VNL net asset value March 2012

12 April 2012

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

The Company announces that, at its close of business on 31 March 2012, its unaudited net asset value was USD573.6 million or USD1.16 per share. This represents a 2.1 percent decrease from the audited net asset value of USD585.4 million or USD1.18 per share from its close of business on 31 December 2011.

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, office, retail, hospitality and township (large-scale) projects. The manager’s objective is to provide shareholders with an attractive level of income as well as creating a potential for capital growth. 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