Saigon Asset Management Signs Strategic Partnership Agreement with Century 21 Joint Stock Company Press Release

SAM 17th January, 2011

(Ho Chi Minh City, Vietnam) – Saigon Asset Management (SAM), the investment manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), two Frankfurt-listed investment funds, announced today the holding of a joint signing ceremony with Century 21 Joint Stock Company (C21) at the Rex Hotel on the occasion of VPH becoming the first foreign strategic investor in C21 with a $5mn investment.

VPH became the first foreign strategic investor in C21 through a private placement in December 2010. C21 will use the proceeds from this placement to invest in residential projects in Ho Chi Minh City and in hotel and resort projects along Vietnam’s central coastal area.

VPH will become a member of the Board of Directors of C21, and co-invest and raise capital for real estate projects on 200 hectares of clear land owned by C21 in HCMC and other provinces.

“We are very pleased to become a strategic investor in C21. And, based on this cooperation, we are confident that we will successfully develop big projects which will contribute to the development of the Vietnam property market”, said Mr. Louis Nguyen, Chairman and CEO of SAM.

“This cooperation would help C21 to strengthen its operations and to gain greater confidence in acquiring further land banks and developing successfully large scale projects, thus solidifying C21’s position in the market”, said Mr. Duc Tran, Chairman & CEO of C21.

“C21, with stable revenues derived from its existing property projects along with the advantage of a clear-land bank acquired at low cost and targeting the Vietnamese middle class, is the right choice for VPH and SAM”, said Mr. Hien Vu, Director of Real Estate Investment of SAM.

This strategic cooperation between C21 and SAM should not only increase value for C21 but also bring benefit to VPH’s shareholders through dividend and capital appreciation stemming from share value increase.

C21 committed to list on the Ho Chi Minh Stock Exchange in the second quarter of this year.

About Century 21 Joint Stock Company:

Century 21 Joint Stock Company (C21) is among the first property and resort developers to be established in HCMC in the early 1990s. The former name of C21 was “the Youth Limited Company”, found by the Tuoi Tre (“Youth”) Newspaper and its staff. C21 increased the chartered capital to over VND193bn after 16 year of operations.

C21 has two main businesses including property and resort development. The company developed some residential projects in HCMC, Yoco office building – one of the first office buildings in HCMC, and is developing four real estate projects in District 7, 9, 12 and Binh Chanh District. In resort development, C21 is well-known with the project of the Hot Mineral Spring & Mud-bath Centre in Thap Ba, Nha Trang City, which has been operating since 2000.

For more information, please visit: www.C21.com.vn

About Saigon Asset Management:

SAM, established in 2007, is the Investment Manager of Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), with approximately US$125m in assets under management. Both funds are closed-end funds, listed and traded on the Frankfurt Stock Exchange and Xetra.

In 2008, VEH was ranked as the best performing equity fund in Vietnam, according to LCF Rothschild. The following year, in 2009, VPH was ranked as the best performing real estate fund in Vietnam.

For more information, please visit: www.saigonam.com