VINH HOAN THE WORLD S LEADING PANGASIUS COMPANY

VINH HOAN THE WORLD S LEADING PANGASIUS COMPANY

INDUSTRY DYNAMICS Top 10 companies accounted for 54% value of Vietnam pangasius industry in 2016 US$m 300 250 200 150 100 50 251 134 102 101 80 61 58 54 45 45 Over 190 other companies 46% VINH HOAN (VHC) 15% BIENDONG 8% HUNG VUONG (HVG) 6% 0 Top 10 pangasius companies in Vietnam in 2016 GODACO 2% TRUONG GIANG 3% HUNGCA 3% AGIFISH (AGF) 3% 2016 Market share (%) Golden Quality 6% NAVICO (ANV) 5% I.D.I (IDI) 3%

VINH HOAN: LEADING PANGASIUS COMPANY SINCE 2010 Top pangasius exporters by value (USD mn) 2008 2009 2010 2011 2012 2013 2014 2015 2016 Navico 188 Hung Vuong 122 VHC 126 VHC 151 VHC 155 VHC 166 VHC 207 VHC 228 VHC 251 Hung Vuong 169 VHC 115 Hung Vuong 101 Hung Vuong 101 Hung Vuong 120 Agifish 113 Hung Vuong 140 Biendong 117 Biendong 134 VHC 101 NamViet 85 Anvifish 62 Agifish 84 Agifish 92 Hung Vuong 106 NAVICO 109 Hung Vuong 96 Hung Vuong 102 Agifish 90 Anvifish 57 Agifish 59 Anvifish 83.1 Anvifish 83 IDI 98 AGIFISH 85 Navico 93 Golden Quality 101

COMPARABLES Attractive multiples and lower leverage compared to peer companies 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x EV/EBITDA 25.0x 20.0x 15.0x 10.0x 5.0x 0.0x P/E NM NM 80% 70% 60% 50% 40% 30% 20% 10% 0% Total Debt/Capital % Note: Last twelve month basis Source: Capital IQ

20 YEARS OF GROWTH Vinh Hoan was founded Listed on HOSE Total processing capacity: 150MT/day Became the #1 pangasius company Started production of collagen & gelatin Design capacity: approx. 2,000 MT of finished products p.a Purchased Thanh Binh Processing capacity expected by end of 2017: 900 MT/day 1997 1999 2007 2008 2010 2014 2015 2016 2017 The first workshop s capacity: 100MT/day Total processing capacity: 450MT/day Purchased Van Duc Tien Giang Total processing capacity: 550MT/day Total processing capacity: 750MT/day New kabayaki line in VDTG, with capacity: approx. 2,000 MT of finished products p.a

OUR CORE VALUES 1. INTEGRATED BUSINESS MODEL 2. DIVERSIFIED PRODUCT PORTFOLIO 3. RENOWNED REPUTATION FOR QUALITY 4. SOLID AND EXPANDING CUSTOMER BASE 5. DEDICATED MANAGEMENT TEAM

CORE VALUES 1. INTEGRATED BUSINESS MODEL Hatchery Farm Processing Marketing and Sales Hatchery area: 75 ha Self-supply: approx. 40% of fingerlings Grow-out farming area: 400 ha Raw materials selfsupply ratios (approx.): Pangasius: 60% Barramundi: 100% Tilapia: 50% 7 processing facilities for fillets and value-added products 3 fish meal and fish oil facilities 1 collagen & gelatin factory Pangasius processing capacity: aprrox. 800 tons of raw materials/day Complete traceability along the supply chain to ensure food safety, quality and sustainability Ho Chi Minh City sales office International subsidiaries/branches in China, Singapore, and the US.

CORE VALUES 2. DIVERSIFIED PRODUCT PORTFOLIO Frozen fillets Pangasius Barramundi Tilapia Value-added products Ready-to-cook Ready-to-eat By-products Hydrolyzed proteins extracted from fish skin Fish oil Fishmeal Fish fins Fish nuggets Collagen Gelatin

CORE VALUES 3. RENOWNED REPUTATION FOR QUALITY Products quality is ensured by strict compliance with international farming standards and modern processing facilities Responsible & sustainable certifications First pangasius farm to receive ASC certificate in 2012 The largest ASCcertified farming area: 142ha First pangasius company to obtain BAP 4 star in 2015 Total BAP-certified farming area: 155ha Total GAP-certified farming area: 180ha Environmental, social responsibility and food safety standards

CORE VALUES 4. SOLID AND EXPANDING CUSTOMER BASE Over 180 customers in over 40 countries Canada 34% Europe EU 15% 15% US China (*) 37% 6% Japan (*) 19% Hong Kong 30% Latin America (*) 2% Australia 28% % of VHC export value over total Vietnam export value 2016 (*) Growing markets

CORE VALUES 4. SOLID AND EXPANDING CUSTOMER BASE Sales contribution of Top 10 customers 2016 2015 42% 52% Reduced reliance on key customers No. of customers 2016 9 25 180 2015 12 28 170 50% 70% 100% % of sales

CORE VALUES 5. DEDICATED MANAGEMENT TEAM The Founder and Chairwoman Mdm. Truong Thi Le Khanh- whose vision, innovations, and commitment has been the driving force behind the relentless growth of Vinh Hoan since its inception. A visionary, experienced and focused management team. Procurement Committee Remuneration Committee Shareholders Board of management Chairwoman Truong Thi Le Khanh Vinh Hoan Corp. General Director Nguyen Ngo Vi Tam Supervisory Board Internal control Vinh Welness Director Vinh Foods 3 Directors Vinh Aquaculture Director of Sustainability Finance Director Global sales and marketing Director Relationship Director Production Director Thanh Binh Director VDTG Director

GOING FORWARD...

GROWTH POTENTIALS Increasing demand for farmed freshwater fish as an affordable and sustainable source of protein World population 2050: 9.1bn Food supply: + 70% (*) Fish Production Projections: Aquaculture vs Capture Growth in world aquaculture production by species (2025 vs 2013-15) 50% 47% 48% 40% 39% 37% 30% 21% 50% 53% Avg 2013-15est 2025 CATFISH, EELS AND MILKFISH (INCL. PANGASIUS) CARP SHRIMP TILAPIA SALMON AND TROUT MOLLUSCS Aquaculture Capture for human consumption Charts data source: OECD/FAO (2016), OECD-FAO Agricultural Outlook, OECD Agriculture statistics (database), http://dx.doi.org/10.1787/agr-data-en. (*) FAO, How to feed the world in 2050 paper

GROWTH POTENTIALS Vietnam accounts for > 95% of the US catfish imports (1) 220 236.82 229.06 213 224.52 214.23 247.62 237.12 299 288 6 th most consumed seafood in the US in 2015 (2) Percentage of pangasius consumption/total seafood consumption per capita in the US in 2015: 5% CAGR of pangasius consumption (2011-2015): 20% 2012 2013 2014 2015 2016 Vietnam pangasius (US mn) Total US catfish imports (US mn) (1) Urner Barry Publications and U.S. Department of Commerce and Census Bureau (2) Source: The National Fisheries Institute, 2016

GROWTH POTENTIALS 4.75 4.5 4.25 4 3.75 3.5 3.25 3 2.75 2.5 2.25 2 1.75 1.5 USD/lb Pangasius remains in the top growth of farmed species thanks to its high productivity, competitive price, good taste, and vast applications Pangasius is native to sustainable aquaculture: Native to Mekong River Delta; Disease resistance; Low feed conversion ratio; Easy boneless filleting 4.5 4.5 4.5 4.5 4.5 4.38 4.35 Highly commercial: White fillets, firm and flaky flesh; Non-fishy, non-muddy taste, pleasing all ages; Easy to cook, fits every cuisine; Competitive price 4.3 4.3 4.3 3.05 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 2.98 3.03 3.02 2.95 3 2.9 2.9 2.83 2.75 2.68 2.7 2.65 2.7 2.65 2.7 2.65 2.7 2.65 2.7 2.65 2.7 2.65 2.7 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.35 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 2.15 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.61 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.65 1.67 1.7 JAN-16 FEB-16 MAR-16 APR-16 MAY-16 JUN-16 JUL-16 AUG-16 SEP-16 OCT-16 NOV-16 DEC-16 Pangasius, Vietnam, Fillet, Fz, 5-7 oz Haddock, Atl, IQF, Skin-on, 8/10 oz Tilapia Fil, Fz (IVP) Shall/Stand Skin, Chem Free, CN, 5-7 oz Haddock, Atl, IQF, Skin-on, 6/8 oz Tilapia Fil, Fz (IVP) Shall/Stand Skin, Chem Free, CN, 7-9 oz Saithe, Pollock, Sknls/Bnls, Iceland, Shatt 8-16 oz Cod Shatt (FAS), Skls/Bnls, Atlantic 16-32 oz Pollock, Fil, AK, Pacific, Sin Fz, Sknls/Bnls, Shatt, 4-6 oz Source: Urner Barry. All rights reserved 4.09 4

GOAL AND STRATEGIES Environmental and Economic Sustainability Branding Sales & Value-added Products Capacity Business Diversification Promote Free Trade

STRATEGIES 1. BRANDING In Aug 16, adopt new corporate identity with clear three-arm hierarchy to prioritize on each core business Deploy more efficient and consistent communication assets (e.g. company websites and social media assets)

STRATEGIES 2. SALES AND VALUE-ADDED PRODUCTS Increase footholds in existing markets and develop new markets In 2016, forged into 5 new markets in 2016, expanding sales network to 180 customers over 40 nations Entered Spain s largest supermarket chain - Mercadona s shelves in Dec 16 2016 (USD) 58% 16% 10% 5% 4% Develop other strategic sales channels 2015 (USD) 62% 17% 7% 5% 5% Develop value-added products (VAP) Sales Strategies USA EU China & Hong Kong Canada Australia Latin America Japan ASEAN Israel Market Breakdown 2016 vs 2015

STRATEGIES 2. SALES AND VALUE-ADDED PRODUCTS Increase footholds in existing markets and develop new markets Develop other strategic sales channels US Promote free trade of Vietnam pangasius Develop sales for barramundi and tilapia EU Increase market share in high-end segments Direct sales Branding Improve reputation Australia Direct sales Branding Expand sales of barramundi Develop value-added products Sales Strategies

STRATEGIES 2. SALES AND VALUE-ADDED PRODUCTS Increase foothold in existing markets and develop new markets Develop other strategic sales channels China Direct sales of premium products to retailers and restaurant chains Sales to foodservices Latin America Direct sales Promote product quality and food safety Japan Develop high-end segments Develop valueadded products Develop value-added products Sales Strategies

STRATEGIES 2. SALES AND VALUE-ADDED PRODUCTS Increase footholds in existing markets and develop new markets Develop other strategic sales channels 7 new VAD products in 2016: 1 ready-to-eat and 6 ready-to-cook. 2 ready-to-cook products made into final list for New Products award at 2 largest seafood tradeshows in Boston and Brussels. In Oct 16, launch new ready-to-eat (kabayaki grilled pangasius) processing facility in VDTG with capacity of nearly 2,000MT FPs p.a. On-going projects of developing families of kabayaki-related ready-tocook products. Develop value-added products (VAP) Sales Strategies (USDm) 2015 2016 16 vs 15 2017F 17F vs 16 Value-added products 2.5 3.4 36% 15 441% VAP Sales forecast

STRATEGIES 3. CAPACITY EXPANSION Raw material capacity Maintain self-supply ratio at approx 65%, in 2016: 64%. Prioritize expanding farming area certified with international farming standards (ASC, Global GAP, BAP): Vinh Aquaculture division specializes in training and supporting contracted farms to meet certification standards. Production capacity 2016 s capacity: approx. 750 MT/day, up 11% yoy Expand processing capacity for VAP: Kabayaki grilled pangasius line in VDTG: approx. 2,000MT p.a. Ready-to-cook products line in Dong Thap: approx. 120MT of raw materials/day In Jan 2017, purchased 100% shares of Thanh Binh Dong Thap (MT of raw materials per day) Additional capacity of Thanh Binh Dong Thap s 2 workshops 2017 Workshop No.1 2018 Workshop No.2 2019 Both workshops 150 150 50-100

STRATEGIES 4. BUSINESS DIVERSIFICATION Collagen & Gelatin Other seafood M&A The first company produces single-source collagen peptide and gelatin from pangasius skin In Jan 2017, purchased 100% shares of Thanh Binh Dong Thap Synergies: Location Human resources (direct labor, technical and managerial team)

STRATEGIES 5. PROMOTE FREE TRADE Promote free trade Track record of campaigning against unfair trade defence The only Vietnamese pangasius company enjoys 0% antidumping duty in the U.S market. Coordinator between NAFIQAD and professional consultant supporting NAFIQAD during the preparation phase for submitting equivalency documentation to USDA. Promote the industry Public education, digital marketing campaign, and other efforts to develop understanding about the industry

BUSINESS PERFORMANCE AND FORECAST (+12% yoy) 9220 7,304 6,307 6,493 5,095 4,228 CAGR: 15% 552 576 (+44% yoy) 950 832 26% 14% 334 331 CAGR: 26% 2012 2013 2014 2015 2016 2017F Net revenue (VND bn) 2012 2013 2014 2015 2016 2017F EBITDA (VND bn) 174 196 335 233 250 274 CAGR: 12% 22% 2012 2013 2014 2015 2016 2017F Total export value (USD mn) Expansion of farming area Expansion of processing capacity Total 2017F VND 260bn~USD 11.3mn VND 439bn~USD 19.1mn VND 699bn~USD30.4mn Capital Expenditure Plan

BUSINESS PLAN Revenue and Gross Profit Margin by Products Product Name Revenue (VND bn) Revenue (USD mn) Gross Profit Margin (%) Frozen pangasius fillets 6,682 291 17% Fishmeal, fish oil and other byproducts 1,577 69 1% Value-added products 198 9 27% Collagen, Gelatin 118 5 13% Fish feed 345 15 6% Other aquatic products (Shrimp, barramundi, tilapia) 300 13 14% Total 9,220 401 14%

SHARE INFO & SHAREHOLDERS STRUCTURE Outstanding shares: 92.3m Treasury shares: 0.2m Foreign ownership limit: 100% Current foreign ownership: 28% SHAREHOLDERS STRUCTURE (as of Nov 21, 2016) Others, 44.16% Mdm. Khanh, 49.32% Dragon Capital, 6.52%

Disclaimer This presentation contains forward-looking statements regarding the business operations and prospects of Vinh Hoan Corporation (the Company ) and industry factors affecting it. These statements are identified by words such as believe, anticipate, expect, estimate, intend, could, may, will, should, planned, potential, continue, momentum, forecast, and other words referring to events that may occur in the future. These statements reflect the Company s current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, each of which could cause actual results to differ materially from those indicated in the forward-looking statements. These factors could negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. Other risks and uncertainties regarding the Company, its business and the industries in which it operates are referenced from time to time in the Company s filings with the Ho Chi Minh City Stock Exchange. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Contact Vinh Hoan IR at: ly.nguyen@vinhhoan.com