventory Properties Other revenue

Financial Performance

VNDbn

Total Revenue Gross Profit(1)

33.7% 50.8%41.4% 53.5%

VNDbn

Leasing Net Operating Income (NOI) (2)

VNDbn

Profit After Tax and Minority Interest(3)

1,090

2,437

1,882

554 541

2015 2016 2017 1Q2017 1Q2018

VNDbn

12

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 1Q2017 and 1Q2018

(1) Gross profit in VAS includes depreciation and amortization. Depreciation and amortization relating to investment properties is laid down below the graph and should be added back for IFRS

(2) NOI for leasing investment properties and rendering of related services, being calculated based on management report by taking the sum of gross rental income and other property-related income less any property-related

operating expenses including period land lease costs and amortization of prepaid land lease costs but excluding holding company expense allocations

(3) PATMI of 2017 and 1Q2017 excluded one-off gain from Share of profit of associates resulted from divestment of Tan Lien Phat JSC

49.5%

Gross Profit Margin (%)

Depreciation & amortization of investments properties (VNDbn)

414 642 829 158 232

Balance Sheet

14,240

5,961 5,974 5,981

396

1,698 1,482 1,465

31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18

Total Borrowings Cash and Cash Equivalents

VNDbn

Total Assets Inventory

VNDbn

VNDbn

Total Cash and Cash Equivalents

VNDbn

Total Equity

14,884

24,683 26,094 26,636

31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18

13

2,613(2)

Receivable from

short term loan

Note: Based on VAS Audited Consolidated Financial Statements for 2015, 2016, 2017 and VAS Unaudited Consolidated Financial Statements for 1Q2017 and 1Q2018

(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreciation and amortization and are not fair valued

(2) Receivable from short-term loans, which was subsequently collected in April 2018

21,685 18,048

21,481 21,477

14,276 16,251

16,652 16,643

35,961 34,299

38,133 38,120

31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18

Investment Properties and Investment Properties Under Construction Other Assets

1,483

683

1,817 1,969

31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18

2,613 (2)

(1)

7.2

9.5

1Q2017 1Q2018

Leverage and Coverage ratios

(1) Net Debt = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalent + ST Investments + Receivables of Short-term loans). Receivable from short-term loans was subsequently collected in full amount in April 2018

(2) Cash and cash equivalent refers to cash, cash equivalent + short-term investments + receivables of short-term loans

(3) Interest Coverage Ratio = Leasing revenue/ Interest Expenses

4.9% 5.0%

31-Dec-17 31-Mar-18

Net Debt(1) / (Total Assets – cash & cash equivalent(2)) Net Debt(1) / Equity

7.2% 7.1%

31-Dec-17 31-Mar-18

Times

Interest Coverage Ratio(3)

14

Note: Based on VAS Audited Consolidated Financial Statements for 2017 and VAS Unaudited Consolidated Financial Statements for 1Q2017 and 1Q2018

Total Debt / Equity

22.9% 22.5%

31-Dec-17 31-Mar-18

Appendix

VAS 1Q2018 Adjustment IFRS 1Q2018

Leasing revenue and other related services 1,266 (3) 1,263

Sale of residential inventory 335 335

Other revenue 17 17

Total revenue 1,618 1,615

Cost of leasing activities and other related services (589) 232 (357)

Cost of residential inventory sold (218) (218)

Others (10) (10)

Cost of goods & services (817) (585)

Gross profit 801 1,030

Selling expenses (60) (60)

General and administrative expenses (96) 1 (95)

Share of profit of associate - -

Other income 8 8

Other expense (6) (6)

Finance expense (132) (132)

Finance income 187 2 189

Profit before tax 702 934

Tax expense (161) (1) (162)

Profit after tax 541 772

Bridging VAS to IFRS

Commentary on Adjustments

Depreciation of malls is included

under VAS; added back for IFRS

16

Note: Based on VAS Unaudited Consolidated Financial Statements for 1Q2018 and conversion to IFRS by management, excluding impact from Investment Property and Investment Property Under Construction (IP/IPUC)

revaluation gain/loss