VinaCapital Vietnam Opportunity Fund Limited

Good morning and welcome to the Vena Capital Vietnam Opportunity Fund Interim Results Investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time using the Q&A tab situated on our app corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to Tom Ha, Business Development Manager. Good morning.

Good afternoon from Ho Chi Minh City. Welcome to VinaCapital Vietnam Opportunity Fund webinar presenting the interim results for a six-month period ending December 2025. My name is Tom Ha, Business Development Manager at VinaCapital. First, I'd like to thank the Invest in Me company platform hosting today's presentation. Also, I'd like to thank you, the shareholders, for your long-term continued support. As a reminder, the fund is a $1 billion FTSE 250 company that invests in privately negotiated opportunities across the public and private companies in Vietnam. During the period under the review, there's been a lot of events that have happened that has impacted our performance, both on the relative and absolute terms. Also, within the fund itself, we've seen some changes. For example, at the board level, Catherine Matthews, who has been a member of the board of directors for over seven years, was appointed to be the chair of the board of directors. At the investment manager level, Khan Vu, who has been one of the longest serving members on the investment team, was officially appointed the lead portfolio manager of the strategy. And he's been busy repositioning the portfolio over the past 12 to 18 months to drive the alpha. and he will describe more his efforts in his presentation. Before we start, let me share quickly what's the agenda for today. First, Michael Kukulari, our chief economist, will provide a quick update on Vietnam's economy. Then, Khanh Vu, along with Mike, will discuss the stock market performance, how it has impacted the fund performance, as well as the portfolio repositioning efforts. Finally, at the end of the prepared remarks, I will return back to moderate the Q&A. So please submit your questions in the chat or Q&A function, and we'll try to answer all your questions. Now I hand it over to Mike and Khan. Thank you.

Okay, so we'll have a few minutes on giving an overview of the Vietnam economy. And the first thing everyone obviously wants to know about is the impact of the U.S.-Iran war. The thing to focus on here is we're assuming that this war is going to be a relatively short but intense conflict. And that's based on, it seems to be the global consensus. If you look at, for example, the Brent crude backwardation is at a record high, the VIX is below 30, etc., etc. So we're just following this, what seems to be a global consensus. You may have seen there was this Goldman Sachs scenario that went around that they were also sort of expecting things to go more or less back to normal within a month. And in that scenario, First and foremost, we would see inflation in Vietnam pop over the 5% level in March and April and then probably come back down to the 4-ish type level on average for the rest of the year. And also, in this kind of short, intense scenario, we would expect about a half a percentage point to get knocked off of Vietnam's GDP growth this year. Vietnam imports a modest amount of energy, about 1-2% of GDP, something like that, and the consumption is about 500,000 barrels a day, to put that in context. kind of similar to the Philippines, South Africa, these kind of countries. One thing I do want to point out, which you can see up on the screen now, is that the Vietnam Dong currency did not really move that much during the war. That's actually significant because at the end of last year, there was some fairly big depreciation pressure on the Vietnam Dong. The government took some steps to support the Dong, and the point that we want to make with this slide here is you can see the In the past, the behavior of the Dong was kind of just in the middle of the pack of all the other countries, so fairly resilient. And I think, Mike, for investors, that's important, right?