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VIC - NON-RATED - Management upbeat about FY15 but results will only be realized on FY16 P&L - AGM Note

Management is looking at VND40-60tn residential sales in 2015, but the majority of the sold units will not be handed over until 2016. Q&A session centred on VIC’s foray into new businesses. Management’s rationale includes business synergies, assurance of long-term growth, and solidification of business resiliency against real estate’s volatility. FY15 guidance: VND30tn revenue (+8.2% vs FY14) and VND3tn PAT (before minority interest, -20.6% vs FY14).