28 April 2020

Vincom Retail Joint Stock Company

1Q2020 Performance

Confidential

IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not

guaranteed, has not been independently verified and may not contain all material information concerning Vincom Retail

Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the

basis for any investment decision or commitment whatsoever.

None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers

or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for

the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made

available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or

comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form

the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this

presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such

independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an

independent determination of the suitability, merits and consequences of investment in the Company.

This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown

risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s

current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of

forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”,

“estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative

thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are

not historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking

statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their

respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any

forward-looking statements as a result of new information or to reflect future events or circumstances.

Disclaimer

2

Confidential Confidential

1. Key Highlights

Confidential

Financial Performance – 1Q2020

4

Revenue from Leasing

VND1,449 billion 9.4%YoY

Note: Based on VAS Consolidated Financial Statements for 1Q2020

(1) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses

which include land lease costs but exclude management expenses allocated from parent company.

Gross Profit

VND759 billion 21.9%YoY

EBITDA

VND1,068 billion 11.1%YoY

Leasing NOI(1)

VND999 billion 13.8%YoY

Confidential

5

Operational And Marketing Highlights – 1Q2020

Selected Anchor tenants

(Expected opening June 2020)

2 marketing

campaigns

Vincom Center Pham Ngoc Thach reopened on

6 March 2020Occupancy 98%

Lunar New Year Campaign 2020

International Women's Day Celebration Campaign

1

2

8 million footfalls

100 million media reach

Confidential

VCC18%

VMM24%

VCP53%

VC+5%

Prime Urban and High Growth Areas in Key Cities Unique Multi-Format Retail Model

4 retail

formatsProven and scalable

retail development

platform

Vincom CenterLocation: City-center, CBD

Retail GFA: 40,000 – 60,000 sqm

No. of Malls: 7

Total GFA: 280,026 sqm

Vincom Mega MallLocation: In integrated, mixed-use projects

Retail GFA: 60,000 – 150,000+ sqm

No. of Malls: 3

Total GFA: 388,082 sqm

Vincom PlazaLocation: High-density, CDB of cities

ex. Hanoi and HCMC

Retail GFA: 10,000 – 40,000 sqm

No. of Malls: 54

Total GFA: 857,517 sqm

Vincom+Location: Medium-density, non-CBD

Retail GFA: 3,000 – 5,000 sqm

No. of Malls: 15

Total GFA: 71,936 sqm

(Segmentation by GFA)

Hanoi

10 Vincom Malls

5 Vincom Centers

2 Vincom Mega Malls

3 Vincom Plazas

Ho Chi Minh City

13 Vincom Malls

2 Vincom Center

1 Vincom Mega Mall

7 Vincom Plazas

3 Vincom+

North Vietnam (ex. Hanoi)

19 Vincom Malls

16 Vincom Plazas

3 Vincom+

Central Vietnam

20 Vincom Malls

13 Vincom Plazas

7 Vincom+

South Vietnam (ex. HCMC)

17 Vincom Malls

15 Vincom Plazas

2 Vincom+

Key Cities

79Operational

Malls

43Cities/

Provinces

~1.6mmRetail GFA

(sqm)

Note: As at 31 March 2020

Solidified Position As Dominant Retail Platform In Vietnam

Distinguished retail formats and focused on wide range of lifestyle oriented consumers

6

158+Operational

MallsBy 2026

~5.0mmRetail GFA

(sqm)

Confidential

● VinPro closure has impact of c.5.3% on blended OCC

- VCC not affected while VMM, VCP and VC+ saw

decrease in occupancy rate

● There was no material tenant contract liquidation in 1Q2020

Key Operational Metrics

7

(‘000 sqm) 1Q2019 1Q2020 Change (%)

Vincom Center 246 280 13.8

Vincom Mega

Mall(1) 395 388 1.8

Vincom Plaza 751 858 14.0

Vincom+ 63 72 15.0

Total 1,455 1,598 9.7

1Q2019 1Q2020 Change (bps)

Vincom Center 90.9% 92.1% 1.2

Vincom Mega Mall 90.5% 87.6% 2.9

Vincom Plaza 88.5% 82.2% 6.3

Vincom+ 84.5% 76.5% 8.0

Total 89.2% 84.9% 4.3

Note: As at 31 March 2020

(1) Due to re-categorizing some shop-offices from Investment Property to Inventory for sales

Retail GFA Average Occupancy

Confidential Confidential

2. Operational Update

Confidential

Timeline and Number of cases

Source: chinhphu.vn, CBRE Research, 1Q 2020

Suspended entry for

all foreign nationals

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Daily confirmed cases Total number of confirmed cases

Strict nationwide

social distancing

extended to 22 April

Strict nationwide social

distancing easing on April

23 in most cities and

provinces

8 Vincom malls in Low

risk provinces resumed

on April 18

Most Vincom

malls reopened

on April 23, and

all reopened on

April 24

Suspended all flights between

Korea and Vietnam

Hanoi & HCMC shut down

bars, karaoke

Suspended all visas

and entry for

travelers from 27

European countries

HCMC closed

restaurants, gyms, spas

Strict nationwide

social distancing for

15 days

Patient

N17

Phase 1: Beginning

Feb 5 – Mar 5

● 16 patients and all were

cured from Covid-19

● No new confirmed cases for

21 consecutive days

● On Mar 6, Patient 17 started

the second phase of Covid-

19 breakout

● Footfall: decreased 30%

compared to the same

period 2019

Phase 2: Breakout

Mar 5 – Mar 27

● # of new cases increased to

200

● Most were imported from

overseas

● Footfall: decreased 54%

compared to the same period

2019

● Reduced operating hours:

11am – 9pm

Phase 3: Social Distancing

Mar 28 – Apr 22

● Apr 1 – 15: mandatory social

distancing nationwide;

temporary closure of all 79

malls (non-essential stores

were closed). Essential-only

stores remained opened:

(VinMart supermarkets,

Medicare, and banks)

● Social distancing was extended

to Apr 22 for 10+ cities

● April 23: social distancing

order was lifted

Status of operations

● As of April 24, all 79 malls nationwide reopened

● Reduced operating hours:

Weekday: 11am – 9pm (Previously 9.30am – 10pm)

Weekend: 10am – 9pm (Previously 9.30am – 10pm)

• As the situation is more stabilized, Vincom Retail will

resume normal operating hours.

• Footfall: during April 23-26 right after reopening, average

FF is ~50% compared to the same period last year.

Updates on Impact of Covid-19

Confirmed Covid-19 cases in Vietnam9

Confidential

10

Customers

Tenants

Employees

Shareholders

Ensure a safe shopping environment:

● Disinfect stores and entire mall every week, disinfect all contact

surfaces in the mall every 2 hours. Provide hand sanitizer in all stores.

● Thermal screening of 100% staff and customers. 100% staff and

customers wearing masks in the mall

● By April 15: Total support package of VND 600b (USD 25.5m)

● Connect tenants with online service providers and online platforms:

~48,000 vouchers issued by tenants via VinID app. Supported ~170

tenants with online sale. cooperated with OneID, Grabfood, Now

● Reallocate workforces, adjust shifts

● Provide employees on leave with partial pay (70% monthly payment)

● Deploy work-from-home protocols, enforce effective work program to

reduce OT and excessive expenditures

● Preserve cash to support operations during the impacted period

● Implement maximum cost saving measures at all organization levels

● Revisit investment plan to ensure financial viability in near-term

Public engagement

Together WIN COV with

Vincom

Creative video campaign on social media

to spread positivity and inspiration

3 million media reach

Our initiatives during Covid-19

Confidential

On 24 January 2020, Vietnam activated the Public Health Emergency Operations Centre to coordinate all information and

direction to control the outbreak, right after two Covid-19 infection cases were confirmed on 23 January 2020 and much earlier

than WHO’s recommendation

Since then, the Government of Vietnam has ordered strict and vigorous application of infection prevention and control measures

since the first confirmed cases

Vietnam continues to ensure that it is well prepared for a potential increase in demand for healthcare facilities by enhancing

surveillance of its health care facilities and community

In addition, efforts to communicate the risks information on measures for the prevention and control of Covid-19 to the healthcare

and public communities have been greatly strengthened

The Government of Vietnam also continues to ensure good and transparent public communication to retain public’s trust

As of 28 April 2020, the Covid-19 situation has been relatively under control with 270 confirmed cases, 225 recovered cases and

0 death. It is also the 10th consecutive day that Vietnam does not have any new confirmed cases except for 2 new cases from

overseas. Vietnam is one of the three countries in the world that have more than 200 confirmed cases without any death so far.

11Source: WHO, MOH, public information.

1

2

3

4

5

6

Early, decisive and effective actions by the Government of Vietnam is expected to help Vietnam resume its normal operations

sooner than other countries

Effective Management of the Covid-19 Situation in Vietnam

Confidential

12 Source: FactSet, EIU, public information.

(Indexed chart)

1.6 1.9

6.8

9.9

2016 2017 2018 2019

(Trade surplus, US$ bn)

50.3

48.4

45.9

42.2

2016 2017 2018 2019

(Public debt as % of GDP, %)

36.5

49.155.5

72.9

2016 2017 2018 2019

(Foreign exchange reserves, US$ bn)

Vietnam enjoys strong and stable macroeconomic fundamentals which will not only give it considerable flexibility to absorb any

external or fiscal shocks due to Covid-19 impact, but also enable the Government to provide necessary concession or subsidy

to help the companies and its people to withstand the present situation

Vietnam’s exchange rate has been among the most stable in the region Continued strong trade surpluses

Stable Vietnam Macroeconomic Developments

Steady growth in foreign exchange reserves Improving fiscal position over the years with falling % of public debt

80

90

100

110

Apr-19 Jun-19 Jul-19 Sep-19 Oct-19 Dec-19 Jan-20 Mar-20 Apr-20

Vietnam Dong per U.S. Dollar Malaysia Ringgit per U.S. DollarThailand Baht per U.S. Dollar Singapore dollar per U.S. DollarIndonesia Rupiah per U.S. Dollar Philippines Peso per U.S. Dollar

(2.29%)(0.95%)

(5.21%)(4.63%)

(8.99%)

1.69%

Confidential

13

Potential benefits from government’s supporting policies

Tax Interest Rate ElectricityTAX

April 8, 2020

Government issued Decree 41/2020 / ND-CP

on extension of payment of Value-Added

Tax (VAT), Corporate Income Tax (CIT),

Personal Income Tax and land rental:

1. Deferred tax payment of CIT and VAT for

the months of April-July and the following

5 months.

2. Deferred land rental payment in the first

period of 2020 (due on May 31, 2020) for

5 months.

March 13, 2020

The State Bank of Vietnam issued Circular

01/2020-TT-NHNN on exemption and

reduction of interest rates to support

businesses affected by Covid-19 pandemic.

1. VCR now has outstanding debt of VND 2.6

trillion (USD 110.6m) with interest rate of

9.8% p.a.

2. VCR has sent official request letter to the

bank to sign up for 1.5% pa reduction in

interest rate

.

April 12, 2020

The government announced its agreement

with the Ministry of Industry and Trade's

proposal to reduce electricity price for the

period of April - June

Estimated increase in cashflow of

VND 483b (USD 20.5m) during the

4 months April-July of deferred tax

payment and land rental payment

Expected at least 0.5% pa

reduction in interest rate.

Saving of VND 6.5b (USD 277k)

interest expenses in minimum

Estimated saving of VND 10.8b

(USD 460k) electricity cost

Confidential Confidential

3. 2020 Strategy Plan

Confidential

0%

4%

8%

12%

16%

20%

0

30

60

90

120

150

2019 2020FBefore

Covid-19

2020FCase 1

2020FCase 2

Rent CBD Rent Non CBD

Vacancy Rate - CBD Vacancy Rate - Non CBD

0%

10%

20%

20

25

30

35

2019 2020FBefore Covid-

19

2020FCase 1

2020FCase 2

Rental rate Occupancy rate

6.7%6.2%

3.0%

5.1%

1.4%

4.4%5.0%

2.0%

-1.0%

3.8%

-1.2%-2.0%

Vietnam Philippines Thailand Indonesia Singapore Malaysia

Pre Covid-19 Post Covid-19

15

2020 Market Outlook

Key retail trends

2020 GDP growth forecast Hanoi retail and vacancy forecast HCMC rental and vacancy forecast

● Brick and mortar remains

the primary way to

reach consumer

● Retailers will continue to

invest in physical stores

● Several new overseas

brands are expected to

enter Vietnam in 2020

● Entertainment and

experienced based

retailers are expected to

be a stronger demand

in 2020

● Malls are seen to

incorporate features

such as virtual

reality zones, smart

pick-up, experienced

based restaurants

● Live streaming is an

increasingly popular

strategy to market

products

● Retailers are required to

make significant

investments in technology

and logistics facilities to

improve fulfilment

capacity

● This segment of

population drives the

increasing spending in

entertainment, fashion

and F&B

● This trend is expected

to continue in the

coming years

● Building management are

expected to continue to

ensure high standard of

cleanliness post outbreak

● Features like temperature

check may become

standard procedure

during the flu season

● Retailers are advised to

invest in customer

analytics tools to better

understand customer

behaviour and tailor

service offerings

Brick and

mortal retail

remains upbeat1

Retailers venture

into omni-channel

strategy2

Shopping malls

continue to evolve

into activity centres3

Young population

to drive lifestyle

retail expansion4

Customisation

set to emerge as

key focus5

Stronger emphasis

on hygiene and

sanitation6

Note: Rental rate recorded on ground & first floor, exclusive of VAT and service charge

Case 1: COVID-19 contained by June 2020

Case 2: COVID-19 contained by September 2020

Source: CBRE Research, Q1 2020

COVID-19 impact

Rental rate (US$/sqm)/month Vacancy rate(%)Rental rate (US$/sqm)/month Vacancy rate(%)

Vietnam economy remains resilient amidst Covid-19 outbreak and projected to be the least impacted in the region

COVID-19 impact

Confidential 16

2Q 2020 Plan

Tenants review and lease plan

● Engage in tenant discussion regarding

difficulties after resuming businesses in

order to offer appropriate policies

● Continue lease plan for 3 projects

including Vincom Mega Mall Ocean

Park.

Large stimulus and promotional

campaign post-Covid-19

● Launch stimulus and promotional

campaign “Victory presents –

Proudly Vietnam” (May 2020)

● Launch Summer Campaign (June

2020) and Vietnam Red Sales

Carnival 2020 (July 2020)

Upgrade IT infrastructure

● CRM: Management of centralized

database and leasing activities,

Management of operational activities

● FM: Assets management, Maintenance

and Renovation, Supplies

management and Mobile App,

Management of warranty information

Tenants Mix

Chain tenants commit to expand in

Vincom malls in 1Q2020New tenants

Chain tenants in negotiation for

network expansion

ACFC+3 +1+1

+3+3 +3 +5

+5 +2 +4

Confidential

2020

2026

17

2020 Plan and Development Roadmap Until 2026

2017

(IPO)2019 2020 … 2026

2017-20

CAGR

2020-26

CAGR

# of malls 40 79 82 … 158 27% 12%

GFA

(‘000

sqm)

1,120 1,600 1,770 … 5,000 17% 19%

Cities/

provinces

covered

24

(38%)

43

(68%)

43

(68%)…

63

(100%)

Target mall network

Strategy

In light of the current pandemic, we will delay the launch of 7 out of 10 malls originally scheduled to open in 2020 to 2021

For-sale business is expected to quickly pick up due to pent-up demand after Covid-19

Vincom Retail has identified a strong pipeline to follow nationwide expansion strategy, anchored around marque mega mall projects

1. Nationwide expansion strategy to reach 158+ malls, representing 5m sqm GFA and cover all of 63 cities and provinces by 2026

2. Solid pipeline of 79+ projects, all of which have been identified and paperwork are under way

3. Portfolio expansion anchored around 18 mega malls located in Hanoi, HCMC and select top tiers cities, and Vincom plazas in CBD area of 2nd tier cities

4. Selected upgrades (from VC+ to VCP and VCP to VCC) when supported by local market conditions

5. Opportunistic M&A strategy to complement organic development by securing attractive locations in top-tier cities

VCC10%

VMM51%

VCP37%

VC+2%

Expected format breakdown by 2026

Total GFA

(sqm):

5.0 mm

Confidential

Liquidity Position is Healthy, Management is Focused On Preserving Cash

18

Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 1Q2020

Note: (1) i. EBITDA is accumulated EBITDA in 12 months up to the reporting date; ii. Interest expense is accumulated interest expense in 12 months up to the reporting date; iii. Net Debt =Total Debt – Total Cash, Cash equivalents

&ST investment where ST investment includes termed deposits under VAS

Healthy Credit Metrics(1)

● Credit metrics remain healthy, reflecting the

company's low leverage and stable earnings

● VRE is fully compliant with outstanding borrowings

which often contains standard customary covenants.

No covenants related to EBITDA

0.52x

0.11x

0.54x

Debt/EBITDA Net Debt/EBITDA

31-Dec-19 31-Mar-20

18.0x 17.0x

EBITDA/Interest Expense

18

1. Covenants • Local loans and bonds do not carry any covenants linked to EBITDA

2. Cost Initiatives ● Reduce non-essential expenses such as Advertising & Promotion and variable expenses such as utility costs

● Reduce operating hours of retail malls nationwide

● Rotate shifts to utilize human resources

● Apply for deferral in VAT, CIT, annual land fee payments, and lower interest rate from bank as a part of the government’s support on

Covid-19 impact

3. Capex • Defer new mall construction and mall renovation

• Delay non-essential maintenance and renovation

• Delay some non-essential digitalization/transformation phases that do not affect operations

-0.06x

Confidential Confidential

4. Financial and Capital

Management Update

Confidential

Figures in VND billion 1Q 2019 1Q 2020 Change (%) Commentary

Leasing of Investment

Properties and Rendering of

Related Services1,599 1,449 9.4

In 1Q2020 VRE issued part of the supporting package of

VND300 billion (USD12.7m) for tenants in our retail malls

nationwide who are impacted by Covid-19.

Sale of Inventory Properties 601 201 66.6In 1Q2019, VRE delivered units in a big project Shophouse

Ca Mau.

Other revenue 83 36 57.3

Total Revenue 2,284 1,686 26.2

Gross Profit(1) 972 759 21.9 Decreased in accordance with decreased in revenue

Operating Profit / (Loss) 771 575 25.4

Profit / (Loss) before Tax 778 619 20.4

Profit / (Loss) after Tax for

the Period611 492 19.5

Profit / (Loss) after Tax

and Minority Interest612 492 19.6

Financial Performance In 1Q 2020 vs 1Q 2019

20

Note: VAS Consolidated Financial Statements for 1Q2020

(1) Gross profit already subtracted D&A relating to investment properties under VAS.

Confidential

1,905

2,4042,851

612 492

2017 2018 2019 1Q2019 1Q2020

3,089

3,829

4,955

1,159 999

2017 2018 2019 1Q.2019 1Q.2020

21

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 1Q2020

(1) Depreciation and amortization relating to investment properties is below the graph and should be added back (to Gross Profit) under IFRS. Since 2018, “Other” segment includes results from management of Da Nang condotels

which was incurring loss as the property was still ramping up after launch in May 2018.

(2) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which

include land lease costs but exclude management expenses allocated from parent company.

VNDbn

Total Revenue Gross Profit(1)

VNDbn

Financial Performance

4,4555,506

7,017

1,599 1,449

951

3,4332,027

601 201

112

185 215

8336

5,518

9,124 9,259

2,284 1,686

2017 2018 2019 1Q2019 1Q2020

Leasing of Investment Properties Sale of Inventory Properties Other revenue

2,342 2,882

3,752

870 668

411

806

735

140 135

48

(47)

(84)

(38)(44)

2,801

3,641

4,404

972 759

2017 2018 2019 1Q2019 1Q2020

Leasing of Investment Properties Sale of Inventory Properties Other revenue

50.8% 39.9% 47.6% 42.6% 45.0%

Gross Profit Margin (%)

Leasing Net Operating Income (NOI)(2) Profit After Tax and Minority Interest

VNDbn VNDbn

Depreciation & amortization of investment properties (VNDbn)

829 1,042 1,331 320 339

Leasing NOI Margin (%)

69.3% 69.5% 70.6% 72.5% 69.0%

Confidential

22

VNDbn

Total Assets Total Borrowings, Cash and Cash Equivalents

Balance Sheet

Total Equity (Net Debt / (Net Cash))(4) / Equity

VNDbn

VNDbn VNDbn

21,481 27,773 28,718 28,677

16,652 10,911 7,121 8,238

38,133 38,684 35,839 36,916

31-Dec-17 31-Dec-18 31-Dec-19 31-Mar-20

Investment Properties and Investment Properties Under Construction Other Assets

5,974

2,780 2,785 2,786

4,095

3,133

2,177

3,093

31-Dec-17 31-Dec-18 31-Dec-19 31-Mar-20

Total Borrowings Cash and Cash Equivalents

26,094 28,509

26,954 27,446

31-Dec-17 31-Dec-18 31-Dec-19 31-Mar-20

7.2%

-1.2%

2.3%

-1.1%

31-Dec-17 31-Dec-18 31-Dec-19 31-Mar-20

(3)

(3)

(2)

(2) (2)

(1)

Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 1Q2020

(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreciation and amortization and are not fair valued

(2) Decline in other assets, cash and cash equivalents, total equity as well as increase in gearing ratio as of 31 December 2019 was due to the payment of cash dividends of VND 2,445bn declared in April 19 and buy back 56.5

mil treasury shares completed in December 2019

(3) Cash and Cash Equivalents include loan receivables

(4) Net Debt / (Cash) = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalents + ST Investments + Loan receivables).

Confidential Confidential

Appendix

Confidential

Bridging VAS to IFRS

Note: Based on VAS Consolidated Financial Statements for 1Q2020 and conversion to IFRS by management, excluding impact from Investment Property and Investment Property Under Construction (IP/IPUC) revaluation

gain/loss

Unit: VND Billion

VAS

1Q2020

Adj. IFRS

1Q2020

Commentary on Adjustments

Leasing revenue and other related

services1,449 34 1,483

Realized unearned revenue of deposit from customer in relation to

amortization of deposit

Sale of inventory properties 201 201

Other revenue 36 36

Total revenue 1,686 34 1,720

Cost of leasing activities and other related

services(781) 361 (421) Mostly depreciation of malls included in VAS; excluded under IFRS

Cost of inventory properties sold (66) (66)

Others (79) (79)

Cost of goods & services (927) 361 (566)

Gross profit 759 395 1,153

Selling expenses (61) (61)

General and administrative expenses (90) 18 (72) Amortization of Goodwill included in VAS; excluded under IFRS

Other income 45 45

Other expense (1) (1)

Finance expense (79) (142) (222) Amortization of deposit from customer

Finance income 47 127 174 Amortisation of deposit under BCC and deposit from customer

Profit before tax 619 398 1,018

Tax expense (127) (2) (129)

Profit after tax 492 396 889

24

Confidential

25

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