P 

R I V A T E   A N D   C O N F I D E N T I A L 18 September 2013

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

“Vinamilk commits to bring best-quality nutrition to

MISSION communities that reflects our respect, love and
responsibility for the people, life and society”
 1. Integrity: Integrity and transparency in actions and transactions.

2. Respect: To have self-respect and respecting colleagues,

Company, partners. Tocooperate with respect.

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

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 2017
 Total sales reaches
US$3bn
 Become the World’s
top 50 largest dairy
products companies

Today

 No.1 dairy producer in

Vietnam
 The Region’s Top 200 best
Small & Midsize Companies in
2006 Asia Pacific in 2010 (Forbes
Asia)
 Company’s  Top 5 largest private
2003 shares were companies in Vietnam
1976 1988- 1989 1991-1994 listed on HOSE
 Company was  Own 19.3% stake of Miraka
formally Limited, New Zealand
 Dielac  Introduced UHT
 Company was
Powdered Milk milk and spoon converted into a
founded under
Factory, the yoghurt to the joint stock
the Southern
first powdered Vietnam dairy company and
Coffee Dairy
milk in Vietnam, market. renamed as
Company name
came into Vietnam Dairy
with 2 factories.
operation and Products Joint
 Launched introduced its Stock Company
condensed milk first batch of
product.
2. Group Structure
3. Financial Highlights

( in VND billion) 2008 2009 2010 2011 2012 CAGR

Profit & 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…)
4. Share Capital Structure

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

Top 10 companies with the largest market capital in Vietnam

Outstanding Market price Market capital in

Seq Sticker shares 13-Aug-13 VND billion
1 GAS 1,895,000,000 68,000 128,860
2 VNM 833,490,871 147,000 122,523
3 CTG 3,266,144,348 19,000 62,057
4 MSN 705,140,873 88,000 62,052
5 VCB 2,317,417,076 26,600 61,643
6 VIC 882,459,899 65,000 57,360
7 BVH 680,471,434 41,200 28,035
8 STB 1,142,511,590 16,900 19,308
9 EIB 1,235,522,904 14,400 17,792
10 DMP 379,934,260 40,800 15,501
5. Production Facilities

North

 1 production factory
 Tien Son

 1 logistics enterprise

 1 sales office – Hanoi

Central
 4 production factories
 Nghe An
 Binh Dinh
 Thanh Hoa
 Da Nang
 1 sales office – Da Nang

South
 8 production factories
 Thong Nhat  Saigonmilk
 Truong Tho  Can Tho
 Dielac 1 & 2  Beverage
 Mega factory
 1 logistics enterprise
 1 healthcare branch
 1 sales office – Can Tho City

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

6. Cow Farm Developments

North

 Vinamilk has currently

05 farms with the total of
~ 8,200 cows

 Supply chain of milk:

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

- Imports: only milk

powders and ~75% of
South Central
the total production
demand. Imports are
South East mainly from New
Zealand, Australia and
USA.

13
7. Key Investment Highlights
Vinamilk possesses the critical qualities to succeed:

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

2 Diversified product portfolio

3 Extensive sales and distribution network

4 Strong “win-win” supplier relationship

Strong market-oriented research and development capabilities,

5 combined with modern production facilities

6 Highly experienced management with proven track record

7 Proven track record of robust financial growth

 Presentation2

1 The Vietnamese dairy market exhibits strong growth potential…

Vietnamese dairy product market sales (US$mm) Per capita production of dairy products in 2010E (kilo)

.8%
CAGR = 11 1039
980
877
665 698

2005 2006 2007 2008 2009

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

Vietnamese fresh milk output (mt) Dairy sales growth 2010-2015E (%)

52
48
18.9%
CAGR = 37
32
24
16

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 China India Vietnam Indonesia Thailand Mexico US

Key drivers of the Vietnamese dairy product market

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
Source: Euromonitor International report 2009, Food and Agriculture Organization of the United Nations, GSO, DairyVietnam
1 …and we have established ourselves as one of the leading dairy brands in Vietnam

Achieved dominant market position through our focus on:

Advertising and marketing Product innovation Quality assurance

Received numerous prestigious awards… …on the back of well-defined business

strategies
Vietnamese high quality product Expansion of market share in existing and new markets

Strong brand, Trusted brand

Broaden consumer base while maintaining
National Brand 2011-2012 competitiveness in core products

One of the best annual report 2008-2012 Development of raw material sources to ensure a
reliable and consistent fresh milk supply base
The Region’s Top 200 best Small & midsize  Develop modern cow farms in Vietnam
companies in Asia Pacific 2010
 Import cows from New Zealand, Australia and Thailand to
(by Forbes Asia)
increase the number of cows in Vinamilk’s farms
 Develop cow farms overseas, e.g. Cambodia, New
Top 5 largest private companies in Vietnam 2011
Zealand
Top 50 companies with the best performance in VN

Top 500 companies with the strongest growth in

VN
2 Diverse product portfolio capturing a larger share of the consumer wallet

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

Liquid milk Powdered milk Condensed milk

 Include fresh, pasturized and  Contributed

 Including 22%Powdered
27% of 2010 revenue
milk and  Our traditional products
 8 lines
One of of products,
VNM’s core including
products Dielac1976
since
UHT milk Nutrition
Mama, Powder
Dielac Alpha and Dielac Sure
 Market share: >80%  Competitors: Dutch Lady
 Market share: ~20%
 Main competitors: Dutch Lady  Competitors:
 Competitors:
Competitors: Dutch
Dutch Lady
Abbott, Lady,
MeadJohnson
Abbott, MeadJohnson,
Nutrifood, Dumex, Nestle
2 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

Spoon Yoghurt Cheese and ice cream Healthy beverages

 With various flavors  Contributed

 Ice cream 22% is
27% of offered
2010 revenue
with  A strong brand, which
 8 lines
One of of products,
VNM’s core including
products Dielac1976
since
various
Mama, Dielacflavors
Alpha and Dielac Sure specializes in pure fruit
 Main competitors: Dutch Lady  Market share: >80%
 Market share: ~20% juice, green tea, milk mixed
 CheeseAbbott,
 Competitors:
Competitors: is produced
Dutch Lady from
MeadJohnson fruit juice, soft drinks and
French production line and has soya-bean milk
very high nutritious value
 Main competitors: Tan Hiep
 Main competitors: Kinh Do
Phat, URC, Uni-president,
Tribeco
 P ro
Beauty
Yo g h u r t
NE W
3 We have developed one of Vietnam’s most extensive sales and distribution networks
in the dairy industry

A historically strong export business…

 On average, approximately 15% of our revenue is generated from exports to 16 countries.
 Key export markets are Middle East, Cambodia, Laos and Philippines

… and the leading local distribution network

VINAMILK

EXCLUSIVE
DISTRIBUTORS SUPERMARKETS
, METRO,…

RETAILERS

CONSUMERS/END USERS
 Presentation2

4 Strong “win-win” supplier relationship

Vinamilk gives… …and receives strong support from our
suppliers

Competitive  Purchases over approximately

pricing 50% -60% of domestically
policies produced raw milk in Vietnam  Steady supply of high quality raw
milk

 Substantial pricing power for

Financial  Offer farmers seasonal Vinamilk
support to subsidies when prices of raw
farmers milk experience sharp changes

 Consistent, fresh supply of raw milk

Proximity of  Milk collection centers located

facilities within 30 minutes from farms

Close relationships with suppliers allow us to maintain and increase production output
5 Strong market-oriented product development capabilities….

Marketing team Product R&D team

 Experienced in analyzing consumer
preferences and trends
 Conduct consumer research with market
research companies
Sales team
 Thorough understanding of
consumer preferences through
constant contact at various
outlets
 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

Ability to develop new products based on evolving consumer preferences

5 … combined with modern production facilities

Production lines  Technologies imported from Germany, Italy, and

Switzerland for manufacturing

Packaging  Packaging technologies provided by Tetrapak,

Bencopack and SIG Combibloc

Spray drying  Spray dry technology produced by Niro Inc.

of Denmark
 Retains high content of nutrients and minerals

Inventory  ERP technology powered by Oracle manages

management inventory and minimizes spoilage loss

Our state of the art facilities ensure high quality products

6
Highly experienced management with a proven track record of delivering strong
business performance

Core management team with extensive industry experience in Vietnam

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.

Solid platform and expertise to drive sustainable future growth

 759189-001

8. Five- Year Strategic CAPEX plan:

Total
Already Disbursement
investment Disbursement
paid in 2013
In billion dong to 2016 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.
 759189-001

DIELAC 2 -
(Powdered milk
plant)

Was put into

operations since
April 2013.
759189-001
MEGA FACTORY- LIQUID MILK PLANT
759189-001

To be openned on 30 August 2013

 759189-001

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

 759189-001

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

YEAR-TO-DATE % vs
% increase/ AGM'
( in VND billion) 2013 2012 (decrese) 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%

759189-001
 759189-001

DISCLAIMER

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.