Manager comment

1. Manager comment VNL’s share price increased 20.5 percent to USD0.47 as at 31 January 2013, from a closing price of USD0.39 as at 31 December 2012.  As a result, the share price to NAV discount narrowed to 55.8 percent in January from 64.0 percent a month ago. Identifiable factors driving the recent positive movement in the share price are the elimination of the long standing uncertainty regarding the future of VNL and its strategy following the extraordinary general meeting (EGM) held on 21 November 2012 and the removal of selling pressure from investors reducing their holdings. The Company’s new strategy is currently being implemented by both the Board of Directors and the Manager as part of the shareholder approved reorganization. During January, VNL repurchased and cancelled 0.55 million shares, of which the Company has cancelled a total of 17.5 million shares (3.50 percent) since the beginning of the programme in October 2011. On 15 January 2013, VNL announced the divestment of its stake in the 30 Nguyen Du property, a small office building located in Hanoi. The Nguyen Du office building is an operating asset with 2,240 square metres of net leasable area which was originally acquired by VNL in 2008 for future redevelopment into an inner city boutique hotel. However, subsequent to this acquisition the market experienced a significant increase in the number of 3 star hotels being developed in central Hanoi and the building continued to maintain around 90 percent occupancy during this time. The Investment Manager decided to retain the asset as an operating C-grade office building. With the change in the development strategy of VNL in 2011, the property was earmarked as a non-core asset and a buyer was sourced to facilitate an exit. VNL sold its entire 65 percent stake in the project at a valuation 6.5 percent above the current net asset value, resulting in USD3.3 million in net proceeds for the Company. On 18 January 2013, Mr. Horst F. Geicke resigned as a member of the Board with immediate effect to pursue his other business interests. Additionally, Mr. David Blackhall, has been appointed the role of Managing Director for VNL’s investment manager, VinaCapital Investment Management Ltd, effective 1 February 2013. Mr. Blackhall replaced David Henry who is leaving VinaCapital to pursue career opportunities in Australia. Mr. Blackhall joined VinaCapital in 2007 and has 28 years experience in property, design and construction, with the last 20 years in real estate fund and asset management. Many shareholders are familiar with Mr. Blackhall who was an integral part of the investment management team working on the reorganization of VNL, leading up to the EGM held in November 2012 where a new three-year strategy was passed by shareholders.

2. Macroeconomic update According to the General Statistics Office (GSO), Vietnam’s January consumer price index rose 1.25 percent month-on-month, representing a 7.1 percent increase from a year ago. Pricing pressure generally occurs ahead of the Lunar New Year, however the primary driver for the January CPI figure came as a result of a 7.7 percent month-on-month increase in health care. Prices for food and foodstuffs, which represents approximately 40 percent of the CPI calculation, rose by just 0.3 percent. Government policy is still focused on keeping inflation at a reasonable rate to mitigate its effect on the markets as it did from 2010 through 2011. In January Vietnam recorded a USD200 million trade surplus to begin the year. This initial surplus, however, was smaller than the revised figures in December 2012(USD500 million surplus), as imports increased 15 percent month-on-month, while exports grew just 3.6 percent. This notable rise in imports is attributable to the strong demand for overseas goods preceding the Lunar New Year in February. In January, the exchange rate remained unchanged at VND20,865 per USD. The State Bank of Vietnam has successfully kept the currency from depreciating versus the USD for the past 13 months, as a result of robust capital inflows from foreign direct investment (USD11 billion) and remittances (USD10 billion), a trade surplus for all of 2012, and a balance of payments surplus of approximately USD10 billion. Fixed income Within Vietnam’s primary bond market, only USD646 million worth of government and government sponsored bonds were issued in January, a 50 percent decline from December 2012. The average yield rate increased 40 bps on short term (2- and 3-year) and 35 bps on 5-year State Treasury bonds. Demand for fixed income is expected to remain strong throughout 2013, which should lead to lower bond yields in the coming months. The secondary market was active in January given the shortage in demand within the primary market. A total of USD1.5 billion worth of government and government sponsored bonds exchanged hands, an increase of 15 percent from December 2012. Over 62 percent of all bond activity occurred in short to medium term bonds (3 years and below) and according to data compiled by Bloomberg, yields declined between 40 to 70bps for all bonds from the previous month.  Sources: GSO, SBV, VCB. 1 Annualized rate, updated quarterly. 2 Includes gold. 3Vietcombank ask rate Source: Bloomberg

3. Portfolio by sector (31 Dec 12)* 9.5% Hospitality (hotel and resorts) 12 assets; 9 operating assets. 9.5% 21.5% Township (large-scale) 6 assets; 2 assets under construction and sales. 21.5% 27.3% 27.3% Mixed-use (residential/office/retail) 6 assets; 1 asset under construction 41.8% 41.8% Residential (for end-user sale) 11 assets; 3 assets under construction and sales. Total: 35 assets NAV by sector (31 Dec 12)* NAV and share price performance (31 Jan 13) USDm

4. Important Information This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Vietnam Opportunity Fund Limited, VinaLand Limited or Vietnam Infrastructure Limited (each a “Company”). Any investment in any of the Companies must be based solely on the Admission Document of that Company or other offering document issued from time to time by that Company, in accordance with applicable laws. The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in either of the Companies and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. The securities of the Companies have not been and will not be registered under any securities laws of the United States of America nor any of its territories or possessions or areas subject to its jurisdiction and, absent an exemption, may not be offered for sale or sold to nationals or residents thereof. No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Companies or VinaCapital Investment Management Limited or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise. No warranty is given, in whole or in part, regarding the performance of either of the Companies. There is no guarantee that investment objectives of any of the three Companies will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of VinaCapital Investment Management Limited.