Jean Christophe Ganz

Chairman

VietNam Holding Asset Management Ltd. (VNHAM)

Zurich, November 2015

VNHAM’s ESG Commitment and Milestones

2007

• Flagship Fund VietNam Holding Ltd. (VNH) member of UN Global Compact

• 1st annual VNH Forum: “Building Value with Corporate Governance”-Apr.’07

2009

• VNH shareholders voted for integration of ESG criteria in Investment Policy

• VNH signed UNPRI Initiative

• VNHAM & Inrate collaborate on Sustainability Assessment Framework

2010 – 2015

• VNHAM applies ESG criteria to investment due diligence and decisions

• 2015 - Inrate ESG integration Review, ESG Manager, ESG Committee

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Vietnam’s ESG History

In the past: main concern was Corporate Governance

– Restructure of State-Owned Enterprises to Join Stock Companies started in 1990 foreign investors press for better information, accountability, shareholders’ value, traditionally not a priority for SOE Managers.

– To date (November 2015): over 4,300 SOEs were equitized

Recent trends: Listed companies aim at improving activity reports, sustainability disclosure and investor relations increase investment appeal & capital flows.

Drivers

– Improved market information, local investors education

– Globalization of trade and supply-chain management

– Sustainability reports and indices

– Free Trade Agreements / Trans-Pacific Partnership (TPP)

– New regulation on ESG information disclosure, starting January 2016

3

Environmental Challenges

• Country complex sustainability issues: environmental degradation, climate change, energy and water security;

• Comprehensive State regulations vs. short-term profit mentality;

• Growing public sensitivity;

• Increased reputation risks due to internet and media development;

• Information disclosure to investors still limited;

4

Social & Governance Challenges

• Positive legacy of the communist regime – worker protection;

• Challenges in today’s private sector:

– Enforcing social regulations in every company to secure “even playing field”

– Protecting those who are “below the radar screen”

• Confusion between Corporate Social Responsibility (CSR) and philanthropy activities (sponsor/charity)

• Lack of corporate transparency,

• Poor governance practices

• Erratic enforcement of regulations

Requires educational effort towards Board / Management and political support.

5

Our Findings

ESG performance of joint-stock companies in Vietnam

• In general – lack of coherent information available to investors in Vietnam on community

investment, pollution emissions, water use, employee health and welfare, diversity and independence of boards.

– Concern/awareness on environmental issues and climate change still low

– Philanthropic activities are substitute for Social Responsibility

• In details, the companies can be divided into 3 groups– Sectorial leading companies: pioneer in integrated reporting, sustainable

supply chain, labor welfare, IR and segregation of CEO and Chair duties;

– Large companies: ESG awareness, but the practice depends on costs and benefits;

– Small companies: low ESG awareness

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Sustainability Strategy

7

Responsible Investment Policy

“Norm-based” screening

VNH Director Engagement

programs

ESG review embedded into “Best-in-class”

financial & operation review

Controversial screening

VNH Forums and Partnerships

ESG integrated Investment Process

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• Macro Themes

• Quantitative Indicators

• Free Float

• Exclusion

• Investment Case

• Management Appraisal

• Due Diligence (incl. ESG checklist)

• Material ESG issues

• Sell Discipline

• Investment Limits

• Regular monitoring

Target Screening

• Financial

• Market leaders

ESG Screening

• Policies

• Products

• Practices

Portfolio Management

Review & Rebalance

21-34 stocks

• Asset Allocation

• Diversification

• Investment themes

• Conviction Limits

• Foreign Room

Portfolio construction

Investment Proposal

&Decision

Initial Screening

Investment Universe

HOSE 302HNX 363OTC ~780

Risk Mgt&

Engagement

• Economic Cycle

• Market Environment

• One-off Events

• Divestment/Exit

• Add-value opportunities

ESG highlights

Best IR team in Vietnam

Annually “Best Annual Report” award since 2011

Pioneer in ESG reporting

Sustainable supply chain

First to segregate CEO & Chair duties

Pioneer to have Independent Directors

Overview

Industry leader

Unmatched distribution

Strong branding

Experienced management

R&D with institute of biotechnology

Case Study 1: DHG Pharmaceutical

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Case Study 2: Hung Vuong Fish Processing

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Pangasius

Overview

Industry leader (12.3 % total export value in 2014)

Diversified export markets

High production capacity

ESG highlights

Integrated vertical value chain

High food safety and quality standards

Strictly applied international standards at all plants

Certified Aquaculture Stewardship Council (ASC) since Oct 2012

Still have some governance issues on reporting

ESG Challenges

Reports of controversial practices in Cambodia – Global Witness – May 2013

Engaged company for details

Intensified engagement, asked for actions

Lack of clear commitment

Overview

Manufacturing of rubber products

Cultivates and processes agricultural and forest products

A subsidiary of Vietnam Rubber Group

Case Study 3: Dong Phu Rubber

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Contact

VietNam Holding Asset Management Ltd.

London AIM VNH LN

Bloomberg VNH LN Equity

Reuters VNHq.L

ISIN KYG9361X1043

www.vietnamholding.com | info@vnham.com

Ho Chi Minh City

Floor 8, Nam A Bank201-203 CMT8, Dist. 3Vietnam+848 3929 1511

Zurich

Gartenstrasse 19CH - 8002Switzerland+41 43 500 2810

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