Saigon Asset Management Ranked as Vietnam Top Fund Manager, Launches New Funds Press Release

SAM 16th February, 2009

(Ho Chi Minh City, Vietnam – February 16th, 2009) Saigon Asset Management, the investment manager of two Frankfurt listed investment funds Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), today announced 2008 results for its two funds.

In 2008, VEH was ranked as the #1 performing Vietnam equity focused fund and VPH was ranked as the #3 performing Vietnam property focused fund, according to a report by LCF Rothschild, a financial institution that tracks emerging investment funds around the world. Since inception, VEH and VPH have consistently been within the top 3 funds within the Vietnam focused class.

In Q4 2008, VEH’s net asset value (NAV) decreased 15.8% compared to the prior quarter. Year to date, VEH’s decreased 24.3% compared to a 66% decline in the Vietnam Index. Since inception, VEH’s NAV has decreased 22.7%.

VPH’s NAV decreased 9% in Q4 mainly due to the price drop in one of the listed portfolio companies and foreign exchange loss (EUR/VND). Year to date, VPH’s NAV decreased 2.15% compared to a 66% decline in the Vietnam Index. Since inception, VPH’s NAV remains nearly flat with a 0.8% slight decline.

“Beating the Vietnam Index by 42% in a memorably volatile year was a rigorous task. I would like to thank our employees who deserve the top rankings from LCF Rothschild” said Louis Nguyen, Chairman and CEO of SAM, “However, 2009 will likely be a difficult year for Vietnam, and therefore we need to tread carefully in these treacherous waters in order to create value for our investors. On the flipside, it is a great opportunity to invest in the future of Vietnam – valuations are approaching historical lows, and the lack of capital in Vietnam compared to other parts of Asia will increase relative returns.”

SAM is in the process of launching two new investment funds. Similar to VEH and VPH, these two new funds will focus on equity and real estate, respectively. The key difference is that these two new funds will be structured as limited partnerships.

“Although our cash position remains strong, the next few years would be the best time for us to invest in pre- IPO opportunities, undervalued and distressed assets,” said Louis Nguyen, “Therefore we will launch new funds to capitalize on this opportunity, but the timing of the actual launch will be in the later part of this year, which by then, we hope the global financial crisis will be less turbulent.”

About SAM

Established in 2007, Saigon Asset Management (SAM) formerly known as Anpha Capital Group, is the investment manager for Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), which are both Cayman Islands investment companies listed on the Frankfurt Stock Exchange.

VEH has US$75 million in assets and invests primarily in Vietnam’s premier listed companies. VPH has US$50 million in assets and invests in Vietnam’s real estate companies and projects.

The key competitive advantage for SAM is its hybrid structure as a foreign fund manager and its domestic partnership with Hanoi Fund (HFM), a locally licensed fund management company and the investment arm of Vietnam Military Commercial Bank, which offers funds managed by SAM a wide range of opportunities and channels for investments.

SAM employs over 15 investment professionals from leading international and domestic fund management companies whose expertise is fortified by deep-rooted local knowledge and industry experiences with proven track records and abilities to source high quality deal flow to produce results in Vietnam.