Vietjet Aviation Joint Stock Company Key Highlights –2018 Business results

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INFORMATION CONTAINED IN OUR PRESENTATION IS INTENDED SOLELY FOR YOUR REFERENCE. SUCH INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE, ITS ACCURACY IS NOT GUARANTEED AND IT MAY NOT CONTAIN ALL MATERIAL INFORMATION CONCERNING THE COMPANY. NEITHER WE NOR OUR ADVISOR MAKES ANY REPRESENTATION REGARDING, AND ASSUMES NO RESPONSIBILITY OR LIABILITY FOR, THE ABILITY, THE ACCURACY OR COMPLETENESS OF, ANY ERRORS OR OMISSION IN, ANY INFORMATION CONTAINED HEREIN. IN ADDITION, THE INFORMATION MAY CONTAIN PROJECTIONS AND FORWARD-LOOKING STATEMENT THAT REFLECTS THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE. THESE VIEW ARE BASED ON CURRENT ASSUMPTIONS WHICH ARE SUBJECT TO VARIOUS RISK FACTORS AND WHICH MAY CHANGE OVER TIME. NO ASSURANCE CAN BE GIVEN THAT FUTURE EVENTS WILL OCCURS, THAT PROJECTIONS WILL BE ACHIEVED, OR THAT COMPANY ASSUMPTIONS ARE CORRECT. ACTUAL RESULT MAY DIFFER MATERIALLY FROM THOSE PROJECTED. THIS PRESENTATION IS STRICTLY NOT TO BE DISTRIBUTED WITHOUT THE EXPLICIT CONSENT OF THE COMPANY'S MANAGEMENT UNDER ANY CIRCUMSTANCES.

1

2012-2017 Inbound Tourism CAGR (%) 2012-2017 Historical Passenger Traffic CAGR (%)

2

Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific

Highest growth in air passenger traffic and inbound tourism

Air passenger traffic growth Inbound tourism growth(1)

Source: Euromonitor, EIU; Note: (1) Refers to number of non-resident visitors who travel to the country for a period not exceeding 12 months for non-commercial related activities

28.9%

11.5%

11.1%

10.4%

10.1%

8.1%

5.9%

5.0%

4.2%

3.9%

2.5%

2.2%

Vietnam

China

Thailand

South Korea

India

Malaysia

New Zealand

Philippines

Indonesia

Singapore

Australia

Japan

Asia Pacific Avg.: 8.7%

8.7% 8.6%

6.9%

6.5%

3.1%

2.0%

Vietnam Thailand Philippines Indonesia Singapore Malaysia

2

-

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

40% 45% 50% 55% 60% 65%

6.9%

3.0% 2.9%

2.0%1.6%

0.6%

-

1%

2%

3%

4%

5%

6%

7%

8%

VN MY PH TH ID SG

Large upside potential with low LCC penetration Demonstrated growth in private consumption

A powerful consumer economy(1) One of the fastest growing SEA economies

(2016-2018e GDP CAGR)

(2012-2018e private consumption per Capita)

Highest forecasted growth in personal disposable income

3

Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific

Vietnam is supported by strong fundamentals

Source: EIU, CAPA, Euromonitor; Note: (1) Population size is proportional to size of country flag

Large population estimated to reach 96.5 million in 2018

Young population with a sizable 25.9% between 20

and 34 years of age

Lengthy topography lacking effective road / rail connectivity

Low air travel penetration

Growing tourism industry

Emergence of LCC as an affordable option

+

Large LCC market with significant growth opportunities

+

+

+

+

+

6.7% 6.7%

5.6%5.2%

3.9%

3.3%

-

1%

2%

3%

4%

5%

6%

7%

8%

VN PH MY ID TH SG

1.7

38.8

28.8 25.9

14.9

9.5

4.7 2.6 2.1

-

5

10

15

20

25

30

35

40

45

VN SG AU US UK MY TH ID PH

2012-2

018e D

isp

osab

le I

nco

me

pe

r C

ap

ita

CA

GR

(%

)

% of Population in Workforce (%)

LCC Seats /

‘000 people

383 4,627 1,901 1,103 2,729 1,746 1,018 379 335

# aircraft / million people

High growth in personal disposable income

3

Travel is substantially faster and more efficient by air compared to bus and rail as a result of

Vietnam’s terrain. For example, a flight from HCMC to Hanoi takes c.2 hours compared to c.34 –

35 hours for bus and rail

As income levels rise and air fares decrease, people are expected to continue to switch from bus

and rail to air travel

Low cost air travel has also made flying a viable option for the masses

With more than 40% of the population in the 25-59 years working class age band and increasing

inter-city travel demand as the national economy develops, air travel is expected to gain in

popularity and prevalence over other modes of transport

4

Air travel is the most efficient means of transportation in Vietnam

Air travel is the most cost effective mode of transportation(1)

stimulates airline travel and captures market share from other modes of transport such as bus and rail due to the advantages of air travel vis-à-vis land transport

Travel modes

HCMC – Hanoi HCMC – Danang

Time (hrs) Fare (VND) Fare (USD) Time (hrs) Fare (VND) Fare (USD)

Air(2)

2:05 961,000 44(3) 1:20 615,000 28(4)

Bus 35:00 861,385 39 15:30 405,458 19

Rail 34:00 1,066,278 49 17:00 616,833 28

Source: SAP Independent Industry Report, IMF; Note: (1) Bus and rail fares shown are based on average fares for travelling on 1 Mar 2016 and 1 Apr 2016, as of 1 Feb 2016; US$1:VND 21,890, (2) Airfare refers to average VietJet ticket base fares for FY2015, (3) Base airfare excludes other ancillary fee of USD8.3; total gross fare of USD52.3, (4) Base airfare excludes other ancillary fee of USD7.4; total gross fare of USD35.4

Hai Phong

Thanh Hoa

Vinh

Dong Hoi

Hue

Da Nang

Buon Ma Thuot

Quy Nhon

Nha Trang Da Lat

Phu Quoc HCMC

Can Tho

Pleiku

Chu Lai

Tuy Hoa

Hanoi

Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific

Allowing air travel to become a more accessible and efficient mode of transportation

4

37%

48%

13% 2%

5

Air Transport Masterplan

US$10.5bn commitment to develop airport infrastructure across the country, increasing the number of operational airports from 22 to 26 by 2020

Vietnam domestic market share % air passenger volume(2)

Key government incentives to support VietJet

Highly concentrated domestic markets, effectively a duopoly

Changes in regulations to support the airline industry

Minimal foreign competition as no foreign airlines permitted to operate domestic routes

Source: CAPA, SAP independent industry report; CAAV, Ministry of Transportation Republic of Indonesia, Civil Aviation Authority of the Philippines, Department of Civil Aviation (DCA) of Thailand, Axis Research Ltd. report dated July 2015; Note: (1) Market share by capacity as of week commencing 31 Dec 2012, 30 Dec 2013, 29 Dec 2014, 28 Dec 2015, 26 Dec 2016, 25 Dec 2017 and 27 Aug 2018 respectively, (2) CAAV data: Passenger Market share for H1 2018

Reduction in Fuel Supply Monopoly

Petrolimex Aviation JSC (Petrolimex Aviation) was permitted to supply air fuel in August 2009, ending monopoly by Skypec, a Vietnam Airlines owned company

Decree 92 on transfer of

shares in airlines to foreigner

Only CAAV / MOT approval (as opposed to PM’s previously) would be required for the first-time transfer of shares to foreign shareholders, opening the door for investor participation in airlines

However, investment opportunities in Vietnamese airlines are limited as the remaining 3 airlines are state-owned

Foreign ownership limit at 30% and largest shareholder must be Vietnamese

Changes in regulations to support the airline industry

Historically struggled airlines

Two other domestic airlines in the past went bankrupt (Mekong Air and Indochina Airlines) and their licenses have been withdrawn

Potential new entrants

Although the Government is open for new entrants, no new airlines entered the market since 2011

No foreign airline is permitted to operate domestic routes, which allows local airlines like VJC to enjoy the growth of local market

Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific

Domestic market leader with strong government support

“Viet Nam regards the private sector as a development force”

–Mr. Nguyen Xuan Phuc, Prime Minister

5

5

27

37 37

Vietnam Indonesia Thailand Philippines

# of AOCs (Air Operator’s Certificate excludes General Aviation)

5

27

37 37

Vietnam Indonesia Thailand Philippines

6

(# aircraft)

(average age of aircraft fleet)

Youngest fleet in APAC

Young fleet with large growing order book

Young, modern and fuel efficient fleet, driving lower maintenance & fuel cost in the long

term

Source: Company Information; Note: (1) Based on latest reported financial year

Significant fleet growth with sizeable orderbook

Asia(1) Europe / Middle East(1)

Average: 5.78 years Average: 5.46 years

50 66

78 90

102 114

126 8

18

49

74

97

116

50

74

96

139

176

211

242

-

50

100

150

200

250

FY17 FY18 FY19 FY20 FY21 FY22 FY23

VietJet VietJet Affiliates

6

2.82

FY2018

Key Highlights

Carried 23.1m passengers 2018, an increase of 33.5% vs. 2017 (17.3m).

Capacity 2018 achives 26.2 m seat flown, increase 36% vs. 2017 (19.2m).

Vietjet operate 105 routes in 2018 including 39 Domestic routes and 66 International routes, compared

with 38 Domestic routes and 57 International routes in Q4 2017.

Airline Revenues 2018 achieve 33,815 bil VND, increased 49% vs. 2017 (22,644 bil VND).

Operating Profit of Air Transportation 2018 reached 4,748 bil VND , 43% higher than that 2017(3,311 bil

VND).

Load Factor is maintained at high figure with nearly 88.06% in 2018.

Achieve the high technical reliability of 99.61% among top Airlines in Asia Pacific region.

Avg. Price of Fuel Jet A1 2018 is 84.9 USD/barrel, 29% increased compared with that in Dec-2017 (65.7).

Ranked among the world's 50 best airlines (in the 22nd) by Air Finance Journal.

Vietjet is in VN30, Top 10 of capitalization in stock market.

Leading on Domestic Airline market share.

Fx. rate as at 31/12/2018 is 23.070 VND/USD, compared with 22.766 VND/USD in 31/12/2017.

7

Operating statics

Modern and young fleet with

average age of 2.82 years

comprising 23 Airbus A320s and 34

A321s and 7 A321NEO as of Dec

2018.

Operated an extensive network of

39 domestic routes and 66

international routes, services as of

Dec 2018.

Pax Carried: 23.1m passengers

2018, increased 33.5% vs 2017.

Vietjet operated a total of 118,555

commercial flights 2018 (regular),

increased 22% vs 2017 (97,300

flights).

8

22,62

8

31,77

4

YTD2017 YTD2018

ASK (million)

157,7

68

207,7

94

YTD2017 YTD2018

Total FH (hours)

200,1

29

261,6

39

YTD2017 YTD2018

Total BH (hours)

13.82

14.18

13.5

13.8

14.0

14.3

YTD2017 YTD2018

Ultilization (BH/AC per day)

Total sector flown (‘000)

52 64

2017 2018

Number of Aircraft EOP

Total passengers flown of VJC (m pax.)

97.3 118.6

YTD2017 YTD2018

17.3 23.1

YTD2017 YTD2018

Best Class In Operating Performance – YTD (*)

Airline Revenues achieve

33,815 bil VND, increase

49% vs. 2017 . As result,

Airline PBT achieve 3,019 bil

VND, increased 48% vs.

2017.

Consolidated Revenues

achieve 52,388 bil VND,

increase 24% vs. 2017. As

result, Consolidated PBT

achieve 5.829 bil VND,

increase 10% vs. 2017.

9

Unit: Billion VND

Consolidated Revenues

42,303

52,388

0

20,000

40,000

60,000

YTD 2017 YTD 2018

5,302 5,829

-

2,000

4,000

6,000

8,000

10,000

YTD 2017 YTD 2018

Consolidated Profit before Tax

Airline Revenues

22,644

33,815

0

10,000

20,000

30,000

40,000

YTD 2017 YTD 2018

Airline Profit before Tax

2,045

3,019

-

1,000

2,000

3,000

4,000

YTD 2017 YTD 2018

(*) These information are based on unaudited financial statement 2018

Ancillary revenue upside (*)

2018 Ancillary revenue per pax

is achieved 17.91, increased

22% vs 2017.

% Total Ancillary revenue of

Total Operation Revenue is 26%

in 2018.

10

14.73

17.91

5.0

10.0

15.0

20.0

YTD 2017 YTD 2018

Ancillary revenue per pax USD/pax

25.0%

26.0%

19%

20%

21%

22%

23%

24%

25%

26%

27%

YTD 2017 YTD 2018

Ancillary revenue of Total Operation

Revenue

Theo số báo cáo quản trị

Ancillary Pax Ancilary Total Rev

YTD 2017 14.73 16,726,798 5,590,471,260,410 22,643,635,566,720

YTD 2018 17.91 21,251,936 8,750,745,066,423 33,814,976,056,843

(*) These information are based on unaudited financial statement 2018

Excellent Financial Performance : RASK, CASK (*)

Revenue per ASK (RASK) 2018 achieves

4.47 US cent, increases 3.7% vs. 2017.

Cost per ASK (CASK) 2018 achieves 4.00

US cent, increases 5.3% vs. 2017 due to

increasing significantly in jet fuel price.

CASK ex-fuel 2018 is 2.20 US cent was

slightly decreased vs 2017.

As result, RASK – CASK achieves 0.47 US

cents. This performance was excellent in

compared with others in Airline Industry.

11

Số chi tiết 4.31

4.47

3.5

3.8

4.0

4.3

4.5

YTD 2017 YTD 2018

RASK

3.80 4.00

2.24 2.20

1.0

1.7

2.4

3.1

3.8

4.5

YTD 2017 YTD 2018

0.51 0.47

0.0

0.2

0.4

0.6

YTD 2017 YTD 2018

RASK - CASK

CASK and CASK ex-fuel

(*) These information are based on unaudited financial statement 2018

Operating Performance – cont. (*)

12

Đơn vị: tỷ đồng

Total assets 2018 achieve 39,223 bil. VND,

increase 24% vs 2017.

Total Equity 2018 achieve 13,925 bil. VND,

increase 31.4% vs. 2017 due to strong

Retained Earnings.

Cash and Cash equivalent 2018 achieve

7,165 bil VND increase 5% vs. 2017 due to

strong cash flow from sales.

Net Dept/Equity ratio decreased from 0.33

(2017) to 0.26 (2018).

Equity

10,594

13,925

0

4,000

8,000

12,000

16,000

20,000

YTD2017 YTD2018

Cash and Cash equivalent

6,862 7,165

0

5,000

10,000

YTD2017 YTD2018

Total Asset

31,658

39,222

0

10,000

20,000

30,000

40,000

50,000

YTD2017 YTD2018

(*) These information are based on unaudited financial statement 2018

13

Cost, cost & cost!

A strong focus on cost

Best In Class Cost Structure With Room For Improvement

•Source: Bloomberg, Company Financial Statement

•Vietjet’s results are based on Q42018 Financial Statement. Other peers’ results are based on full year 2017 number.

Lowest CASK-Ex fuel. There is still headroom for cost structure improvement to further decrease both CASK & CASK ex-fuel

14

4.47

3.54

5.13

3.78

5.56 5.16

4.42

5.73

6.76

5.72 5.89

8.55

6.18

2.20 1.94

2.36 2.74

3.42

2.82

4.29 4.10

3.46 3.73

5.54 5.40

4.00

3.07

3.98 4.02

4.74 4.56

5.59

5.02

5.83

5.15 5.34

7.13 7.20

Vie

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ir

Air

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Rya

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Ceb

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Spir

it

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igo

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Jets

tar

Alle

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RASK CASK - ex fuel CASK

Comprehensive fuel saving program

Applying advanced technology and environment friendly solution in daily operation is one of the top priorities of Vietjet. By analyzing both operational and maintenance aspects, Safran’s SFCO2® service develops procedures and recommendations to address airlines’ need for greater fuel efficiency which can reduce Vietjet fuel consumption up to 5% In 2018, the SFCO2 program saved 3.6 million kg of fuel.

15

Flight network extension

The number of Routes: 105 routes (includes: 39 domestic routes and 66 international routes

16

FLEET EXPANSION Young, modern and Fuel Efficient Fleet

17

2017 2018 2019 2020

A320 25 23 23 0(*)

A321 26 35 41 42

A321 Neo 1 6 10 22

737 Max 200 0 0 4 28

Total 52 64 78 90

0

20

40

60

80

100

2017 2018 2019 2020

737 Max 200

A321

A320

(average age of aircraft fleet)

Asia(1) Europe / Middle East(1)

Average: 5.78 years Average: 5.46 years

2.82

FY2018

(*) VJC is planning to redelivery A320 Aircrafts to lessors in 2019.

Products - Services

Reasonable and economical price with varied ticket types for choosing. Added services were offered, such as check-in priority, boarding priority, hot meals, pre-ordered beverages, and much more, were made available.

“12pm, It’s time to Vietjet” promotion campaign offered millions of tickets from VND0 to bring flying opportunities for domestic and foreign passengers

Travel insurance products to minimize travel risks were adjusted and sold to passengers via www.vietjetair.com

Our Skyshop continued to improve its services. Apart from hot meals and typical Vietjet souvenirs, many seasonal products were purchased onboard by passengers, for example, summertime products, wintertime products, Tet holiday products, and more.

Duty-free products proved popular on Vietjet’s international flights; a wide-range of cosmetics, perfumes, alcohols, cigarettes, and more, were sold at reasonable prices

18

19

Vietjet opened 3 direct flights connecting Vietnam to Japan including Hanoi & Ho Chi Minh City to Osaka, Hanoi to Tokyo (Narita)

Typical events of 2018

Secretary of the HCMC Party Committee Nguyen

Thien Nhan visited Vietjet on the first working day of

the Lunar New Year 2018.

Signed MOU as JOLCO Deal for 10 A321ceo and

A321neo for 2018 and 2019 with leading bank in

Aviation.

Signed USD7.3 billion agreements with Safran -

CFM, GECAS in France.

Signed an agreement to open a direct route

connecting Vietnam and Australia at Sydney, Australia.

Signed MOU and contract to order 100 new Boeing

aircraft and 50 new Airbus aircraft at Farnborough

International Airshow 2018

Signed the contract for 50 additional Airbus aircraft

and MOU’s service for long-term engine support.

20

Typical events of 2018

Celebrated the third anniversary of the

Vietnam-Taiwan service operation

Strengthened cooperation at the ACMECS

2018 Economic Cooperation Strategy

Summit and 2018 CLMV Summit.

Attended the 74th International Air

Transport Association (IATA) Conference

Launched Vietjet's first ever flight

connecting Vietnam and Japan linking

Hanoi with Osaka (Japan) in November 8

and the route Ho Chi Minh City - Osaka

(Japan) in December 14.

Operated international flights at the new

terminal T2 in Cam Ranh International

Airport.

21

Typical events of 2018 – Vietjet Academy

In Q2/2018, Vietjet has finished the

construction of Aviation Academy in

cooperation with Airbus, which been

installing equipment to be in operation

in the next quarter, ensuring a stable

training, reducing time and cost of

regular pilot training.

22

Typical events of 2018

President & CEO Vietjet attended and gave an inspirational speech at World Economic Forum on ASEAN 2018.

Vietjet President & CEO Nguyen Thi Phuong Thao was the only female entrepreneur who represent for Vietnam to attend Forbes Global CEO Conference, she also was listed as one of Forbes' Top 100 most powerful women of the world for three consecutive years.

President & CEO Nguyen Thi Phuong Thao was named among 50 who defined 2018 by Bloomberg.

At the ASEAN Business Awards 2018, President & CEO of Vietjet was honored as the best business woman in both of Vietnam and the ASEAN region.

23

Community events of 2018

Organized 'Vietjet Sky Career Festival 2018' Career Fair in Thailand

Accompanied with U23 Vietnam football team, Miss Universe and Miss Vietnam and Miss Grand Thailand 2018…

Accompanied with Youth Theatre of Vietnam in ‘Flying dreams’ program

Vietjet and Vietnam Youth Union’s Central Committee, National Volunteer Centre launched “Let’s clean up the ocean” 2018 campaign

Cooperated with Vietnam Peacekeeping Department

24

Community events of 2018

Vietjet's relief aid flight for victims of the double disaster landed at Indonesia

Launched the biggest program “Love connection – Love is real touch”, with hundreds of free tickets and attractive activities until 27/2/2019.

Joined Kizuna Ekiden Run 2018 to raise the awareness for Traffic Safety

Vietjet and the Central Ho Chi Minh Communist Youth Union, the National Volunteer Center organized a series of special events celebrating International Volunteer Day 2018

25

26

Vietjet has launched "Love connection – Love is real touch" - the biggest promotion in Asia with millions free air-travel opportunities across Asia

26

Awards

Being awarded the Third-Grade Labor Order of State President for outstanding achievements in

charity and humanitarian work and contributions to the country's development.

Won the Top Airlines by Absolute Passenger Growth in Southeast Asia at Changi Airline Awards

2018

Top 10 Sustainable Development Businesses as recognized by Vietnam Economic Times’ Editorial

Board and readers

Top 100 Best Places to Work in Vietnam voted by Anphabe and Nielsen

Awarded the world's highest ranking for safety with 7-stars from the world's only safety and

product rating agency AirlineRatings.com

27

Awards

Listed at the top companies of Nhip cau Dau tu Magazine “Vietnam’s 50 Best – performing Companies 2017”, being on “the Billion-Dollar Club” of companies which have market capitalization of over USD1 billion.

Being honored as one of the Vietnam's 50 best listed companies in 2018 by Forbes

Being awarded "Best Ultra Low Cost Airline 2019" for two consecutive years

Honored as “Pioneering Airline” at The Guide Awards 2018

Being honored with Asia's Best Flight Attendant Wardrobe at NOW Travel Asia Magazine awards ceremony in Chengdu City (China)

Honored as “The best customers’ choice airline award” at award ceremony of Cool Product Awards 2018

28

Awards Ranked among the world's 50 best airlines (in the 22nd) by Airfinance Journal, one of the leading

magazines in the aviation finance sector.

29

30

Vietjet Bikini 2019 -Blooming in the sky

30

31

Vietjet has been awarded the world's highest ranking for safety with 7-stars from the world's only safety and product rating agency AirlineRatings.com

Term Description

ASK Available Seat Kilometer

CASK Total Cost (excluding cost of aircraft sold) per Available Seat Kilometer.

CASK ex-fuel Total Cost (excluding cost of aircraft sold, fuel) per Available Seat Kilometer.

RASK Total Revenue (excluding Revenue from sale aircraft) per Available Seat Kilometer.

EBITDA Earning before Interest, Tax, Depreciation and Amortization.

EBITDAR Earning before Interest, Tax, Depreciation and Amortization, and Rent.

Load Factor Passenger Carried / Capacity.

LCC Low Cost Carrier

OTP On Time Performance.

RPK Revenue Passenger Kilometer.

Capacity Available seat

Aircraft Utilization

Average numbers of hours during each 24-hour period that an aircraft is actually in flight

Definitions And Abbreviations

32

33

Thank you