ASSET MANAGEMENT CORPORATE FINANCE

“I think they [Vietnam] are the next China.”

Michael R. P. Smith, CEO HSBC
Vietnam: Asia’s Rising Star
We at Vietnam Asset Management Ltd. (VAM) would like to introduce you to Vietnam, truly a land of opportunities. In the past 30 years, Vietnam has
rewritten its history to become a rising economic star of Asia. Thirty years of stable government, sound economic policy, and a determined and
entrepreneurial populace mean that today, Vietnam is poised to become a major player in the regional economy.

The Economy - Vietnam consistently ranks as one of the top investment prospects for the world, driven by an economy experiencing tremendous growth
in this new millennium. 2000-2006 saw GDP growth average over 7.5% per annum, and in 2007, GDP growth reached a dynamic 8.5%, second only to
China in the Asia-Pacific region. Even more exciting, the government and independent analysts alike predict GDP growth will continue to top 8% in the
foreseeable future. Enthusiasm in Vietnam’s economy abounds as witnessed by foreign direct investment increasing over 60% between 2006 and 2007.
The secret is out, the world believes in Vietnam! Economic growth is driven by strong consumer demand for Vietnamese products and services
domestically and globally, and owners of Small and Medium Enterprises (SMEs) have a higher confidence rating about their prospects than in any other
Asian nation.

The Government - In 1986, Vietnam’s government set the stage for today’s prosperity by embarking upon broad sweeping economic reforms known as
“Doi Moi”. Influence of the state sector has been remarkably reduced with over 14,000 State-Owned Enterprises (SOEs) in 1990 down to roughly 4,000
SOEs currently, employing only 5% of the workforce. Not only are foreign investors encouraged by the government’s proactive role in privatisation and
economic liberalisation, but also by Vietnam’s high political stability, ranked third amongst ASEAN members by the World Bank in 2007. Furthermore,
Vietnam’s accession into the World Trade Organisation as its 150th member and their appointment to the UN Security Council in 2008 as a
non-permanent member prove that the world views Vietnam’s government as stable and capable.

The People - The Vietnamese people are the heroes of this incredible economic miracle; from war and poverty 30 years ago to one of the most vibrant
and dynamic economies globally. A literacy rate of 92.3% and labour costs less than India, China, and the Philippines rank Vietnam’s labour force as
one of the most attractive in the world. With a very large population of 86 million people, 65% of which are below the age of 30 years old, economic
growth will continue to excel.

Whatever your investment criteria are, all indications point to a very bright future indeed. With our focus on people, process and performance, VAM leads
the way in exceeding financial expectations, allowing you the opportunity to invest in Asia’s rising star.

Timing is everything, and our time is NOW ! - Vietnam

Why Vietnam Asset Management?
Proven Investment Landscape - Proven Management - Proven Results

Our Place - Our focus is Vietnam

One of the most robust and high growth economies globally- from a macroeconomic standpoint, we have demonstrated the dynamic and exciting
opportunities investing in Vietnam brings. There is no doubt about the significant growth opportunities Vietnam offers, but as in any emerging market,
one must carefully consider the challenges inherent to a developing system. At VAM, we have the experience and resources necessary to navigate your
investment through the potential risks inherent to an emerging market.

Our People - Experienced and highly knowledgeable Vietnamese nationals

VAM’s investment management team is comprised entirely of Vietnamese nationals who account for over 20 years of combined international investment
experience, and draws on many more years of investment experience through our Board of Directors. In a country where local expertise is not just
recommended but is requisite, VAM is uniquely poised to combine our international standards of excellence with our deep local knowledge. Through
vast personal and professional networks, we have arms that span across the whole of Vietnam.

Our Performance - It’s all about results!

VAM feels above all else, results must speak for themselves. Though VAM has only been operational for over one year, VAM managed funds have
significantly outperformed the VN-Index and their peers. This impressive track record is a testament to our strong investment process, our high
standards of integrity, our premier levels of service, and our strong corporate governance.

The right time, the right place, the right company - Vietnam Asset Management Ltd.
Introduction to VAM
VAM is a fund management company that primarily engages in public and private equity investment and advisory services in Vietnam. By making astute
investments in Vietnamese companies, our objective is to achieve superior long-term financial returns through capital appreciation and dividend
disbursement for our clients and investors.

VAM enhances investor returns through rigorous fundamental analysis and due diligence practices coupled with an active bottom-up fund management
style. Our philosophy is to value companies based on their cash flow. We believe that day trading or investing in ‘hot’ picks of the month is not sustainable
in a highly volatile market, thus we make long-term investments in companies with long-term positive growth prospects.

VAM uses proprietary in-house systems that are amongst the very first analysis and database systems to be developed by a Vietnam-based asset
manager. Our VAM Company Analysis System (VCAS) and VAM Portfolio Management System (VPMS) provide a competitive advantage to VAM’s
analysis capability and fund management.

VAM was founded in 2006 by globally experienced investment professionals who are currently key managers of VAM. They left high profile positions with
major investment multinationals throughout Asia because they realized the potential Vietnam has to offer. Their vision in founding VAM was to create the
foundation of an organization that would combine the knowledge, expertise and talent necessary to realise the superior investment opportunities that
Vietnam offers. Today, the founders’ vision is realised as VAM is fully operational and producing superior results.

Timing is everything, and our time is NOW ! - Vietnam

Our Strategic Shareholders
In September 2007, VAM welcomed Dubai Investment Group (“DIG”) and UOB Kay Hian (“UOBKH”) to the family. Senior Executives from DIG and OUBKH joined
VAM’s Board of Directors, thus enabling them to become active participants in VAM’s business decisions. We feel extremely confident that their addition will
exponentially increase VAM’s access to resources and experience that will further promote the successful performance of VAM.

Dubai Investment Group is a company of Dubai Group, the global financial investor of Dubai Holding. Headquartered
in Dubai, UAE, with local offices in New York, London, Hong Kong and Kuala Lumpur, the Group focuses on long and
short term investments with the potential to deliver exceptional and sustainable returns. DIG is structured as a
conglomerate of investment companies with core investment expertise in the Global Securities, Industry, Finance, Real
Estate and Hospitality sectors. The Group creates and manages a diversified and rapidly expanding portfolio of direct
and indirect investments.

UOB Kay Hian Holdings is the largest brokerage firm in Singapore. UOBKH was formed from the merger in 2000 of
Kay Hian Holdings, a Singaporean stock broking firm, and UOB Securities, the stock broking arm of Singapore’s banking
giant United Overseas Bank. Through the merger, UOBKH has extended its geographical reach as well as customer
base comprehensively to all the ASEAN and Hong Kong/ China markets.

The right time, the right place, the right company - Vietnam Asset Management Ltd.
Our Services

*Proprietary VAM Company Analysis System (VCAS)

Asset Management

We are confident we have the most competent investment team in town. Empowered by a strong investment process, powerful proprietary in-house
analysis and database systems, high integrity and strong corporate governance, VAM provides premier fund management services in Vietnam. To prove
this point, VAM’s Funds have significantly outperformed their peers and the VN-Index since inception. VAM manages a number of private and public
funds, such as Vietnam Emerging Market Fund, VAM Vietnam Strategic Fund, Legacy Emerging Asia and Hong Leong Vietnam Fund.

Corporate Finance

With profound knowledge of capital markets, rich global experience and broad access to domestic and international investors, bankers and companies,
VAM is well positioned to serve all your sophisticated needs. We seek to add value to your business through:

• Capital structure optimization;

• Advisory in corporate finance such as privatization, IPOs, mergers & acquisitions, and divestitures;
• Advisory in strategic business formulation and financing; and
• Advisory in financial investments for optimal returns.

Timing is everything, and our time is NOW ! - Vietnam

VAM Investment Process
We follow a thorough investment process comprising of comprehensive qualitative assessments and quantitative valuations based on our in-house
methodology and models.

Qualitatively, we place emphasis on quality of management. We look at the business model of the company, the industry dynamics and all other aspects
surrounding its operations. We add value by identifying companies that are experiencing or benefiting from structural improvements in the economy,
industry as well as at a company specific level.

We are in constant dialogues with our investee companies to stay abreast with their developments and will provide input into their strategic decisions as
an active shareholder. We also talk to our investee companies’ stakeholders such as suppliers, customers and competitors to cross-check information
to better create a complete picture on their performance and its sustainability.

On the quantitative side, we analyze our investment ideas thoroughly using our in-house financial model and various valuation techniques.

Analysts at VAM use, at the minimum, the following steps of the investment process:

• Initial screening on privatization, OTC and listed markets; • Analysing all aspects of a company’s business: in-house checklist,
• Sourcing investment opportunities through market financial modeling using an in-house Financial Template;
research, financial brokers, personal and professional • Valuating replacement values for tangible and intangible assets;
network , and other local sources. • Company visits and management interviews.

Post-investment
Monitoring &
Management

• Investment Committee to review and approve; • Regularly meeting with management , Board participation if possible;
• Additional accounting and legal due diligence if needed; • Monitoring valuation through internal company database;
• Final approval of pricing and investment allocation. • Regularly updating the financial models.

The right time, the right place, the right company - Vietnam Asset Management Ltd.
Funds managed by VAM
Vietnam Emerging Market Fund (“VEMF”)
Legacy Emerging Asia (“LEA”)
Funds VAM Vietnam Strategic Fund (“VVSF”)
Hong Leong Vietnam Fund (“HLGVF”)

To achieve superior and sustainable long-term financial returns from capital appreciation and
Investment Objective dividend income for investors via investments in companies that are based in Vietnam or that have
substantial operations, sales or asset exposure to the economy, assets or currency of Vietnam.

VEMF and LEA have significantly outperformed their peers and the VN-Index since inception, and
Performance Track Record
have achieved substantial positive returns amidst a market going through deep corrections.

Performance vs. VN-Index (Feb 2007 - Jan 2008) Performance Relative to Peers (Feb 2007 - Jan 2008)
Performance Relative to Peers (Feb 2007- Jan 2008)
VAM’s Funds
3 0 .0 %
2 3 .0 % VN-Index

2 0 .0 %

8 .0 % 7 .6 %
1 0 .0 %

0 .0 %

- 3 .5 % - 3 .5 %
- 1 0 .0 %

- 1 3 .3 %
- 2 0 .0 % - 1 6 .3 %
- 1 9 .0 %

- 2 3 .8 %
- 3 0 .0 % - 2 6 .9 0 %
- 2 8 .0 0 %

- 4 0 .0 %
V A M 's V A M 's Pe e r 1 Pe e r 2 Pe e r 3 Pe e r 4 Pe e r 5 Pe e r 6 Pe e r 7 Pe e r 8 V N-
L EA V EM F In d e x

*Source: LCF Rothschild, VAM

Timing is everything, and our time is NOW ! - Vietnam

Our Management
Our strong team of investment professionals combines over 20 years of global and domestic financial experience. The team members have vast
experience ranging over a variety of financial sectors including investment banking, private and public equity fund management, real estate investment,
and auditing. They were trained by the likes of Franklin Templeton Investments, BankInvest Group, J.P. Morgan, Citigroup, HSBC,
PricewaterhouseCoopers, DBS Group, and Schroders.

Nguyen Xuan Minh, CFA

CEO & CIO

Minh has nearly 10 years of investment experience with Franklin Templeton Investments. Minh joined Templeton Emerging Market
Group led by Dr. Mark Mobius in 1997 as an Investment Analyst and subsequently, Chief of Representative Office for Templeton in
Vietnam. In 1998, Minh was relocated to Singapore and was, until December 2006, Senior Vice President of the Group. During his time
at Franklin Templeton Investments, Minh was involved in co-managing a number of public and private equity funds. He was also
involved in analyzing and evaluating many private and public investment opportunities in Taiwan, Korea and Vietnam. Minh is also a
member of the Group's South East Asian Review team, which reviews investment recommendations by the analysts in the region.

Minh holds an M.Sc. in Petroleum Engineering from Gubkin Russian State University of Oil & Gas in Moscow under the State’s full
scholarship award and a Masters degree in Applied Finance and Investment from the Securities Institute of Australia. He is a Chartered
Financial Analyst (CFA) Charterholder. He speaks Vietnamese, English and Russian. For leisure, Minh enjoys playing soccer, scuba
diving and exercising.

Nguyen Hoai Thu, CFA

Investment Director & Head of Research

Prior to VAM, Thu had four years of experience working in consultancy, investment banking and asset management in Singapore. Thu
started her career in finance at DBS Bank, where she worked as an analyst in the Asset Securitisation team, contributing to several
Real Estate Investment Trust IPOs and secondary offerings. Subsequently, Thu transferred to DBS Asset Management, where she
covered real estate stocks for Asian equity portfolios. Thu’s last position in Singapore was Portfolio Manager at BankInvest - a leading
Scandinavian asset manager, where she co-managed Asian ex-Japan equities, with primary coverage of real estate, utilities, industrial,
and consumer sectors.

Thu earned her Bachelor of Business Administration (1st class Honours) from the National University of Singapore and partly the
University of Texas at Austin (USA) under the prestigious Dr. Goh Keng Swee Scholarship, awarded by the Association of Banks in
Singapore, for which she was the first Vietnamese recipient. As a student, Thu won numerous prizes and awards, and represented
both Vietnam and Singapore in a number of international competitions and student events. Thu is a Chartered Financial Analyst (CFA)
Charterholder and speaks English and Vietnamese. For leisure, Thu enjoys swimming and practicing yoga.

The right time, the right place, the right company - Vietnam Asset Management Ltd.
Our Board of Directors
John Lyn, MBA
Executive Chairman

John has over 20 years of experience in investment banking and private equity. He was recruited by JP Morgan Chase, New York as a
Credit Analyst and later worked as a Vice President for 5 years in the Investment Banking department out of their Kuala Lumpur,
Singapore and Hong Kong offices. John subsequently joined Citicorp Australia as Vice President of Investment Banking covering the
Asia-Pacific region. John joined Schroders Securities as their Director and thereafter HSBC Securities where he was the Executive
Director at their Singapore office. He was responsible for their ASEAN region. John currently sits on various Boards of Directors for listed
and unlisted companies in Malaysia and Singapore. He is the Chairman of Audit Committee for Etika Dairies Ltd.

John holds a Degree in Engineering from the University of Leeds (UK) and an MBA from Washington State University (USA). He speaks
English, Mandarin and Malay. For leisure, John enjoys playing golf.

Datuk Ali Abdul Kadir

Director

Datuk Ali Abdul Kadir is currently the Chief Executive Officer and Head of DIG Asia Sdn Bhd, a wholly owned subsidiary of Dubai
Investment Group Limited. He is also the Chairman of several public listed companies in Malaysia. From 1999 to 2004, Datuk Ali was the
Chairman of the Securities Commission of Malaysia. During his tenure, he launched the Capital Market Masterplan and chaired the
Capital Market Advisory Council. On the international front, Datuk Ali was the Chairman of IOSCO’s Asia-Pacific Regional Committee and
its Islamic Capital Market Working Group. In 2006, he was appointed a consultant to the Sri Lanka Securities & Exchange Commission
for their Capital Market Strategic Plan. Prior to Datuk Ali’s appointment to the Securities Commission, he was the Executive Chairman
and a partner of Ernst & Young and its related firms. He was also the former President of the Malaysian Association of Certified Public
Accountants and co-chairman of the Company Law Forum in Malaysia.

Datuk Ali is a Fellow of the Institute of Chartered Accountants in England and Wales. He is also a member of the Malaysian Institute of
Chartered Public Accountants and the Malaysian Institute of Accountants.

Timing is everything, and our time is NOW ! - Vietnam

 Esmond Choo
Director

Esmond has over 20 years of experience managing insurance and securities businesses in Asia-Pacific. He is currently an Executive
Director of UOB Kay Hian with the direct responsibility of the Equity Capital Markets operations and business development. Prior to
joining UOB Kay Hian, Esmond was the Executive Director of RHB-Cathay Securities where he oversaw the finance, dealing and risk
management functions of the company. Prior to that, Esmond was the Director for Sedgwick Management Services (Singapore) Pte. As
the developer and manager of Sedgwick Captive Insurance resources in Asia, Esmond had extensive dealings with government
authorities such as the Monetary Authority of Singapore, Inland Revenue Authority of Singapore and The Australia Tax Office.

Esmond holds a Bachelor of Commerce (Second Class Honours) from the University of Melbourne, and was admitted as an Associated
Member (by examination) into the Institute of Chartered Accountants in Australia. He was articled with Coopers & Lybrand, Singapore
and Melbourne, and was a former Chairman of the Singapore Insurance Brokers Association Committee for Trust Accounting Rules.

Our Advisor
Mikiko Koga, CFA
Senior Advisor - Risk Management and Compliance

Mikiko joined VAM with 19 years of experience in business management, strategic development, investment banking and auditing in
Asia-Pacific. Her former employers include JP Morgan (Singapore), UBS (Singapore), Merrill Lynch (Japan) and KPMG (New
Zealand). In her 16-year investment banking career, Mikiko has built up tremendous experience in the structuring and listing of
investment products in European and Asian bourses. At UBS, she built up the Equity Warrant listing platform across regional stock
exchanges, including Hong Kong, Singapore, Malaysia, and Taiwan. She is also an expert on governance and compliance on a
pan-Asian scale. In her last position as Executive Director of Credit & Rates Markets at JP Morgan, Mikiko organized and chaired
governance forums and ensured compliance with regulatory requirements in the entire Asia ex-Japan region where JP Morgan has
business presence or activities.

Mikiko holds a Bachelor of Commerce degree from University of Canterbury and is a Chartered Financial Analyst (CFA) Charterholder.
She is also an Associate Chartered Accountant under the New Zealand Institute of Chartered Accountants. Mikiko speaks English and
Japanese.

The right time, the right place, the right company - Vietnam Asset Management Ltd.
 Ho Chi Minh City Representative Office

Contact us Unit 11-08, Saigon Trade Centre

37 Ton Duc Thang, Dist. 1,
Ho Chi Minh City, Vietnam

Phone: (+848) 910 3757 – 910 3787

Fax:(+848) 910 3794

www.vietnamam.com
enquiry@vietnamam.com
Every frontier can be conquered -