Vinamilk

18 September 2013

P R I V A T E   A N D   C O N F I D E N T I A L

1. Brief corporate profile

2. Group structure

3. Financial Highlights

4. Share capital structure

5. Production facilities

6. Cow farm developments

7. Key investment highlights

8. Five-Year Strategic CAPEX Plan

9. Updated financial performance

10. Q & A

AGENDA:

“To become the leading Vietnamese trusted brand on nutrient and healthy products for human life”

“Vinamilk commits to bring best-quality nutrition to communities that reflects our respect, love and responsibility for the people, life and society”

MISSION

VISION

CORE

VALUES

1. Integrity: Integrity and transparency in actions and transactions.

2. Respect: To have self-respect and respecting colleagues, Company, partners. Tocooperate with respect.

3. Fairness: To be fair with employees, customers, suppliers and other parties.

4. Compliance: To comply with legal regulations and the Company’s Code of Conduct, regulations and policies.

5. Ethics: To respect the established ethical standards and act accordingly.

5

1. Brief Corporate Profile

1991-1994

Introduced UHT milk and spoon yoghurt to the Vietnam dairy market.

1976

Company was founded under the Southern Coffee Dairy Company name with 2 factories.

Launched condensed milk

1988- 1989

Dielac Powdered Milk Factory, the first powdered milk in Vietnam, came into operation and introduced its first batch of product.

2003

Company was formally converted into a joint stock company and renamed as Vietnam Dairy Products Joint Stock Company

2006

Company’s shares were listed on HOSE

Today

No.1 dairy producer in Vietnam

The Region’s Top 200 best Small & Midsize Companies in Asia Pacific in 2010 (Forbes Asia)

Top 5 largest private companies in Vietnam

Own 19.3% stake of Miraka Limited, New Zealand

2017

Total sales reaches US$3bn

Become the World’s top 50 largest dairy products companies

2. Group Structure

3. Financial Highlights

( in VND billion) 2008 2009 2010 2011 2012 CAGRProfit & loss          

Total revenue 8,381 10,820 16,081 22,071 27,102 34%

Profit before tax 1,371 2,731 4,251 4,979 6,930 50%

Profit after tax 1,249 2,376 3,616 4,218 5,819 47%         

Dividend per share          Basic EPS (VND/share) 3,563 6,769 6,834 5,145 6,981 Dividend (VND/share) 3,900 2,000 5,000 3,000 4,000

         Balance sheet          Registered capital 1,753 3,513 3,531 5,561 8,340 48%Shareholders' equity 4,666 6,455 7,964 12,477 15,493 35%Total assets 5,967 8,482 10,773 15,583 19,698 35%Long term borrowings 22 12 - - - Net book value (VND/share) 26,619 18,378 22,556 22,437 18,577

         Financial ratios          % profit before tax/Revenue 16% 25% 26% 23% 26%% profit after tax/ Equity 28% 43% 50% 41% 42%% total debts/ Equity 28% 31% 35% 25% 27%

3. Financial Highlights (continued…)

As at 14 August 2013:

- Share capital: 8,339 billion VND (~US$393m)

- Market capitalization: ~ US$5.86 billion

Listed on HOSE: Jan 2006

Vinamilk is highly sought after by foreign investors, proven by limited room left for foreign trading and significant out-performance against the index Trading performance (index is rebased to Vinamilk’s share price)

4. Share Capital Structure

4. Share Capital Structure

Top 10 companies with the largest market capital in Vietnam

Market price13-Aug-13

1 GAS 1,895,000,000 68,000 128,8602 VNM 833,490,871 147,000 122,5233 CTG 3,266,144,348 19,000 62,0574 MSN 705,140,873 88,000 62,0525 VCB 2,317,417,076 26,600 61,6436 VIC 882,459,899 65,000 57,3607 BVH 680,471,434 41,200 28,0358 STB 1,142,511,590 16,900 19,3089 EIB 1,235,522,904 14,400 17,79210 DMP 379,934,260 40,800 15,501

Seq StickerOutstanding

sharesMarket capital in

VND billion

Central

4 production factories Nghe An Binh Dinh Thanh Hoa Da Nang

1 sales office – Da Nang

North

1 production factory Tien Son

1 logistics enterprise

1 sales office – Hanoi

South

8 production factories Thong Nhat Truong Tho Dielac 1 & 2 Mega factory

1 logistics enterprise

1 healthcare branch

1 sales office – Can Tho City

Saigonmilk Can Tho Beverage

As at 30 June 2013, we have 5,389 (2012: 5,000) employees nationwide.

5. Production Facilities

13

North Central

South Central

North

South East

Vinamilk has currently 05 farms with the total of ~ 8,200 cows

Supply chain of milk:

- Local supply from farmers: only raw fresh milk and ~ 25% of the total production demand.

- Imports: only milk powders and ~75% of the total production demand. Imports are mainly from New Zealand, Australia and USA.

6. Cow Farm Developments

Extensive sales and distribution network

Strong “win-win” supplier relationship

Strong market-oriented research and development capabilities, combined with modern production facilities

Highly experienced management with proven track record

Diversified product portfolio

Leading market position in Vietnam’s fast-growing dairy market

Proven track record of robust financial growth

3

4

5

6

2

1

7

Vinamilk possesses the critical qualities to succeed:

7. Key Investment Highlights

Presentation2

The Vietnamese dairy market exhibits strong growth potential…

Source: Euromonitor International report 2009, Food and Agriculture Organization of the United Nations, GSO, DairyVietnam

Key drivers of the Vietnamese dairy product market

Vietnamese dairy product market sales (US$mm)

Continued strong growth of GDP (targeted 7.0-7.5% growth in the next 5 years) and increasing disposable income

Heightened desire for healthy living and greater demand for nutritional products

Increased awareness of the health benefits of dairy products

Supportive government programs encouraging the consumption of dairy products

CAGR = 11.8%

1

5

52 48

37

1624

32

China India Vietnam Indonesia Thailand Mexico US

Dairy sales growth 2010-2015E (%)

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Vietnamese fresh milk output (mt)

CAGR = 18.9%

Per capita production of dairy products in 2010E (kilo)

Source: Food and Agriculture Organization of the United Nations, DairyVietnam

665 698877

980 1039

2005 2006 2007 2008 2009

Advertising and marketing Product innovation Quality assurance

…and we have established ourselves as one of the leading dairy brands in Vietnam 1

Achieved dominant market position through our focus on:

Received numerous prestigious awards…

Vietnamese high quality product

Strong brand, Trusted brand

National Brand 2011-2012

One of the best annual report 2008-2012

The Region’s Top 200 best Small & midsize companies in Asia Pacific 2010(by Forbes Asia)

Top 5 largest private companies in Vietnam 2011

Top 50 companies with the best performance in VN

Top 500 companies with the strongest growth in VN

…on the back of well-defined business strategies

Expansion of market share in existing and new markets

Broaden consumer base while maintaining competitiveness in core products

Development of raw material sources to ensure a reliable and consistent fresh milk supply base

Develop modern cow farms in Vietnam

Import cows from New Zealand, Australia and Thailand to increase the number of cows in Vinamilk’s farms

Develop cow farms overseas, e.g. Cambodia, New Zealand

Diverse product portfolio capturing a larger share of the consumer wallet

Proves our market dominance in all core products of our diverse portfolio

2

Liquid milk Condensed milk

Contributed 22% of 2010 revenue

One of VNM’s core products since 1976

Market share: >80%

Competitors: Dutch Lady

Powdered milk

Include fresh, pasturized and UHT milk

Main competitors: Dutch Lady

Contributed 27% of 2010 revenue 8 lines of products, including Dielac

Mama, Dielac Alpha and Dielac Sure Market share: ~20% Competitors: Abbott, MeadJohnson

Including Powdered milk and Nutrition Powder

Competitors: Dutch Lady, Abbott, MeadJohnson, Nutrifood, Dumex, Nestle

Our traditional products

Competitors: Dutch Lady

Diverse product portfolio capturing a larger share of the consumer wallet (cont’d)

Proves our market dominance in all core products of our diverse portfolio

2

Spoon Yoghurt Healthy beverages

Contributed 22% of 2010 revenue

One of VNM’s core products since 1976

Market share: >80%

Competitors: Dutch Lady

Cheese and ice cream

With various flavors

Main competitors: Dutch Lady

Contributed 27% of 2010 revenue 8 lines of products, including Dielac

Mama, Dielac Alpha and Dielac Sure Market share: ~20% Competitors: Abbott, MeadJohnson

Ice cream is offered with various flavors

Cheese is produced from French production line and has very high nutritious value

Main competitors: Kinh Do

A strong brand, which specializes in pure fruit juice, green tea, milk mixed fruit juice, soft drinks and soya-bean milk

Main competitors: Tan Hiep Phat, URC, Uni-president, Tribeco

Pro

Beauty

Yoghurt

NEW

On average, approximately 15% of our revenue is generated from exports to 16 countries.

Key export markets are Middle East, Cambodia, Laos and Philippines

We have developed one of Vietnam’s most extensive sales and distribution networks

in the dairy industry

A historically strong export business…

… and the leading local distribution network

3

VINAMILKVINAMILK

EXCLUSIVE DISTRIBUTORS

EXCLUSIVE DISTRIBUTORS

RETAILERSRETAILERS

CONSUMERS/END USERS

SUPERMARKETS, METRO,…

SUPERMARKETS, METRO,…

Presentation2

Steady supply of high quality raw milk

Substantial pricing power for Vinamilk

Consistent, fresh supply of raw milk

Competitive pricing policies

Financial support to

farmers

Purchases over approximately 50% -60% of domestically produced raw milk in Vietnam

Offer farmers seasonal subsidies when prices of raw milk experience sharp changes

Milk collection centers located within 30 minutes from farms

Strong “win-win” supplier relationship4

Proximity of facilities

Close relationships with suppliers allow us to maintain and increase production output

Vinamilk gives… …and receives strong support from our suppliers

Strong market-oriented product development capabilities….5

Ability to develop new products based on evolving consumer preferences

Experienced in analyzing consumer preferences and trends

Conduct consumer research with market research companies

Marketing team

Dedicated R&D team of over 10 members

Committed to improve product quality and expand product portfolio.

Signed agreement with 3 leading companies named DSM, Lonza and Chr. Hansen for R&D for research, application and product development

Product R&D team

Thorough understanding of consumer preferences through constant contact at various outlets

Sales team

Packaging Packaging technologies provided by Tetrapak, Bencopack and SIG Combibloc

Inventory management

ERP technology powered by Oracle manages inventory and minimizes spoilage loss

Our state of the art facilities ensure high quality products

Production lines Technologies imported from Germany, Italy, and Switzerland for manufacturing

Spray drying Spray dry technology produced by Niro Inc. of Denmark

Retains high content of nutrients and minerals

… combined with modern production facilities5

Highly experienced management with a proven track record of delivering strong

business performance

Core management team with extensive industry experience in Vietnam

Solid platform and expertise to drive sustainable future growth

6

Vinamilk has a strong management team: CEO and 7 Executive Directors in charge of different areas, inclusive of Sales, Marketing, Finance, Production and R&D, Supply Chain, Raw Materials Development, Project.

The management team has strong education background and industry experiences. Most of them have been growing with the Company for more than 20 years.

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8. Five- Year Strategic CAPEX plan:

In billion dong

Total investment

to 2016

Already paid

Disbursement in 2013

Disbursement in 2014 - 2016

TOTAL 10,539 5,605 2,599 2,335

The CAPEX plan is mainly to increase the production capacity and develop dairy cow farms.

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DIELAC 2 -

(Powdered milk

plant)

Was put into

operations since

April 2013.

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MEGA FACTORY- LIQUID MILK PLANT

To be openned on 30 August 2013

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8. Five- Year Strategic Business Plan (continued…)

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9. Updated financial performance (audited): the first half 2013

% vs

( in VND billion) 2013 2012 % increase/

(decrese) AGM' target

Total sales 15,052 13,137 15% 46%Total profit before tax 4,114 3,370 22% 53%

Net profit after tax 3,374 2,776 22% 54%

YEAR-TO-DATE

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This presentation may contain forward-looking statements. Any such forward-looking statements are based on a number of assumptions about the operations of Vietnam Dairy Products Joint Stock Company (the “Company”) and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from these forward-looking statements. The Company undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such dates.

The information in this presentation should be considered in the context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. The information is not intended to provide, and you may not rely on these materials as providing a complete or comprehensive analysis of the Company's financial or trading position or prospects. This presentation also contains information and statistics relating to the dairy industry and related industries. The Company has derived such information and data from unofficial sources, without independent verification. The Company cannot ensure that these sources have compiled such data and information on the same basis or with the same degree of accuracy or completeness as are found in other industries. You should not place undue reliance on statements in this presentation regarding the dairy and related industries. No representation or warranty, express or implied, is made as to, and no reliance should be place on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. None of the Company, any underwriter of securities of the Company, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss arising from use of the information contained in this presentation or otherwise arising in connection therewith.

DISCLAIMER