VNL net asset value June 2013

12 July 2013

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

Net Asset Value

The Company announces that, at its close of business on 30 June 2013, its unaudited net asset value (NAV) was USD466.5 million or USD0.97 per share. This represents a 5.8 percent decline from a net asset value per share of USD1.03 from its close of business on 31 March 2013.  The reduction in NAV is primarily due to downward project revaluations as at 30 June 2013, fund operating expenses and adjustments for deferred taxation.  Regarding VNL’s portfolio, nine projects were appraised by international valuation consultants, while a further eight projects were also externally re-appraised as part of the biannual update for the interim period. The outcome was that one project valuation remained the same; one project was adjusted upward while the majority of the project valuations were adjusted downward. This was primarily due to the continued softening in the real estate market resulting in very low residential sales volume and transactions across the country coupled with illiquidity and high interest rates during the period.

About the Company:

VinaCapital VinaLand Ltd ("VNL") is a closed-end fund trading on the AIM Market of the London Stock Exchange. The fund focuses on key growth segments within Vietnam’s emerging real estate market, including residential, mixed use including retail, hospitality and township (large-scale) projects. The manager’s objective is to provide shareholders with capital growth and distributions derived from project divestments. The fund is managed by VinaCapital Investment Management, with VinaCapital Real Estate acting as development adviser.

More information is available at www.vinacapital.com/vnl   

Enquiries:

David Dropsey
VinaCapital Investment Management Limited
Investor Relations/Communications
+84 8 821 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
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