VNL/VOF residential sales update

28 July 2010 VinaCapital Group Update on residential project sales and marketing Ho Chi Minh City - VinaCapital Group, a leading asset management, investment banking and real estate firm focused on Vietnam, announces today the results of sales and marketing of residential properties during the second quarter of 2010. During the three month period ending 30 June 2010, a total of 136 sales contracts and reservations were recorded at projects in Danang and Ho Chi Minh City, representing a total value of almost USD29 million, comprising USD18 million in reservations and almost USD11 million in sales contracts. This figure almost equals the USD36 million in sales contracts and reservations recorded over the six month period spanning the fourth quarter of 2009 and first quarter 2010. The conversion rate from reservations to sales is 80 percent on average across all residential projects now selling. The past quarter saw sales at the The Ocean Villas and Dunes Residences at the Danang Beach Resort, and the The Azura Apartments at the World Trade Center Danang. In the Ho Chi Minh City region, sales were recorded at The Garland in District 9 and the Sen Phuong Nam Villas at the Dai Phuoc Lotus project, in Dong Nai province. All sales and marketing of VinaCapital-developed residential units occurs under the VinaLiving brand, Vietnam - first tailored-living and lifestyle brand. The brand will soon feature a trading floor with an integrated and highly customized online and in-store sales interface. - “The launch of the VinaLiving brand is perfectly timed, as VinaCapital continues to separate itself from the market and grow to become the industry-leading real estate developer in Vietnam. The residential sales results in 2009 and 2010 to-date confirm that we are providing the right products in the right locations, particularly the mid-range of the market that is seeing high demand from Vietnam - rising middle class, says David Henry, Managing Director of VinaCapital Real Estate Ltd. - “We have an extremely strong residential sector pipeline that will continue to benefit from the high demand for quality housing going forward, David says. The five projects with active sales have a total of 740 units in launched phases, with 456 units remaining for sale. In addition, the upcoming quarter will see the launch of sales and marketing at phase 1 of the My Gia Township project in Nha Trang and the Norman Estates at the Danang Beach Resort. Total sales revenue from these two projects is estimated at about USD75 million. VinaLiving projects target both high-end and mid-range consumers, with the Vietnam residential market currently supported by demographic trends, strong GDP growth, rising personal incomes, and an expansion of the nascent mortgage market. VinaCapital Real Estate Ltd is the developer of real estate assets owned by VinaLand Limited (VNL.L) and the Vietnam Opportunity Fund (VOF.L), two AIM-traded closed-end funds managed by VinaCapital Investment Management Ltd. VNL and VOF have invested in a 75/25 percent ratio, respectively, in all the residential development projects mentioned above except The Garland, which is wholly-owned by VNL. Forward-looking statements: This news release contains statements that constitute forward-looking statements that include but are not limited to statements regarding the expected income generated from residential real estate sales of both built and unbuilt properties owned by funds managed by VinaCapital Group (“the Company"). Undue reliance should not be placed on forward-looking statements. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements. These risks and uncertainties include but are not limited to construction risks and delays, and unforeseen changes to general economic and business conditions. Forward-looking statements are based on the estimates and opinions of the Company's management at the time the statements are made. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change, except as required by law. Notes to Editors: VinaCapital Group is a leading asset management, investment banking and real estate development firm with unrivalled experience in the Vietnam market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with USD1.8 billion in assets under management as of June 2010. VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These are: VinaCapital Vietnam Opportunity Fund (VOF); VinaLand Limited (VNL); and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson. More information is available at www.vinacapital.com. Enquiries: Michael L. Gray VinaCapital Group Investor Relations and Communications +84 8 3821 9930 michael.gray@vinacapital.com Hiroshi Funaki, +44 20 7845 5960 LCF Edmond de Rothschild Securities, Broker funds@lcfr.co.uk Alastair Hetherington Financial Dynamics, Public Relations (Hong Kong) +852 3716 9802 alastair.hetherington@fd.com Andrew Walton Financial Dynamics, Public Relations (London) +44 207 269 7204 andrew.walton@fd.com Philip Secrett Grant Thornton Corporate Finance, Nominated Adviser +44 20 7383 5100 philip.j.secrett@gtuk.com