Saigon Asset Management Announces 2009 Results, VPH Ranked as No.1 Vietnam-Focused Property Fund Press Release

SAM 28th January, 2010

(Ho Chi Minh City, Vietnam) Saigon Asset Management (SAM), the investment manager of two Frankfurt listed investment funds Vietnam, Equity Holding (VEH) and Vietnam Property Holding (VPH), today announced 2009 results of the funds.

In 2009, VPH was ranked as the No.1 performing Vietnam-focused real estate fund according to LCF Rothschild, a financial institution that tracks emerging investment funds around the world. For the year, VPH’s net asset value (NAV) increased 9.9%. Since inception, its NAV increased 9%. VEH’s NAV increased 35.9% in 2009, compared to a 56.9% increase in the Vietnam Index*. Since inception, its NAV increased 5.4%.

“It was another volatile year with the global market still not fully recovered, so we were quite fortunate with the positive results. I would like to thank all of our employees who went the extra mile for this No.1 ranking from LCF Rothschild.” said Louis Nguyen, Chairman and CEO of SAM, “However, we look beyond relative performance and will continue to work hard to bring value to our investors through both NAV and share price.”

SAM is in the process of launching the new “Smart Money” fund. The fund will be a limited partnership and will focus its investment in real estate projects, private pre-IPO companies, as well as listed companies based in Vietnam. The fund seeks to create a unique investment model by combining the most influential investors and industry experts in Vietnam with international counterparts into one platform of resourceful limited partners to create value.

“Similar to an earlier South Korea or Taiwan, the next few years are expected to be the best time for investment in pre-IPO opportunities and undervalued assets in Vietnam,” said Louis Nguyen, “We see opportunities abound as Vietnam economy has recovered from the global financial crisis faster than most countries. We also realize that having industry experts as investors will allow a greater number of attractive investment targets as valuable resources in the value creation process.”

SAM’s management team will be traveling globally to meet with investors in Q2 2010.

* The 35.9% increase is in Euro term, our reporting currency. In Vietnam Dong, VEH increased 47.1% compared to 56.9% in the Vietnam Index.

About Saigon Asset Management

Established in 2007, Saigon Asset Management (SAM) is the investment manager for Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), which are both Cayman Islands investment funds listed and traded on the Frankfurt Stock Exchange and Xetra with total asset under management of approximately US$125m, including listed securities, private equity, and real estate projects.

VEH and VPH have been consistently ranked as the top performing funds since inception. In 2008, VEH was ranked as the No.1 performing equity fund in Vietnam according to LCF Rothschild. In 2009, VPH was ranked as the No.1 performing real estate fund in Vietnam.

SAM’s office in Ho Chi Minh City, Vietnam, are joined by over 20 financial professionals. For more information, please visit our website at www.saigonam.com