The NAV is calculated according to its valuation policy. The financial year-end of the VinaCapital AIM-traded funds is 30 June. Audited annual results are announced and published within six months of this date. Interim results at 31 December receive an auditor review and are announced within three months of this date. VNL calculates its NAV monthly and these are normally announced within ten days of month-end. Highlights of VNL’s valuation policy include:

Real estate projects are initially valued at fair value, with any expenses relating to their acquisition expensed in the income statement. Once an invest¬ment licence is obtained, or by way of other arrangements VNL has a legal entitlement to an investment property, the invest¬ment property is revalued. The valuation process consists of obtaining two or more valuations for each property from independent third-party valuation companies. The valuations are reviewed by the Valuation Committee. At the end of each quarter, the Investment Manager and Investment Committee also reviews all real estate investments for possible impairment based on internal calculations.