Saigon Asset Management (SAM) Collaborates with RNG Invest in Launching New Vietnam Smart Money Fund Press Release

SAM 24th November, 2009

(Ho Chi Minh City, Vietnam)- Saigon Asset Management (SAM) today announces it plans to collaborate with RNG Invest, the investment arm of REE Corporation (HOSE: REE) to launch a new offshore fund to invest in opportunities within the fast recovering Vietnamese economy.

The new foreign fund will be a limited partnership to be domiciled in the United States. The fund will invest real estate projects, private pre-IPO companies, as well as listed companies based in Vietnam.

SAM and RNG Invest plan to invite a special group of investors and advisors into this fund, which will be comprised of top industry executives and domain expert investors in Vietnam and abroad, subject to applicable laws.

Separately, RNG Invest plans to launch and raise a local fund that targets the most influential companies in Vietnam as investors.

“The idea of smart people together breed fruitful ideas and opportunities is nothing new and has worked in Japan and America. We believe now is the time for this concept to work for Vietnam through a structured format that will not only benefit the investors but aligns the country in a more globally competitive manner,” said Madam Nguyen Thi Mai Thanh, Chairman/CEO of REE Corporation. “We see opportunities abound as the Vietnam economy has quickly recovered from the global financial crisis, we also realize that by having alliances with influential companies will allow a greater number of attractive investment targets as well as access to domain experts in broad industries.”

REE Corporation is one of the largest companies listed on the Ho Chi Minh City stock exchange (HOSE). REE is the major shareholder of RNG, a local fund management company in Vietnam and currently managing a portfolio of approximately US$100 million.

“Foreign investors remain interested in the great performance of the Vietnam Index and the phenomenal long term growth of the country. However, access to quality deal flow and consistent return performance remain to be challenging issues. To be able to invest in Vietnam through this “Smart Money” format and share thoughts directly with the country’s industry leaders is a very unique and attractive proposition,” said Louis Nguyen, Chairman/CEO of Saigon Asset Management (SAM) “For SAM to collaborate with RNG and REE Corporation is truly an honor and we look forward to an exciting road ahead.”

SAM is currently the manager of two top performing Vietnam focused funds with over US$125 million of asset under management. SAM will be the manager of the new offshore fund, while RNG Invest will be the sub-investment advisor. SAM and RNG Invest plan to meet with selected investors in North America, Europe, and Asia in early 2010. The initial target fund size is expected to be approximately US$100 million. A part of the foreign fund will be invested into the local fund raised by RNG Invest.

About RNG Invest:

RNG Invest (RNG) is a Vietnamese local fund management company, which was established in January 2008. RNG is majority owned by REE Corporation and other investors including Bao Viet Securities and Gemadept Corporation. The company is based in Ho Chi Minh City and employs over 10 investment professionals.

RNG Invest is currently advising REE Corporation in managing a portfolio of approximately US$100 million.

About REE Corporation:

Refrigeration Electrical Engineering (REE) Corporation was a state-owned company established in 1977. In 1993, REE became the first equalized company in Vietnam and was first listed on the Ho Chi Minh Stock Exchange in 2000. Today, REE is one of Vietnam’s largest listed enterprises with about US$ 225 million of market capitalization. REE’s core business activities include leadership in M&E contracting,  services for industrial, commercial, and civil, manufacturing and distributing of air-conditioning units, home appliances, electrical panels, and industrial mechanical products, development and operating real estate and investments in energy, water utilities and financial.

For more information on REE, please visit our website at www.reecorp.com

About Saigon Asset Management:

Founded in August 2007, Saigon Asset Management (SAM) is the manager of two investment funds: Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), listed on the Frankfurt Stock Exchange and Xetra. VEH invests in Vietnam’s listed and private equities. Despite a dismal year globally in 2008, VEH outperformed all of its competitors in the equity class and was ranked #1 according to LCF Rothschild. The fund seeks out companies with great growth potentials, a track record of success, plus an ethical and experienced management team who believe in strong corporate governance.

VPH invests in Vietnam’s real estate projects and companies. The fund was ranked #3 in 2008 in the property class in Vietnam and #1 for the first three consecutive quarters of 2009 according to LCF Rothschild. VPH focuses on attractive properties where land compensation has been done and cash flow is imminent. The fund also prefers the liquidity attractiveness of listed real estate companies or those with hidden assets, usually in the form of land banking.

SAM differentiates from our competitors with access to proprietary deal flow, a locally immersed team, and strategic partnerships with some of Vietnam’s most influential organizations.

For more information about Saigon Asset Management, please visit our website at www.saigonam.com