Title: PowerPoint Presentation URL Source: https://is.gd/croI9G Published Time: Tue, 24 Jun 2025 14:27:57 GMT Markdown Content: Top Ten Holdings Portfolio Company Sector NAV (%) Market Cap Characteristics Mobile World Consumer Discretionary 7.4 $3.5bn Top CE & phone retailer with promising grocery chain BHX a key driver for future growth Vinhomes Real Estate 6.9 $12.2bn Largest property developer in Vietnam with projects across tier 1 and tier 2 cities Techcombank Financials (Banks) 6.5 $8.3bn Leading bank for the affluent, best in class in optimising COF through digital innovations FPT Corporation IT 5.3 $6.6bn Top IT services company and emerging name in the semiconductor industry Vietinbank Financials (Banks) 5.0 $7.9bn Vietnam’s second-largest bank, with the highest growth among the big 4 SOE banks. VP Bank Financials (Banks) 5.0 $5.5bn Commercial bank with 60% of consumer lending sector and largest customer base BIDV Financials (Banks) 5.0 $9.7bn Vietnam’s big four SOE banks, top 3 bank networks Asia Com. Bank Financials (Banks) 4.4 $4.2bn Commercial bank known for conservative risk management and high asset quality Hoa Phat Group Materials 4.3 $6.3bn Largest vertically integrated steel producer with leading domestic market share Vietcombank Financials (Banks) 4.2 $18.1bn Top state-owned commercial bank with strong fundamentals and risk management T +84 28 3823 9355 www.dragoncapital.com veil@dragoncapital.com # Vietnam Enterprise Investments Limited # Factsheet – May 2025 USD Return (%) Performance Fund Performance 2023 2024E Real GDP Growth (%) 5.1 7.1 Nominal GDP ($bn) 430.0 476.3 CPI (avg)(%) 3.3 3.6 Export Growth (%) -4.4 14.3 Import Growth (%) -9.2 16.7 Trade Balance ($bn) 28.0 24.4 FX Reserves ($bn) 89.0 80.0 FDI Disbursed ($bn) 23.2 25.4 VND: USD 24,250 25,300 > Source: General Statistics Office of Vietnam NAV per Share US$ 9.40 (£6.97) Share Price US$ 7.56 (£5.60) Premium / Discount -19.7%(US$)/-19.7%(GBP) Total Net Assets US$ 1.67bn (£1.24bn) Market Capitalisation US$ 1.25bn (£0.94bn) Outstanding Shares 178,047,189 Management Fee 1.50% Investment Manager Dragon Capital Management (HK) Limited Inception Date 11 August 1995 Administrator & Custodian Standard Chartered Bank Auditor KPMG Limited Reference Index Vietnam Index (VNI) Bloomberg Symbol VEIL LN (GBP)/ VEID LN (USD) Price and NAV Data as of 30 May 2025 Vietnam Key Economic Indicators Key Information Investment Objective Lead Portfolio Manager VEIL aims to provide investors with medium to long-term capital growth from Vietnam’s equity markets. VEIL invests in companies the portfolio management team identifies as displaying attractive growth and value metrics, good corporate governance, and that align with Vietnam’s underlying economic growth drivers. Tuan Le Thao Ngo Co-Portfolio Manager > *Total Return Index VEIL is a closed-end fund trading on the Main Market of the London Stock Exchange and a FTSE 250 constituent. Performance since listing on the LSE. Past performance is no guarantee of future results Anh Nguyen Product Specialist YTD 1 Month 3 Months 1 Year 3 Years 5 Years 10 Years VEIL NAV (USD) -3.39 7.92 -3.98 1.95 -10.73 56.67 175.66 VNI (Reference Index) 3.66 9.08 0.84 5.20 -3.11 50.03 142.80 VEIL Share Price (GBP) -8.50 7.69 -5.41 -7.13 -19.08 31.45 201.09 VEIL Share Price (USD) -1.37 8.39 1.42 -1.53 -13.32 43.54 166.20 0 40 80 120 160 200 240 Jul-16 May-17 Apr-18 Mar-19 Jan-20 Dec-20 Oct-21 Sep-22 Aug-23 Jun-24 May-25 VEIL NAV VEIL Price VNINDEX MSCI EM Market Cap Distribution (%) Sector Breakdown (%) T +84 28 3823 9355 www.dragoncapital.com info@dragoncapital.com # Vietnam Enterprise Investments Limited # Factsheet – May 2025 Data/Ratio VEIL VN Index Annualised Return (%) -3.71 -1.04 Minimum (%) -14.56 -13.07 Maximum (%) 10.83 11.22 Standard Dev(%) 23.21 21.53 Tracking Error (%) 4.02 n/a Data/Ratio VEIL VN Index Sharpe Ratio -0.34 -0.25 Treynor Ratio -7.46 -5.37 Jensen’s Alpha -2.61 n/a Information Ratio -0.67 n/a Beta 1.06 n/a Risk Measures* Fund Statistics* All calculations based on 36 historic monthly time weighted returns of the portfolio. Data annualised. Legal Form Cayman registered closed-end fund Listed London Stock Exchange Main Market Market Maker Jefferies AIC Sector Country Specialist Settlement CREST Participant ID: 393 (UK Equity) BIC Code: JEFFGB2X Fund Currency US Dollar (US$) Valuation of the Fund Daily Use of Profits Dividend reinvested Legal Entity Identifier (LEI) 213800SYT3T4AGEVW864 Reuters Symbol LP60078461 ISIN KYG9361H1092 Other Information May 2025 Performance • VEIL rebounded in May as the US tariff pause provided relief for global equity markets, including Vietnam • The fund was up 7.9% in May, slightly behind the 9.1% return from the Vietnam Index • The property sector led the rebound, with almost all of VEIL’s residential and industrial property holdings delivering double-digit returns Drawdowns September 2022 saw a drawdown of 14% for VEIL, the worst in the last 10 years, and one of the worst months for Vietnam and global equities. Borrowing VEIL’s board has approved borrowing of up to 10% of NAV or US$180m, whichever is the lower. As at this date, VEIL has a facility of US$175m in place and there is US$50.1m outstanding loan. The purpose of borrowing is to facilitate the short-term cash management of VEIL. Monthly Contribution (%) T +84 28 3823 9355 www.dragoncapital.com veil@dragoncapital.com > 0.9 > 1.4 > 2.1 > 3.8 > 5.1 > 5.1 > 7.4 > 10.8 > 22.0 > 39.3 > Utilities > Energy > Consumer Staples > Financials - Diversified > Industrials > Information Technology > Materials > Consumer Discretionary > Real Estate > Financials - Banks 4.2 25.9 44.6 18.1 7.8 $15bn-$50bn $7.5bn-$15bn $1.5bn-$7.5bn $750m-$1.5bn $400m-$750m > 0.10 > 0.08 > 0.03 > 0.00 > 0.67 > 0.33 > 0.02 > 0.42 > 3.48 > 2.5 > Utilities > Energy > Consumer Staples > Financials - Diversified > Industrials > Information Technology > Materials > Consumer Discretionary > Real Estate > Financials - Banks Dragon Capital’s ESG Journey # Vietnam Enterprise Investments Limited # Factsheet – May 2025 ESG JOURNEY 2002 2005 2008 FIRST ESG POLICY DC created first ESG policy and management system CARBON NEUTRAL For Scope 1 and 2 activities of DCG’s operations VIETNAM LISTED COMPANY AWARDS Co-founded & sponsored since inception 2016 2013 PRINCIPLES FOR RESPONSIBLE INVESTMENT SIGNATORY Enhanced ESG Management System Created in partnership with the IFC performance standards and OECD principles 2019 2022 BIODIVERSITY RESEARCH Created the Dragon Capital Chair in Biodiversity Economics with the University of Exeter ADOPTED TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES Our ESG journey started in 2002, with many important milestones achieved Disclaimer This document has been prepared and is distributed by Dragon Capital Management (HK) Limited for the information of existing investors, and other eligible recipients. This update has been provided to you following your express request to be included in such distributions, and your confirmation of eligibility. If you wish to unsubscribe from future updates at any time, please email unsubscribe@dragoncapital.com. This document does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire, securities of any entity, or any vehicle to be incorporated in connection with any possible transaction, or an inducement to enter into investment activity in any country, or in any other jurisdiction in which such offer, solicitation, inducement or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of such jurisdiction. No part of the document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No disclosure, reference or other information included in this document shall be considered as offering or solicitation of any product or service. Nothing in this document shall be construed as investment advice or a recommendation to acquire or invest in any securities or other instrument or financial product. Any investment performance and market information provided in this presentation, including information about any particular companies, are provided for illustrative purposes only and are not investment recommendations. No person is promulgating or providing any financial or other advice to any person, and is not making and does not intend to make an offer or solicitation in relation to any product, whether referred to in this document or otherwise. Any person requiring investment advice should consult a suitably qualified professional adviser prior to taking any investment decision. The information contained in this document is subject to updating, and the accuracy, certainty or completeness of such information is not guaranteed. No representation or warranty, express or implied, is made, and no liability whatsoever is accepted by any other person, in relation thereto. This document must not be distributed or otherwise made available to third parties without the consent of Dragon Capital, and then only to such recipients who have confirmed that distribution of such information is in compliance with all securities laws and regulations which apply to them. For UK investors in VEIL: According to an analysis performed on behalf of VEIL by KPMG, VEIL does not meet the definition of an “offshore fund” for the purposes of the Offshore Fund Regulations in the UK. On the basis of this analysis, the Offshore Fund Regulations do not apply to VEIL, and therefore the reporting fund status regime is not relevant to VEIL or its UK investors. Please contact us if you require the full analysis from KPMG. DRAGON CAPITAL MANAGEMENT (HK) LIMITED c/o 1501 Me Linh Point, 2 Ngo Duc Ke District 1, Ho Chi Minh City Vietnam Investment Manager T +84 28 3823 9355 F +84 28 3823 9366 veil@dragoncapital.com https://www.veil.uk T +84 28 3823 9355 https://www.veil.uk veil@dragoncapital.com