Vietnam : CREST Settlement

VietNam Holding Limited ("VNH" or the "Company")

CREST settlement

The Board of VNH , an investment company with a diversified portfolio invested in Vietnamese equities, is pleased to announce that it has made arrangements that will enable the settlement of the Company's ordinary shares of US$1 each ("Ordinary Shares") in CREST in dematerialised depositary interest ("DI") form. CREST is a computerised paperless settlement system operated by Euroclear UK & Ireland Limited which allows securities to be held in uncertificated form and to be transferred by electronic means without the need for a written instrument of transfer.

The Ordinary Shares are not themselves eligible to be held or traded in the CREST system. Therefore, to enable the Ordinary Shares to be settled through CREST, DIs (which are independent English securities) representing the underlying Ordinary Shares will be constituted and issued to relevant investors by Capita IRG Trustees Limited (the "Depositary"). Previously, Ordinary Shares could only be settled electronically in uncertificated form through the Euroclear Bank S.A. ("Euroclear") and Clearstream Banking S.A. ("Clearstream") settlement systems.

The DIs will be issued under the same ISIN as the Ordinary Shares and will not require a separate admission to trading on AIM. DIs will also be issued on a one-for-one basis against the Ordinary Shares that they represent.

The Depositary will hold Ordinary Shares on trust for the underlying holders of Ordinary Shares and will be entered in the register of members of the Company as the holder of Ordinary Shares, but the beneficial interest and all rights in the Ordinary Shares will remain with the original investor.

Holders of Ordinary Shares in certificated form who wish to hold Ordinary Shares through CREST can transfer their holding to the Depositary, who will then issue to such holders DIs representing those Ordinary Shares. The DI holder will not receive a certificate evidencing the underlying Ordinary Shares.

It is expected that the DIs will be enabled for CREST settlement from 27 July 2015. The Ordinary Shares will also remain eligible for settlement in the Euroclear and Clearstream settlement systems after this date.

Holders of Ordinary Shares with any questions regarding CREST settlement should contact the Depositary on 0371 664 0335 if calling from within the UK or +44 (0) 203 471 2492 if calling from overseas.

Commenting on the CREST settlement Min Kupfer, Chairperson of VNH, said:

"The Board of VNH believes that the establishment of a mechanism to allow for the effective settlement of Ordinary Shares through the CREST system could help widen the Company's universe of investors and potentially enhance the liquidity of the Ordinary Shares."

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About VNH

VNH is a closed end fund with ordinary shares and warrants admitted to trading on the AIM Market of the London Stock Exchange. VNH's portfolio is actively managed by Vietnam Holding Asset Management Limited, an investment management company with offices in Ho Chi Minh City, Vietnam and Zurich, Switzerland which specializes in the development and management of Vietnamese equity funds.