INVESTOR PRESENTATION - Novaland Group

INVESTOR PRESENTATION

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This document and any related presentations have been prepared by No Va Land Investment Group Corporation (“Novaland” or the “Company”) solely for use at its presentation to prospective investors and may not be taken away,reproduced or redistributed to any other person. By attending this presentation, you are agreeing to be bound by these restrictions. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell, subscribe or issue or the recommendation or solicitation of an offer to buy, subscribe for or acquire securities of the Company or anyof its subsidiaries or affiliates in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an inducement to enter into aninvestment activity. No part of this presentation, 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.

The information contained in these materials (“Information”) has been provided by the Company or, with respect to market data, industry data, and other industry statistics, derived from public or third-party sources and has not beenindependently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the Information or opinions contained herein andnothing in this presentation is, or shall be relied upon as, a promise or representation by the Company. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of theCompany’s financial or trading position or prospects. The Information and opinions in these materials are provided as at the date of this presentation and are subject to change without notice. None of the Company nor any of itsrespective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of these materials or their contents or otherwise arising in connection with thematerial.

This document contains, and any related presentation may contain, financial information regarding the businesses and assets of the Company and its consolidated subsidiaries. Such financial information may not have been audited,reviewed or verified by any independent accounting firm. The inclusion of such financial information in this document or any related presentation should not be regarded as a representation or warranty by the Company, any of itsaffiliates, advisers or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations of the Company and should not be relied upon when makingan investment decision.

The information contained herein is preliminary, limited in nature and subject to completion and amendment. All opinions and estimates included in this document speak as of the date of this document (or earlier, if so indicated in thisdocument) and are subject to change without notice. Neither the Company nor any of its affiliates, advisers or representatives make any undertakings to update any such information subsequent to the date hereof.

This document contains certain “forward-looking statements.” All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevantforward-looking statement. Such forward-looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. Caution should betaken with respect to such statements and you should not place undue reliance on any such forward-looking statements. The Company does not undertake to revise forward-looking statements to reflect future events or circumstances,nor can it give any assurance that future events will occur, that projections will be achieved, or that its assumptions are correct.

This document contains certain statistical analyses. Numerous assumptions were used in preparing the statistical information, which may or may not be reflected herein. The Company has not verified such information with independentsources. As such, no assurance can be given as to the statistical information’s accuracy, appropriateness or completeness in any particular context; nor as to whether the statistical information and/or the assumptions upon which theyare based reflect present market conditions or future market performance. The statistical information should not be construed as either projections or predictions or as legal, tax, financial or accounting advice.

DISCLAIMER

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TABLE OF CONTENTS

I. NOVALAND GROUP

II. INVESTMENT HIGHLIGHTS

III. FINANCIAL HIGHLIGHTS

Aqua City Project (Dong Nai)

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I. NOVALAND GROUP

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THE FIRST MOVER AND THE LEADING, UNDENIABLE #1 RESIDENTIAL DEVELOPER IN HCMC

Established in 1992 and largest real estate pure-playing listed group at the time listed on HCMStock Exchange in 2016 (HSX – NVL); Market cap: USD 2.6 billion

The largest land owner in HCMC: 4,894 ha Total assets: USD 4.2 billion

Portfolio focuses on mid-end to high-end residential segment, positioning Novaland’s strategicmove to tap into the largest quartile of Vietnam’s population by income, one of the mostdensity population in Asia.

Focus on medium to large scale residential projects with commercial components, township &hospitality/ integrated resorts with entertainment facilities.

Residential landbank of 871 ha in HCMC (77%) and Dong Nai province (23%), which sufficientfor new project development in the next 7 – 10 years.

#1 RESIDENTIAL DEVELOPER

FOCUS SEGMENTS

PROJECT DEVELOPMENT QUALITY

Profound track record with more than 33,000 units sold since 2019 As of 31 December 2019, 23 completed projects are being handed over, and 16 more under

development, with a combined total GDV of sold units of US$5.1bn

STRONG BRAND RECOGNITIONAND EXCELLENT TRACK RECORD

USD 3.4 billion of cumulative unbilled contracts’ value to be recognized, resulting in decentvisibility of earnings till 2021.

DECENT DEGREE OF EARNINGS VISIBILITY

2020 BUSINESS PLAN

US$157mnNet Profit After Tax

US$638mnRevenue

8,000 unitsPresales

High-end and luxury

Mid-end

Affordable

88.1%

6.9%

Well positioned to capture key theme across

urbanization, first and second home buyers and

investment properties

5%

Target customers in the largest quartile of Vietnam’s population

by income.

Source: Company information, as at 30 June 2020

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DEVELOPMENT MILESTONES

1992 20072009

Thanh Nhon Commercial Company Limited was established in the bio pharmachemie, veterinary medicine business.

The company’s second business was real estate development.

Restructured and consolidated company into 2 Groups:

− ANOVA Corp.: veterinary medicines, vaccines, animal feed, animal breeds and high-tech breeding solutions.

− Novaland Group: real estate

Market Cap: USD 2.6 bn (2) ; Successfully raised US$600mn offshore capital

M&A and introduced 5 new projects with total supply of over 21,000 units (3): Palm Marina (Phase 1 – District 9, HCMC); Aqua City (Dong Nai Province); NovaWorld Phan Thiet (Phase 1) & NovaWorld Ho Tram (Phase 1); NovaWorld Mekong

4,894 hectares in landbank (4)

2014

M&A and introduced 9 new projects with over 7,000 units in HCMC

M&A and introduced 11 new projects with more than 12,700 units in HCMC

2015

2016

Officially listed on Ho Chi Minh Stock Exchange with market capitalization of US$1.2bn

M&A and continued introducing 5 new projectswith more than 3,000 units in HCMC

2018

2019

Expanded into satellite cities and ‘second homes’ segment

− Officially launched 2 projects: NovaHills Mui Ne Resort & Villas (Phan Thiet, Binh Thuan) and NovaBeach Cam Ranh Resort & Villas (Cam Ranh, Khanh Hoa)

− Grand opening 1 project: Nova Phu Sa Azerai Resort

Successfully raised US$570mn and listed convertible bond on SGX

Over 2,000 hectares in land bank and under research

(1) Company information.(2) As at June 30, 2020(3) Excluding NovaWorld Mekong.(4) Inclusive of under research land bank

FORMATION EVOLUTION AND STRATEGIC GROWTH EXPANSION

Introduced the first high-rise project - Sunrise City (District 7, HCMC) with total investment cost of US$500mn

Issued corporate bonds with total consideration of US$100mn

Handed over 7 projects: Galaxy 9 Residence , Icon 56, Lexington Residence, Tropic Garden Residence, Lucky Dragon Residence, Sunrise City, and The Prince Residence

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Indicates years of experience in the relevant industry#

MANAGEMENT TEAM WITH INTENSIVE EXPERIENCES AND MARKET UNDERSTANDING

BOARD OF DIRECTORS

OTHER SENIOR MANAGEMENT

MS. DUONG THI THU THUYChief Commercial Officer

B.S, HCMC University of Economics (Vietnam), in Economics

More than 17 years of senior experience in sales management and consulting in the property industry

17+

MR. DUONG HONG CAMSenior Director, Investment and Development

Executive MBA, Asian Institute of Technology (AIT)

B.S, HCMC University of Polytechnic (Vietnam), in ConstructionEngineering

More than 10 years of experience in consultancy and project management, especially in residential property

More than 10 years of experience in the property industry at reputable real estate corporations

16+

MS. HOANG THU CHAU, MBADeputy General Director, Chief Financial Officer, BOD Member

Executive MBA, FHNW University of Applied Sciences and Arts,Northwestern Switzerland

B.A, Van Lang University (Vietnam), in Accounting and Finance

Over 18 years of senior experience at Novaland Group, setting up the accounting system of the Company

18+

20+MR. BUI XUAN HUY, MBAChief Executive Officer, BOD Member

Executive MBA, FHNW University of Applied Sciences and Arts,Northwestern Switzerland

B.S, HCMC University of Polytechnic (Vietnam), in Construction Engineering and Industrial Management

More than 20 years of senior experience in project developments

MR. PHAM TIEN VANIndependent BOD Member

Used to be Director General of Vietnam Ministry of Foreign Affairs, Ambassador extraordinary and plenipotentiary at Republic of Korea.

Has led negotiations, consultant for reputable companies such as Charmvit Group, PoscoE&C, AIC Group, Samsung Group, Viet Nam Golf Magazin

20+

MS. NGUYEN THANH BICH THUYIndependent BOD Member

A Strategist and Senior Executive with over 20 years of international experience

Used to be Chief Executive Officer of Queensland Trade and Investment Corporation, Advisor to the Chairman of Global Monitor Group (USA), Dubai Holding / Sama Dubai Group and the Country Director of Vietnam

Has led negotiations, provided advisory services for the highest levels of political, government and corporate leaders across the globe including Asia, US, Europe and the Middle East

20+

MR. BUI THANH NHON, MBAChairman of the Board of Directors (BOD)

Executive MBA, HSB-TUCK, Dartmouth College (USA)

Member of YPO and WPO

Founder of the Company

30+

FOUNDER, CHAIRMAN AND MAJOR SHAREHOLDERS

MR. BUI CAO NHAT QUAN

B.A in Business Administration, Western Washington University, USA

More than 15 years of senior experience in management and consulting in the property industry

15+

Source: Company information

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NOVALAND IS A LEADING

ECONOMIC GROUP IN

REAL ESTATE, FINANCE , CREATING TOURISM

DESTINATION,

AND TRANSPORT INFRASTRUCTURE

DEVELOPMENT

EFFECTIVENESS

INTEGRITY

PROFESSIONALISM

DEVELOPING COMMUNITY

CREATING DESTINATION

BUILDING HAPPINESS

VISION MISSION CORE VALUES

VISION, MISSION AND CORE VALUES


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PHASE 12007 – 2017

PHASE 22018 – 2025

PHASE 3From 2026

Focus on developing residential productsin Ho Chi Minh City with a strategy tobuild a solid foundation, positioning asthe leading residential developer inHCMC.

Continue focusing on central residential

real estate market in HCMC, expanding

into satellite urban areas and residential

& integrated resort projects (second-

homes) in Dong Nai, Phan Thiet, Vung

Tau.

Develop an eco-system which focuses on:

Properties: residential with commercial

components, hospitality, and industrial real

estate…

Tourism destination cities: NovaWorld

Phan Thiet, NovaBeach Cam Ranh, NovaHills

Mui Ne, NovaWorld Ho Tram…

Infrastructure Development

Finance: financial products to support

home buyers.

STRATEGIC ROAD MAP


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DIVERSIFIED PRODUCT SUITE

Medium scale Grade ‘’A’’ & ‘’B’’ projectsin HCMC

CENTRAL REAL ESTATE SATELLITE TOWNSHIP

First mover advantage into the investment / second home market in Vung Tau, Nha Trang provinces (have long been tourism destination of Vietnam) to capture rising aspirational demand of the Vietnamese population

SECOND HOME PROJECTS

Product suite

Concept

Targetmarket

Strategy

Mid to high-end income population(>90% of HCMC’s population)

Primary focus on residential with somecommercial and office-tel in centralHCMC

Ecological, environmental friendly andsmart technology satellite townshipswith good access to the CBD

Mid to high-end income population

Increase exposure to fast growingsatellite urban areas which arebenefitting from continuedinfrastructure development

Second homes or investment properties in desirable leisure / tourism locations

Mid to high-end income populationUpscale class, pensioners


1010

45 Mins 6 Hrs

4 Hrs2 Hrs

4 Hrs4 Hrs

PREMIUM LANDBANK WITH PRONOUNCED DEVELOPMENT POTENTIAL

# Indicates traveling time from HCMC to location of Novaland’s satellite township and second home projects & integrated resorts

LAND BANK & UNDER RESEARCH

4,894 HECTARES ~ USD 32.86 Billion GDV

PREMIUM VALUE OF LANDBANK IN HCMC & DONG NAI

~ 30% OF TOTAL LANDBANK ~ 70% OF TOTAL GDV

Mui Ne

PREMIUM LANDBANK LOCATED AT STRATEGIC LOCATIONS ACROSS SOUTHERN AREAS OF VIETNAM, ESPECIALLY IN HCMC & DONG NAI PROVINCE

Ho Chi Minh City

Dong Nai

Vung Tau

CBD 6 Hours

3 Hours

3 Hours

15 Mins

2 Hours

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Source: Company information. As at 30 June 2020. US$/VND: 23,303Land bank includes projects that are acquired or being researched or expect to be acquired into the Group`

Land bank Location Land area (m²)Estimated GDV

(USD billion)Status

Project C Dist. 2 1,360,000 2.7 Owned

Project D Dist. 12 91,121 0.1 MOU

Project F Dist. 2 49,660 0.6 Owned

Project H Dist. 2 96,015 0.8 Owned

Project I Dist. 2 801,092 1.4 Owned

Project K Dist. 4 31,527 0.3 Owned

Project P Dist. 2 302,240 1.2 Owned

Project Q Dist. 9 1,380,000 1.0 MOU

Project R Dist. 9 1,580,000 1.3 Owned

Project S Dist. 8 500,475 0.5 Owned

Project T Dist. 9 321,000 0.6 MOU

Project X Dist.3 4,531 0.1 MOU

Project Y Dist.2 3,748 0.1 Owned

Project V Tan Phu Dist. 157,046 0.3 MOU

Others 33,772

Total HCMC land bank 6,712,227

Estimated GDV USD 12.83 billion

GREAT VALUE APPRECIATION POTENTIAL WITH CENTRAL CITY LANDBANK BENEFITS FROM ACCESSIBLE METRO LINE TO BE OPERATED FROM THE END OF 2021

Tan Son NhatInternational Airport

EASTERN AREA TOWARD DONG NAI PROVINCE

CI

K

X

R

Q

D

S

P

H

T

Y

FV

3 km 6 km 9 kmHCMCCBD

1212


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Successful strong expansion into new markets with high quality pipeline projects and land bank at strategic location.

Well positioned to benefit from Vietnam’s favorable macroeconomic fundamental and sector potential.

3

1

The leading residential developer in HCMC with strong brand, established track record, and focused strategy.

2

Best-in-class sales force, quick turnover development process accommodate strong cash flow.5

Robust corporate governance and well-developed corporate structure towards sustainable growth.4

INVESTMENT HIGHLIGHTS


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01. WELL POSITIONED TO BENEFIT FROM VIETNAM’S FAVORABLE MACROECONOMIC FUNDAMENTAL AND SECTOR POTENTIAL.

NovaWorld Phan Thiet (Binh Thuan)

15

4.09%

0.60%

2.67%

3.52% 3.54% 3.60%

2014 2015 2016 2017 2018 2019

GDP PER CAPITA OF VIETNAM

VIETNAM’S ECONOMY IS CHARACTERIZED BY BEING THE FASTEST GROWING IN ASEAN WITH A STABLE MACROECONOMICS ENVIRONMENT

1.1 IMPROVING MACROECONOMIC ACCOMMODATES HIGH PENETRATION POTENTIAL

THE FASTEST GROWING ECONOMY IN ASEAN

7.2%6.5%

5.0%

6.0%

4.1%3.2%

Vietnam Philippines Indonesia Malaysia Thailand Singapore

GDP Growth (2019)

FAST-GROWING DISPOSABLE INCOME COMPARED TO MOST ASEAN PEERS

6.9%

5.8%

7.3%

4.3% 4.0%

1.8%

Vietnam Philippines Indonesia Malaysia Thailand Singapore

(2018A-2029E)

GDP per capita (2019)

$2,740

$11,400 $4,160

$7,790

$63,990

$3,290

Vietnam Malaysia Indonesia Thailand Singapore Philippines

MIDDLE INCOME POPULATION* IN ASEAN(1)

837 1,2043,593

1,769

22,812

1,352 1,7975,149

2,418

29,856

Vietnam Philippines Malaysia Indonesia Singapore

2016 2021

Disposable income projections, US$ per capita, 2016-2021

10.1%

6.4%

# CAGR

* Middle 60% of the population

Vietnamese Government has focused on driving stable and sustainable economic growth since 2012, by maintaining stable price levels and reducing inflation

7.5% 8.3% 5.5%

INFLATION UNDER CONTROL

Inflation growth (%)

Source: World Economic Forum, SAP independent industry report; Economist Intelligence Unit (EIU).Note: Data is updated for latest information as of January 2020(1) From Bloomberg, Business Monitor International (BMI) Database, cited in PwC’s “The Future of ASEAN -Time to Act”, 2018. ASEAN’s middle-income segment is defined as US$10 to US$100 in daily expenditure

RELATIVELY STABLE VND PERFORMANCE VS. OTHER ASEAN CURRENCIES(1)

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

2015 2016 2017 2018 2019 2020

USD/VND USD/THB USD/MYR USD/JPY

16

1.2 VIETNAM’S RESIDENTIAL MARKET IS POISED FOR SOLID GROWTH

Source: JLL Research; Economist Intelligence Unit (EIU); Global Insights, Bloomberg, Trading Economics, VnEconomy, Company Information, Savills Research & Consultancy(*) the total number of house owners is based on solid house owners solely in Vietnam, as of April, 2020.

13.2

49.2 57.7

85.4 91.0

Vietnam Hong Kong South Korea Taiwan Singapore

33%44%

53% 49%

74%

100%

54% 56%71% 72%

86%100%

Vietnam Philippines Indonesia Thailand Malaysia Singapore

2014 2050

+21%

Urbanization (share of total population living in urban areas)

75

100

125

150

175

200

225

250

275

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

HCMC BangkokKuala Lumpur ManilaShanghai

Prime Residential Price Growth (Index: 2006 = 100)

Increased potential

Total home mortgage loans outstanding as % of GDP in 2016

1.9%4.9%

20.0%

49.5% 50.6%

Vietnam Philippines Thailand Malaysia Singapore

VIETNAMESE RESIDENTIAL PRICES HAVE SIGNIFICANT POTENTIAL AND ROOM TO GROW

VIETNAM’S MORTGAGE MARKET IS SIGNIFICANTLY UNDERPENETRATED COMPARED TO REGIONAL PEERS

ONE OF THE HIGHEST RATES OF URBANIZATION IN ASEAN LOWEST HOUSE OWNERSHIP RATIO (*)

House owners over total population (%)

+12% +18% +23% +12% 0%

HCMC LANDED PROPERTY MARKET – YEARLY SALES PERFORMANCE

HCMC APARTMENT – YEARLY SALES PERFORMANCE

ROBUST RESIDENTIAL MARKET IN VIETNAM WITH HCMC’S MARKET A KEY DRIVER

58%

66%

86%

81%78%

2015 2016 2017 2018 2019

Shophouse Villa

Townhouse Absorption rate

43%50%

73%

87% 88%

2015 2016 2017 2018 2019

Grade A sales Grade B sales

Grade C sales Absorption rate

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02. THE LEADING RESIDENTIAL DEVELOPER IN HCMC WITH STRONG BRAND, ESTABLISHED TRACK RECORD AND FOCUSED STRATEGY

Victoria Village (D.2, HCMC)

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2.1 PURE PLAY REAL ESTATE DEVELOPER WITH FOCUSED STRATEGY

Focus on large scale projects with

close-to complete legal status in

prime locations.

Access to high quality land at

competitive valuation.

Proven ability to acquire land

bank with convenient access to the

transportation system, the

supporting infrastructure, which

generates appreciation potential.

Project development team manages all

aspects of site development, project

construction and quality control, including

review and approval of construction plans

and progress.

Outsource almost all construction

activities to both domestic and

international contractors.

Control and maintain high brand

reputation by contracting with reputable

contractors.

Novaland is the unique developer

with a dedicated in-house sales force

and leveraged selective external sales

agents for sales diversification.

Post-sell services capturing and

enhancing customers’ loyalty.

Premium services to more than

250,000 customers through

NovaLoyalty Program – Platinum,

Diamond, Gold, and Titanium.

Focus on mid-end to high-end

residential segments at strategic

locations.

Diversified products suite includes

central real estate (HCMC – main

focused area), satellite township (Dong

Nai) and second-home projects &

integrated resorts (Tourism

destinations).

Always stay ahead of competitors with

comprehensive market knowledge

studied by an experienced in-house

research & development team.

FOCUSED STRATEGY LAND ACQUISITIONS DEVELOPMENT & OPERATION SALES FORCE


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2.2 CENTRAL REAL ESTATE PORTFOLIO COMPRISES OF RESIDENTIAL PROJECTS DISTRIBUTED ALONG HCMC’ S MAJOR TRANSPORTATION ROUTES

Under developmentSource: Company information, 1Q2020 Savills Market Report.Note: As at 30 June,2020, US$/VND: 23,303(*) GDV is the project’s total revenue. (*) NSA is the project’s Net Sellable Are: includes all floor area including internal walls, mezzanines, hallways, bathrooms but excludes common spaces, patios, balconies.

NOVALAND IS ONE OF THE TOP SUPPLIERS WITH OVER 40 PROJECTS ALONG MAIN AVENUES IN THE HEART OF HCMC

Completed project

3 km 6 km 9 km

O

Q

7

1

T

U

G

4

P

R

S

IVB

C

E

F

2

J

D

K

L M

N

H

A

5

6

3

8

EASTERN AREA TOWARD DONG NAI PROVINCE

Tan Son NhatInternational Airport

Completed project

38%

Under developm

ent62%

Total NSA(*)

2.0 mn sqm

Sold40%

Unsold60%

Total GDV(*)

USD 12.9 bn

MARKET SHARE BY RESIDENTIAL DEVELOPERS IN THE SOUTH OF VIETNAM, 2013 - 2019

10%

10%

7%

4%3%66%

Vingroup

Novaland

Hung Thinh

Phu My Hung

Nam Long

Others

Net Saleable AreaGDV for completed and under

development projects

2020

2.3 PORTFOLIO OF NEARLY 35 RESIDENTIAL PROJECTS IN HCMC

CENTRAL REAL ESTATE IN HCMC SATELLITE URBAN DEVELOPMENT

SECOND HOME PROJECTS & INTEGRATED RESORTS


2121

2.4 CURRENT DEVELOPMENT RESIDENTIAL PROJECTS IN HO CHI MINH CITY WITH HIGH ASORBTION RATE

THEGRAND MANHATTANCENTRAL AREA – DISTRICT1

GDV (USDmn) 570

Location / NSA (sqm) Dist. 1 / 14,002

Product typeHigh-rise

residential

Launch / Handover

start date4Q18 / 4Q20

Take-up rate 56%

Sales target in 2020 285 units

PALMMARINAEASTERN AREA – DISTRICT9

GDV (USDmn) 94

Location / NSA (sqm) Dist.9 / 90,772

Product type Villa, Townhouse

Launch / Handover

start date2019

Take-up rate 80%


THEPALACE RESIDENCEEASTERN AREA – DISTRICT2

GDV (USDmn) 555


Product typeHigh-rise

residential

Launch / Handover

start date2019

Take-up rate 75%


VICTORIAVILLAGEEASTERN AREA – DISTRICT2

GDV (USDmn) 252


Product typeHigh-rise & low-

rise residential

Launch / Handover

start date2Q17 / 3Q19

Take-up rate 78%


Source: Company information, as at 30 June, 2020

2222


03. SUCCESSFUL STRONG EXPANSION INTO NEW MARKETS WITH HIGH QUALITY PIPELINE PROJECTS AND LANDBANK AT STRATEGIC LOCATION

Aqua City (Bien Hoa, Dong Nai)

2323

3.1. SUCCESSFULLY EXPANDED TO SATELLITE TOWNSHIP IN DONG NAI - AQUA CITY

Project AQUA CITY

Launch date 2Q2019

Expected FIRST handover date 2023

Total launched units 1,448

Take-up rate 95%

GDV (USDmn) 972

NSA (sqm) 517,967

With future infrastructure to be developed including Cat Lai Bridge and Country lane 2 connecting toHCMC – Long Thanh – Dau Giay Expressway in the next 2-3 years, the travelling time from Aqua Cityto HCMC will be shorten down to only 15 minutes.

Source: Company information, as at 31 July 2020

2424

3.2 AQUA CITY PROJECT OVERVIEW

Source: Company Information, as at 30 July 2020

AQUA CITY RIVER PARK Launch: 2Q2020 Size: 91.6 ha Total units: 2,056 Introduced phases:

Valencia and River Park

AQUA CITY Launch: 2Q2019 Size: 193 ha Total units: 3,390 Introduced phases:

The Grand Villas, The Elite, The Stella

AQUA CITY PHOENIX Launch: upcoming

(TBU) Size: 286 ha Total units: TBU Introduced phases:

upcoming (TBU)

AQUA MARINA Launch: upcoming

(TBU) Size: 44 ha Total units: TBU Introduced phases:

upcoming (TBU)

TAKE UP RATE: ~95%

2525

3.3 SECOND HOME PROJECTS & INTEGRATED RESORTS ARE STRATEGIC DEVELOPMENT TO CAPTURE VIETNAM TOURISM POTENTIAL

Location Ba Ria - Vung Tau

Total site area (hectares) 1,000

Product typeVilla, townhouse,

shophouse

Launch date 2Q19

Expected handover start date 1Q22


Take – up rate 40%

OperatorsLotte, Shilla, Nikko,

Accor

GDV (USDmn) 687

NSA (sqm) 271,275

With future development of Bien Hoa – Vung Tau Expressway, the travelling time from HCMC toNovaWorld Ho Tram will be shorten down to 1 hour and a half.


26

3.4 SECOND HOME PROJECTS & INTEGRATED RESORTS – NOVAWORLD PHAN THIET

Location Phan Thiet – Binh Thuan

Total site area (hectares) 986

Product type Villa, shophouse, retail

Launch date 2Q19

Expected handover start date 1Q22


Take – up rate 53%

OperatorsAccor, Marriott,

Shilla

GDV (USDmn) 5,086

NSA (sqm) 3,178,329

Tourism in Phan Thiet will be further supported by the swathe of infrastructure developments,including Dau Giay – Phan Thiet Expressway, Phan Thiet International Airport, Vinh Tan Seaport,HCMC railway, NovaWorld Phan Thiet can be reached by multiple means of transportation.

NovaWorld Phan Thiet project is consulted by McKinsey to create an attractive destination withfacilities of the highest international standards. A world class 1,000-ha residence & integratedresort complex that supplies 20,000 second homes along with multiple hotels and resorts operatedby reputable international brands.


2727


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04. ROBUST CORPORATE GOVERNANCE AND WELL-DEVELOPED CORPORATE STRUCTURE TOWARDS SUSTAINABLE GROWTH

The Grand Manhattan(D.1, HCMC)

28

4.1 WELL-ESTABLISHED CORPORATE GOVERNANCE PRACTICES


1. Ensuring the rights of shareholders

2. Equitable treatment of shareholders under any

circumstances

3. Role of stakeholders in order to create prestige for the

Novaland brand in the market

4. Disclosure and transparency with higher standards

5. Maintain the highest sense of responsibility of the BOD

Shareholders’ General Meeting

Board of Directors

Sustainable Development

Council

Development Policy Committee

AuditCommittee

Human Resources Committee

Remuneration Committee

Chief Executive Officer

Advisory Committees Corporate Legal Department

Investment & Development

Project Division

Commercial Division

Finance and Accounting

Division

Operating Division

Business Units Division

Human Resource Division

ORGANIZATION STRUCTURE CORPORATE PRINCIPLES

2929

4.2 NOVALAND’S APPROACH TOWARDS SUSTAINABLE DEVELOPMENT

Managers at all levels are authorized to make decisions onmatters that directly involve their departments or groups

Decision makers at all levels are clearly identified

Well established escalation policy efficiently addressespotential issues to higher management levels

Novaland Office Building (D.1, HCMC)

SUSTAINABLE DEVELOPMENT STRATEGY AND MANAGEMENT SUSTAINABLE DEVELOPMENT STRATEGIC DIRECTIONS OF 2019-2023

THE 4P’s OF SUSTAINABLE DEVELOPMENT STRATEGY

Further implementation of its development strategy in phase 2, focusing onkey businesses, namely real estate projects in the middle and high segments toinclude residential real estate, satellite urban areas, and urban entertainmentand leisure travel projects.

Ensuring that the focus is on comprehensive and reciprocal development, clearbusiness strategy, stable land availability, strong cash flows, strictmanagement of risks and legal compliance to realise the goal of becoming aleading economic group in Real Estate – Finance – Tourism – Infrastructuredevelopment.

Investment in developing high quality human resources to meet thedevelopment requirements in a new era of leadership and application oftechnology for a competitive advantage. Development of its corporate culturethat promotes constant innovation as a foundation for sustainabledevelopment of the Group.

Commitment to creating and sharing values and responsible business practicesin line with its “Developing Community – Creating Destination – BuildingHappiness” mission.

1

TRANSPARENCY ANDACCOUNTABILITY

Identify priority issues. Ensure effectiveness in

sustainable development areas

2

RISK MANAGEMENT

Define issues and risks that impact the overall

business and values. Build partnerships with

stakeholders

3

STRATEGICAPPROACH

Identify factors impacting on

stakeholders’ decisions and their responses.

Focus on critical responsibilities

1. PERFORMANCE

Sustainable performance and growth

2. PEOPLE

Investment in human resources development

3. PLANET

Management of environmental impacts

4. PARTNERSHIP

Creation and sharing of common values through partnerships


3030

4.3 ENVIRONMENT, SOCIAL, AND GOVERNANCE (ESG) FRAMEWORK

SUSTAINABLE DEVELOPMENT COUNCIL (“SDC”)

Source: Company information.(1) Based on Corporate Sustainability Index compiled by the Vietnam Chamber of Commerce and Industry.

Founded in 2016, SDC is independent in advising the Board in reviewing and approving the Group’ssustainable development targets, policies and action plans, and creating values

The ultimate purpose is to prepare Novaland with necessary policies, standards, systems and peopleto identify and comply with international standards and practices in economic, environmental andsocial terms

MR. LAU BOON TUANMember of Committee

Bachelor of Commerce, University of Western Australia

Group CEO, Singapore Post Limited (SingPost)

Finance Director, Pepsi-colaInternational

MR. PHILIP YEO LIAT KOKOSenior Advisor

MBA, Harvard Business School

Chairman, Economic Development Innovations Singapore

Chairman, Accuron Technologies

MR. PHAM PHU NGOC TRAIChairman

Founder & Chairman, Global Integration Business Consultants

Chairman, Masan Nutri Science

Chairman, Rolex Vietnam

MS. LAM THI NGOC HAOMember of Committee

ACCA fellow member

CFA charter holder, CPA, Australia and Vietnam

Audit partner, the HCMC office of KPMG Vietnam

MR. LAI CHUN LONGAdvisor

MBA, UCLA

Advanced Management Program, Harvard Business School

Corporate Advisor, TemasekInternational Advisors Pte. Ltd.

ENVIRONMENTAL

GOVERNANCE

During project implementation, Novaland applies a variety ofmeasures for natural resource uses and environmentalprotection according to Environmental Impact AssessmentReport and the Environmental Management Plan

Novaland monitors the delivery of environmental and socialmeasures during the construction process and operations

Corporate Social Responsibility (“CSR”) programs are centeredaround four main pillars: community development, education,health and social security

Novaland Group has also actively cooperated with localgovernment agencies, non-governmental organizations,partners and local people to build awareness and communitycapacity

Novaland’s governance is represented in all of its businessactivities, and complies with international standards andpractices

Management framework, policy, and process for criticalsustainable development topics assist the group’s managementin performance assessment and improvement

Governance Framework

Electricity consumption 2019

(million kwh)

2019 CSR Funding Breakdown

SOCIAL

9,705

38,536

1,167

21,549

Ongoing projects Operational projects

17%

54%

10%

19%

Community developmentSocial securityHealthcareEducation support

US$3.4m+

Reporting

Standard

Management policy and process

Strategy

NOVALAND IS THE 5TH MOST SUSTAINABLE BUSINESS IN VIETNAM IN 2019(1)

3131


05. BEST-IN-CLASS SALES FORCES, QUICK TURNOVER DEVELOPMENT PROCESS ACCOMMODATE STRONG CASH FLOW GENERATION

Aqua City Project (Dong Nai)

3232

Standard

ACCELERATED – HIGHER UPFRONT PAYMENTS WITH DISCOUNT

Option 2 Option 3 Option 4

FOUNDATION Up to 30% 45-55% 50-90% >90%

SUPERSTRUCTURE Up to 70% Up to 70% – –

DELIVERY Up to 95%

LAND USE RIGHTS CERTIFICATE 100%

DISCOUNT – 3-4% 5-7% 8-12%

PAYMENT SCHEDULES

APPROXIMATELY 70% OF NOVALAND’S CUSTOMERS MAKE PAYMENT ON ACCELERATED BASIS

CUSTOMER PAYMENTS BREAKDOWN – FOR ALL PROJECTS

Cash74%

Bank loan / mortgage26%Standard

30%

Option 250%

Option 315%

Option 45%

BY PAYMENT SCHEDULE BY PAYMENT METHOD

5.1 ACCELERATED PAYMENTS BY CUSTOMERS SUPPORT STRONG CASHFLOW GENERATION


33

MONTHS 1 2 3 4 5 6 7 8 9 10 11 12 24-30 30~

LAND ACQUISITION

PLANNING AND

PRE-WORK

PRE-SALES

CONSTRUCTION

SALE PURCHASE

AGREEMENTS

DELIVERY AND

AFTER-SALE

SERVICES

FAST TURNOVER DEVELOPMENT PROCESS

Stron

g exe

cutio

n cap

abilities an

d o

peratio

nal efficie

ncy

Dedicated acquisition team that proactively searches for project sites in prime locations that costs lower than market

Comprehensive due diligence to ensure no title issues

Speedy transfer procedure

Strong design expertise with local knowledge

Market research team utilizes data analytics to evaluate customer preferences, market trends and evaluate optimum market pricing

Cost team puts together detailed cost model which is approved by BOD before approaching contractors

Well trained in-house sales teams and selective external sales agents provide support in bank loans and offer product packages that suit customers’ needs

Experienced management and sales team with incentives to drive strong performance

Robust cooperation with local partners to stay abreast of latest construction techniques

Large number of concurrent developments allow Novaland to procure supplies at competitive prices

Diversified base of contractors, with ability to select most competitive contract and pricing terms

Weekly SAP reports sent to update the BOD on construction status with potential cost overruns flagged

Strong cost and quality controls to ensure products are delivered on time and at a consistently high quality

Dedicated delivery and after-sales management team

Completion of foundation

12 months from pre-sales, the typical take-up rate of the overall project is 50-70% and essentially, the project then becomes self-funded as Novaland can use the cash collections and project level debt to complete the project

5.2 BEST-IN-CLASS SALES FORCES, QUICK TURNOVER DEVELOPMENT PROCESS ACCOMMODATE HEALTHY CASH FLOW


3434

III. FINANCIAL HIGHLIGHTS

3535

Margin ratio

1,583

3,257

5,158

3,153

4,857

2,163

583

2016 2017 2018 2019 2020F 1H2019 1H2020

7,359

11,632

15,290

10,931

14,877

8,044

1,664

2016 2017 2018 2019 2020F 1H2019 1H2020

1,6592,062

3,279 3,3823,650

7951,177

2016 2017 2018 2019 2020F 1H2019 1H2020

22% 34% 29%28% 33% 27% 35%

30% 38% 35%41% 30% 35% (*)40% 23% 18% 21% 31% 10% 27%25%

CAGR 2016 – 2019: 14% CAGR 2016 – 2019: 26%

CAGR 2016 – 2019: 37% CAGR 2016 – 2019: 27%

2,228

4,791

5,748

3,819

5,651

2,4133,236

2016 2017 2018 2019 2020F 1H2019 1H2020

NET REVENUE, VND billion GROSS PROFIT, VND billion

EBITDA, VND billion NPAT, VND billion

FINANCIAL HIGHLIGHTS

Source: Financial Statements, as at 30 July 2020. (*) Revenue from sales of goods and rendering of services and transfer of projects.

4,165(*)

3636

15,128

24,44719,097

51,234 53,381

662

1,02412,026

5,9725,807

15,790

25,471

31,123

57,20659,188

2016 2017 2018 2019 1H2020

Others

Landbank

30,28940,345

50,081

71,195 76,6716,238

8,274

19,041

18,78422,109

36,527

48,619

69,122

89,97998,780

2016 2017 2018 2019 1H2020

Long-term Asset

Short-term Asset

3,337

6,639

12,315

6,4666,355

2016 2017 2018 2019 1H2020

10,047

12,754

19,970

24,461 24,641

2016 2017 2018 2019 1H2020

CAGR 2016 – 2019: 35% CAGR 2016 – 2019: 54%

CAGR 2016 – 2019: 25% CAGR 2016 – 2019: 35%

TOTAL ASSETS, VND billion INVENTORIES, VND billion

TOTAL EQUITY, VND billion TOTAL CASH & CASH EQUIVALENT, VND billion

BALANCE SHEET SNAPSHOT

Source: Financial Statements, as at 30 June 2020

3737

0.37 0.37 0.40 0.38 0.39

1.341.41 1.40 1.41

1.55

1.010.85 0.89

1.151.31

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 1 H 2 0 2 0

Total debt/Total assets Total debt/Equity Net debt/Equity

23

1421

31

71

2228

3429

36

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 1 H 2 0 2 0

Net profit margin Gross profit margin

3.58 4.23 4.40

8.64

1 H 2 0 1 7 1 H 2 0 1 8 1 H 2 0 1 9 1 H 2 0 2 0

2.021.79 1.79

3.793.52

0.970.66 0.68 0.74 0.80

2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 1 H 2 0 2 0

Current ratio Quick ratio

PROFITABILITY RATIO REMAINED HIGH, % FINANCIAL LEVERAGE RATIOS COMPLY WITH INTERNATIONAL PRACTICE, times

ADJUSTED INTEREST COVERAGE RATIO, times LIQUIDITY MAINTAINED AT A HIGH LEVEL, times

Adjusted EBIT = EBIT + Financial Income

KEY CREDIT METRICS


3838

PRESALES PERFORMANCE IN 1H2020

6,367

8,000

3,258

1,820

2019 2020F 1H2019 1H2020

SOLID PRESALES IN 1H2020 MOSTLY FROM AQUA CITY WITH AVERAGE TAKE-UP RATE ~ 95%

UNITS HANDED OVER CONTRUBUTED BY CENTRAL REAL ESTATE PROJECTS

37,217

66,544 69,773

79,778

31/12/2018 31/12/2019 31/03/2020 30/06/2020

STRONG UNBILLED BOOKING SECURES FUTURE REVENUE, VND billion

14% Q-o-Q

Unbilled contractual value recorded a 14% Q-o-Q increase during the period from March 2020 to June 2020, with strong presales from Aqua City andother residential projects.


39

PROJECT PINELINES AND HANDOVER TARGET IN 2020

TARGET HANDOVER PROJECTS IN 2020

Note: Approved by the GMS at 2020 AGM (June 05th, 2020)

NOVAWORLD HO TRAM

PROJECT PIPELINE

PROJECT NAME LOCATION

Project P District 2

Project T District 9

Other second home & integrated resort projects

Binh Thuan, Ba Ria – VungTau

THANK YOUNOVALAND GROUP

65 Nguyen Du Street, Ben Nghe Ward, District 1, HCMC, Vietnam

Tel. : +84 906 35 38 38

Email : [email protected]

Website : www.novaland.com.vn

mailto:[email protected]

http://www.novaland.com.vn/

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