Saigon Asset Management Signs Strategic Agreement with Hanoi Fund Management and Thang Long Securities Press Release

SAM 23rd September, 2008

(Ho Chi Minh City, Vietnam ) Saigon Asset Management, the investment manager of two Frankfurt listed investment funds Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH) today announced the official signing ceremony with Hanoi Fund Management (HFM) and Thang Long Securities (TSC) at the New World Hotel.

HFM has signed an MOU with SAM since May 2008 and has been assisting SAM as the sub-investment manager for VEH. The official and comprehensive agreement signed today brings the two parties together. VPH’s sub-investment manager will be announced shortly.

“It is our pleasure for SAM to work with HFM and utilize core strengths from each side to create value for our investors. HFM has an outstanding team as well as the backing of the Military Commercial Joint Stock Bank (MB), which when combined with SAM’s international perspectives and capital mobility, the result so far has been exceptional.”, said Mr. Louis Nguyen, Chairman and CEO of SAM. VEH and VPH are currently among the top performing investment funds in Vietnam according to the latest report from LCF Rothschild Emerging Market Funds Research.

“The model of foreign and local partner is nothing new, but somehow has not fully realized in the fund management business in Vietnam. Our early success so far has been encouraging and we hope the partnership between SAM and HFM reaffirms HFM’s strong capability as one of the country’s leading investment fund managers. We hope our partnership will continue to prosper in the years ahead”, said Mr. Anh Phan, CEO of HFM.

Under a separate agreement, SAM will also partner with Thang Long Securities to provide investment banking services to SAM’s investors and partners. TSC is currently one of the top securities firms in Vietnam and offers an extended list of investment services including brokerage, research, private placement, IPO, M&A advisory and general corporate finance.

“There is a dire need from international investors to access the Vietnam capital market. The ability for SAM to connect its investors, clients, and partners to credible sources and provide win-win situation for all sides,” said Louis Nguyen, “TSC has been formidable contender among the investment banking houses in Vietnam and SAM is delighted to partner with such esteem organization”.

About SAM

Established in late 2006, Saigon Asset Management (“SAM”) formerly known as Anpha Capital Group with over US$125million under management, 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 and Xetra, the worldwide electronic securities trading system.

SAM’s strategy is to achieve outstanding capital growth for VEH and VPH through investment in an actively managed and diversified portfolio of listed and private equity companies, including real estate.

The key competitive advantage for SAM is its hybrid structure as a foreign fund manager and its domestic partnership with Hanoi Fund Management Company, a locally licensed fund management company, which offers funds managed by SAM, a wide range of opportunities and channels for investments.

SAM’s team consists of 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.

For further information on SAM and its funds, please visit www.saigonam.com.

About HFM

Established in late 2006 as an affiliated company of MB, HFM is among the first local fund managers in Vietnam. The company became a joint stock company in November 2007 with MB and TSC as major shareholders.

The company is managing the Hanoi Fund and Vietnam Tiger Fund and provides portfolio management services to both local and foreign investors. HFM’s total assets under management are well over US$130 million by the end of August 2008. The funds aim to maximize investors’ value by investing in fast growing and well-managed public companies in Vietnam. HFM’s clients are well-known financial institutions and companies as well as wealthy individuals.

For further information on HFM and its funds, please visit www.hfm.com.vn

About TSC

Established in July 2000 as a wholly owned company of MB, Thang Long has always been at the top five brokerage houses in Vietnam. Thang Long has provided full securities services according to its license granted by the State Securities Commission.

TSC’s chartered capital is about to US $18.2 million and total asset around US $121 million. TSC is also in the top 5 securities firm in term of market share of its brokering services, evidenced by its 2008 Top Securities Firms Award from Hanoi Securities Trading Centre.

Over 200 experienced staff with various training background in local or oversea, Thang Long is committed to bring the best and reliable services to its client.

For further information on TSC and its service, please visit www.thanglongsc.com.vn.