Net Asset Value

16 April 2015

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

Net Asset Value

The Company announces that, as its close of business on 31 March 2015, its unaudited net asset value (NAV) was USD383.5 million or USD0.89 per share. This represents a 3.3% decrease from a net asset value per share of USD0.92 from its close of business on 31 December 2015.

The NAV per share of USD0.89 reflects the impact of the increase in Government land tax costs announced by the Hanoi and Ho Chi Minh City People's Council on 29 December 2014 and came into effect on 1 January 2015. During January 2015, the Manager announced that it would undertake a thorough review of how the increase in Government land costs would impact the market price of both residential land and any flow through effect on commercial land. Subsequently, the Manager with the assistance of independent advisors undertook a comprehensive review of the entire VNL portfolio to identify projects that may be impacted by the new land use costs and to quantify the impact, if any. After the completion of this review it was concluded that the impact of the change was a net reduction of 4% of the 31 March 2015 NAV per share. However, the resultant effect of both the impact due to the increased land tax and the first quarter of 2015 project revaluations* (which resulted in some increases) was an overall reduction in the NAV per share of only 1.6%.

* VNL project revaluations were undertaken for the period ending 31 March 2015 with six projects appraised by international valuation consultants. Additionally, a further seven projects were also externally appraised as part of the semi-annual update for the interim period. Five of these projects are located in Ho Chi Minh City and eight projects in the southern and central regions of Vietnam.

More information on the Company is available at www.vnl-fund.com

Enquiries:

David Dropsey

VinaCapital Investment Management Limited

Investor Relations/Communications

+84 8 3821 9930

[email protected]

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

+44 (0)20 7383 5100

[email protected]

Hiroshi Funaki / Andrew Davies

Edmond de Rothschild Securities, Broker

+44 (0)20 7845 5960

[email protected]

David Benda / Hugh Jonathan

Numis Securities Limited, Broker

+44 (0)20 7260 1000

[email protected]

Andrew Walton

FTI Consulting, Public Relations (London)

+44 (0)20 7269 7204

[email protected]