Vietjet Aviation Joint Stock Company Key Highlights 2018 Business results

Vietjet Aviation Joint Stock Company Key Highlights 2018 Business results

Disclaimer 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

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) 2012-2017 Historical Passenger Traffic CAGR (%) 2012-2017 Inbound Tourism CAGR (%) Vietnam 28.9% 8.7% 8.6% China 11.5% Thailand 11.1% 6.9% 6.5% South Korea 10.4% India 10.1% Malaysia 8.1% New Zealand 5.9% 3.1% Philippines 5.0% 2.0% Indonesia 4.2% Singapore 3.9% Australia 2.5% Asia Pacific Avg.: 8.7% Vietnam Thailand Philippines Indonesia Singapore Malaysia Japan 2.2% 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 2 2

2012-2018e Disposable Income per Capita CAGR (%) Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific Vietnam is supported by strong fundamentals Large population estimated to reach 96.5 million in 2018 + Young population with a sizable 25.9% between 20 and 34 years of age + High growth in personal disposable income + Lengthy topography lacking effective road / rail connectivity + Low air travel penetration + One of the fastest growing SEA economies (2016-2018e GDP CAGR) 8% 7% 6.7% 6.7% 6% 5.6% 5.2% 5% 3.9% 4% 3.3% 3% 2% 1% - VN PH MY ID TH SG Demonstrated growth in private consumption (2012-2018e private consumption per Capita) 8% 6.9% 7% A powerful consumer economy (1) Highest forecasted growth in personal disposable income 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% - 40% 45% 50% 55% 60% 65% % of Population in Workforce (%) Large upside potential with low LCC penetration LCC Seats / 000 people 383 4,627 1,901 1,103 2,729 1,746 1,018 379 335 Growing tourism industry + Emergence of LCC as an affordable option Large LCC market with significant growth opportunities 6% 5% 4% 3% 2% 1% - 3.0% 2.9% 2.0% 1.6% 0.6% VN MY PH TH ID SG # aircraft / million people 45 40 35 30 25 20 15 10 5-38.8 28.8 25.9 14.9 9.5 4.7 1.7 2.6 2.1 VN SG AU US UK MY TH ID PH Source: EIU, CAPA, Euromonitor; Note: (1) Population size is proportional to size of country flag 3 3

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 Air travel is the most efficient means of transportation in Vietnam 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 Hanoi Hai Phong As income levels rise and air fares decrease, people are expected to continue to switch from bus and rail to air travel Thanh Hoa Vinh 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 Dong Hoi Hue Da Nang Chu Lai Air travel is the most cost effective mode of transportation (1) Pleiku Quy Nhon Travel modes HCMC Hanoi HCMC Danang Time (hrs) Fare (VND) Fare (USD) Time (hrs) Fare (VND) Fare (USD) Buon Ma Thuot Da Lat Tuy Hoa Nha Trang 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 Phu Quoc HCMC Rail 34:00 1,066,278 49 17:00 616,833 28 Can Tho 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 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 4 4

Largest domestic airline in Vietnam, the fastest growing aviation market in Asia Pacific Domestic market leader with strong government support # of AOCs (Air Operator s Certificate excludes General Aviation) Viet Nam regards the private sector as a development force Mr. Nguyen Xuan Phuc, Prime Minister Key government incentives to support VietJet 37 37 27 5 Vietnam Indonesia Thailand Philippines 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 Changes in regulations to support the airline industry 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 Highly concentrated domestic markets, effectively a duopoly Vietnam domestic market share % air passenger volume (2) 2% 13% 37% 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 48% Minimal foreign competition as no foreign airlines permitted to operate domestic routes Historically struggled airlines Potential new entrants Two other domestic airlines in the past went bankrupt (Mekong Air and Indochina Airlines) and their licenses have been withdrawn 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 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 5 5

Young fleet with large growing order book Young, modern and fuel efficient fleet, driving lower maintenance & fuel cost in the long term Youngest fleet in APAC (average age of aircraft fleet) Asia (1) Europe / Middle East (1) Average: 5.78 years Average: 5.46 years 2.82 FY2018 Significant fleet growth with sizeable orderbook (# aircraft) 250 242 211 200 176 116 150 139 74 97 100 50 50 50 74 8 66 96 18 78 49 90 102 114 126 - FY17 FY18 FY19 FY20 FY21 FY22 FY23 VietJet VietJet Affiliates 6 Source: Company Information; Note: (1) Based on latest reported financial year 6

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. Number of Aircraft EOP 64 52 2017 2018 Total passengers flown of VJC (m pax.) 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). 17.3 YTD2017 Total sector flown ( 000) 97.3 YTD2017 23.1 YTD2018 118.6 YTD2018 8

Best Class In Operating Performance YTD (*) Unit: Billion VND Airline Revenues achieve Airline Revenues Airline Profit before Tax 33,815 bil VND, increase 49% vs. 2017. As result, Airline PBT achieve 3,019 bil VND, increased 48% vs. 2017. 40,000 30,000 20,000 10,000 0 22,644 33,815 YTD 2017 YTD 2018 4,000 3,000 2,000 1,000-2,045 3,019 YTD 2017 YTD 2018 Consolidated Revenues achieve 52,388 bil VND, increase 24% vs. 2017. As result, Consolidated PBT achieve 5.829 bil VND, increase 10% vs. 2017. Consolidated Revenues 60,000 40,000 20,000 0 52,388 42,303 YTD 2017 YTD 2018 Consolidated Profit before Tax 10,000 8,000 6,000 4,000 2,000-5,302 5,829 YTD 2017 YTD 2018 (*) These information are based on unaudited financial statement 2018 9

Ancillary revenue upside (*) 2018 Ancillary revenue per pax is achieved 17.91, increased 22% vs 2017. % Total Ancillary revenue of Ancillary revenue per pax USD/pax 20.0 17.91 14.73 15.0 10.0 Total Operation Revenue is 26% in 2018. 5.0 YTD 2017 YTD 2018 Ancillary revenue of Total Operation Revenue 27% 26% 25% 24% 23% 22% 21% 20% 19% 25.0% 26.0% YTD 2017 YTD 2018 (*) These information are based on unaudited financial statement 2018 10

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. 4.5 4.3 4.0 3.8 3.5 4.5 3.8 3.1 2.4 1.7 1.0 0.6 0.4 0.2 0.0 4.31 4.47 YTD 2017 YTD 2018 RASK 3.80 4.00 2.24 2.20 YTD 2017 YTD 2018 CASK and CASK ex-fuel 0.51 0.47 YTD 2017 YTD 2018 (*) These information are based on unaudited financial statement 2018 RASK - CASK 11

Operating Performance cont. (*) Đơn vị: tỷ đồng Total assets 2018 achieve 39,223 bil. VND, Total Asset increase 24% vs 2017. 50,000 Total Equity 2018 achieve 13,925 bil. VND, increase 31.4% vs. 2017 due to strong 40,000 30,000 31,658 39,222 Retained Earnings. 20,000 Cash and Cash equivalent 2018 achieve 10,000 7,165 bil VND increase 5% vs. 2017 due to strong cash flow from sales. 0 YTD2017 YTD2018 Net Dept/Equity ratio decreased from 0.33 Equity (2017) to 0.26 (2018). 20,000 Cash and Cash equivalent 10,000 16,000 12,000 10,594 13,925 6,862 7,165 8,000 4,000 5,000 0 YTD2017 YTD2018 0 YTD2017 YTD2018 (*) These information are based on unaudited financial statement 2018 12

Cost, cost & cost! A strong focus on cost 13

Vietjet Air Airasia group Ryanair Cebu Pacific Spirit Indigo Norwegian Air Jetstar Allegiant SpiceJet Gol Linhas Southwest Nok Best In Class Cost Structure With Room For Improvement 8.55 6.76 7.13 7.20 4.47 2.20 4.00 3.54 1.94 3.07 5.13 3.98 4.02 3.78 2.74 2.36 5.56 3.42 4.74 5.16 2.82 4.56 4.424.29 5.59 5.73 5.02 4.10 5.83 5.72 3.46 5.15 5.89 3.73 5.34 5.54 6.18 5.40 RASK CASK - ex fuel CASK Lowest CASK-Ex fuel. There is still headroom for cost structure improvement to further decrease both CASK & CASK ex-fuel Source: Bloomberg, Company Financial Statement Vietjet s results are based on Q42018 Financial Statement. Other peers results are based on full year 2017 number. 14

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 (average age of aircraft fleet) Asia (1) Europe / Middle East (1) Average: 5.78 years Average: 5.46 years 2.82 FY2018 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 (*) VJC is planning to redelivery A320 Aircrafts to lessors in 2019. 17

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

Vietjet opened 3 direct flights connecting Vietnam to Japan including Hanoi & Ho Chi Minh City to Osaka, Hanoi to Tokyo (Narita) 19

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

Vietjet has launched "Love connection Love is real touch" - the biggest promotion in Asia with millions free air-travel opportunities across Asia 26 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

Vietjet Bikini 2019 -Blooming in the sky 30 30

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 31

Definitions And Abbreviations Term ASK CASK CASK ex-fuel RASK EBITDA EBITDAR Load Factor LCC OTP RPK Capacity Aircraft Utilization Description Available Seat Kilometer Total Cost (excluding cost of aircraft sold) per Available Seat Kilometer. Total Cost (excluding cost of aircraft sold, fuel) per Available Seat Kilometer. Total Revenue (excluding Revenue from sale aircraft) per Available Seat Kilometer. Earning before Interest, Tax, Depreciation and Amortization. Earning before Interest, Tax, Depreciation and Amortization, and Rent. Passenger Carried / Capacity. Low Cost Carrier On Time Performance. Revenue Passenger Kilometer. Available seat Average numbers of hours during each 24-hour period that an aircraft is actually in flight 32

Thank you 33