Vinaland : VNL ZDP 2016 audited financial statements

VINALAND ZDP LTD.

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Company registered number: 57528

Page

Company information 2

Board of Directors 3

Report of the Directors 5

Statement of Directors' responsibilities 8

Independent Auditors' report 9

Statement of comprehensive income 11

Statement of changes in equity 12

Statement of financial position 13

Statement of cash flows 14

Notes to the financial statements 15

Notice of Annual General Meeting 24

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Directors

Michel Joris Carline Casselman (Chairman) Nicolas Charles Allen

Charles Nicolas Brooke Charles John Walter Issac

Daniel McDonald (resigned 25 September 2015) Tran Trang Kien (appointed 25 September 2015)

all of

Registered Office Mont Crevelt House Bulwer Avenue

St Sampson GY2 4LH

Guernsey

Sole bookrunner and financial adviser Edmond de Rothschild Securities (UK) Limited

4 Carlton Gardens London

SW1Y 5AA

United Kingdom

Solicitors to the Company (as to English Law) Wragge Lawrence Graham & Co LLP

4 More London Riverside London

SE1 2AU

United Kingdom

Advocates to the Company (as to Guernsey Law)

Carey Olsen Carey House Les Banques St Peter Port GY1 4BZ

Guernsey

Administrator

Jupiter Fund Services Limited Mont Crevelt House

Bulwer Avenue St Sampson GY2 4LH

Guernsey

Registrar

Capita Registrars (Guernsey) Limited PO Box 627

St Peter Port GY1 4PP

Guernsey

Company Secretary Jupiter Secretaries Limited

Mont Crevelt House Bulwer Avenue

St Sampson GY2 4LH

Guernsey

Independent Auditors PricewaterhouseCoopers Cl LLP PO Box 321

Royal Bank Place

GY1 4ND

Guernsey

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Receiving Agent Capita Asset Services Corporate Actions

The Registry

34 Beckenham Road Beckenham

Kent BR3 4TU United Kingdom

Michel Casselman. non-executive chairman

Michel Joris Carline Casselman. who is resident in Belgium, is the CEO of PMV. PMV is the investment company of the Flemish region, investing €1 billion in early stage companies, infrastructure and real estate across Flanders. Before joining PMV, he was a founding partner at AeroManS, managing private equity investments in aviation assets and served as Partner and CFO at Leeward, a private equity asset manager investing in SMEs in the Benelux and northern France. Prior to that, he worked for 13 years for Petercam SA, where he started in 1998 as a financial analyst and had several roles with the company. His last position was as Director of Petercam Services responsible for private equity investments. In this role he managed or directed investments in aviation and renewable energy, as well as investments in listed private equity funds in Asia (China, India and Vietnam). Mr. Casselman has over 20 years experience, including five years at a technology firm, now part of Oracle, where he started as a consultant and left as Director of Consulting Services. He holds two Masters degrees, in Mechanical Engineering and Financial Economics, from the University of Leuven in Belgium.

Nicholas Allen. non-executive director

Nicholas Charles Allen, who is resident in Hong Kong, is an independent non-executive director of CLP Holdings ltd and Lenovo Group ltd, and independent non-executive chairman of Link Real Estate Investment Trust. He is chairman of the audit committee for Lenovo Group Limited and a member of the audit committee of CLP Holdings ltd. Mr. Allen joined Coopers & Lybrand in 1977, relocating to Hong Kong with that firm in 1983. In 1998 Coopers & Lybrand merged to form PricewaterhouseCoopers, and Mr. Allen worked at PwC until his retirement in 2007. During his 24 years with PwC in Hong Kong, Mr. Allen was the partner-in-charge of the Consumer and Industrial Products Group, the Corporate Finance and Recovery Practice division, and the Hong Kong and China Assurance Practice. He is a fellow of the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants. Mr. Allen has a

B.A. from Manchester University in the United Kingdom.

Charles Nicholas Brooke. non-executive director

Charles Nicholas Brooke, who is resident in Hong Kong, is the Chairman of Professional Property Services Limited, a Hong Kong-based real estate consultancy that provides a select range of advisory services across the Asia Pacific Region. He is also Chairman of the Hong Kong Harbourfront Commission and was, until 2014, the chairman of the Hong Kong Science and Technology Parks Corporation. Mr. Brooke is a former President of the Royal Institution of Chartered Surveyors and a recognised authority on land administration and planning matters. He also sits as a Non-executive Director on the Boards of a number of public companies including Top Spring International, one of China's leading residential developers. Mr. Brooke was awarded the Silver Bauhinia Star in 2012 in recognition of his services to the Hong Kong community. He holds a degree in Estate Management and a Post Graduate Diploma in Business Administration from the University of London.

Charles Isaac. non-executive director

Charles John Walter Isaac, who is resident in Switzerland, is Managing Partner and Fund Manager at B&I Capital AG which he co-founded in 2007. B&I Capital AG manages funds that invest in listed Asian real estate securities. Previously, he was Senior Fund Manager and a member of Senior Management at Swisscanto Asset Management, and at Paribas Asia Equity (UK) ltd. He has over 20 years experience in fund management and real estate investment, and started his career at the private client division at Merrill Lynch in London. Mr. Isaac is a CFA charter holder, holds an MSc in Investment Management from City University Business School and an undergraduate degree in Psychology from the University of Newcastle upon Tyne.

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