Investing in Vietnams Future

Corporate Profile 2007

About Us
The Indochina Capital group of companies (Indochina Capital or Group) is an innovative leader in Vietnams rapidly growing financial markets. We are amongst the most established and diversified investment firms managing funds in separate real estate and capital markets strategies focused on Vietnam. In addition, we provide cross-border financial advisory services to multi-national corporates and, through our associated Vietnamese securities firm, we provide domestic broker-dealer and investment banking services to Vietnamese corporates. We have approximately 150 employees within the Group located throughout Vietnam. The locations include our fund management offices in Hanoi and Ho Chi Minh City, our associated securities firm offices in Hanoi and Ho Chi Minh City, and several licensed foreign direct investment project offices throughout Vietnam. In addition, the Group has employees with entities outside of Vietnam. In 1999, Indochina Capital was founded by its managing directors, Peter R. Ryder and Rick MayoSmith, and in 2002 was complimented by the addition of Tung Kim Nguyen. Our founding managing directors have lived and invested in Vietnam since the early 1990s. The resulting 35 years of combined experience and lifelong pursuit of investment and financial services activities have shaped Indochina Capital into one of Asias most vibrant and growing financial services firms focused on Vietnam.

Real Estate
Fund management Investment and development Project management Project finance

Equities
Fund management Managed accounts Investment syndication Portfolio support services

Advisory and Finance

Mekong Securities
Local investment banking Local securities brokerage Local private client advisory Local capital market services

Our Businesses
REAL ESTATE | We manage a series of real estate funds called the Indochina Land Holdings Funds, which are closed-end, private equity real estate funds focused nearly exclusively on Vietnam. The funds primarily develop residential, office, retail, and hotel properties, often in a mixed-use context and with a for-sale residential component, in Vietnams rapidly developing property market. The Funds objectives are to monetize unique real estate opportunities by combining residential properties with either major urban commercial centers or luxury tourism destinations. We believe this objective will allow the Funds to participate in Vietnams first sustainable real estate long-wave value uplift driven in large part by decades of pent-up demand for quality property, particularly residences. EQUITIES | We manage funds and accounts with the purpose of taking exposure to a diversified portfolio of attractive public and private equity and debt investments. This includes the securities of companies organized or listed in Vietnam and the securities of companies outside of Vietnam with a material portion of business, operations or assets based in Vietnam or which derive a significant portion of revenue from activities in or related to Vietnam. These emerging corporates include listed and prelisted companies, privatizing state-owned entities, and private companies and ventures. The largest of our managed funds, Indochina Capital Vietnam Holdings Limited, is listed on the London Stock Exchange. MEKONG SECURITIES | We own a significant stake in and are a strategic shareholder of Mekong Securities Joint Stock Company, one of Vietnams first privately owned and fully licensed broker-dealers and investment banks. Mekong Securities is engaged in a wide range of financial advisory and capital markets activities including investment banking, brokerage and dealing, securities services, and cash and securities custody. In addition, Mekong Securities has seats on both of Vietnams stock exchanges in Hanoi and Ho Chi Minh City and acts as a dealer in the over-the-counter market. ADVISORY AND FINANCE | We act as a market-entry strategist and financial advisor to multinational corporations seeking to enter Vietnams marketplace in the midst of the countrys market and infrastructure reforms, particularly those in connection with its new Securities Law and recent accession to the World Trade Organization. In addition, Indochina Capital secures onshore and offshore debt and equity financing for new and expanding foreign investment projects. These services are provided through a fully licensed member of the Group, Indochina Corporate Finance Vietnam Limited.


Our Principals
Dr. MARC FABER Non-Executive Chairman A well-known economist, author, and investment advisor, Dr. Faber is most often noted for his contrarian investment approach. Dr. Faber is associated with a large number of funds and institutions around the World including the Iconoclastic International Fund, Baring Chrysalis Fund, Overlook Partners Fund, and the Income Partners Global Strategy Fund. Dr. Faber publishes a widely read monthly newsletter The Gloom Boom & Doom Report and he is the author of several books, including Tomorrows Gold which was a 2002 bestseller. PETER R. RYDER Chief Executive Officer Peter founded Indochina Capital with Rick Mayo-Smith in 1999. Prior to forming Indochina Capital from 1992-1998, Peter was a partner in two New York-based investment companies active in Vietnam across sectors including real estate, IT, consumer products and education. From 1983-1992, Peter was with Salomon Brothers real estate finance group. As Director of the Asia-Pacific region in Tokyo (1987-1990), he was responsible for US$3 billion of investments in office, retail, residential and hotel projects. Peter is a former Chairman of the American Chamber of Commerce in Vietnam and was on its Board until 2006.

RICK MAYO-SMITH CEO, Indochina Land Rick founded Indochina Capital with Peter R. Ryder in 1999. Prior to launching Indochina Capital from 1991-1999, Rick operated an investment firm in HCM City and Hong Kong which advised clients, invested-in, and developed projects valued at over US$100 million in real estate, tourism, building materials, and food/beverages. During this time, Rick also acted as an advisor to Citicorp Capital and Morgan Stanley with responsibility for sourcing deal flow in the Indochina region with an emphasis on Vietnam. Rick was the first Chairman of the American Chamber of Commerce in Vietnam.

TUNG KIM NGUYEN Managing Director Tung Kim joined Indochina Capital in 2002 and is a Managing Director. Prior to joining Indochina Capital, Tung Kim was with Goldman, Sachs & Co. where he was first in corporate treasury with responsibilities for issuing the firms debt securities and later in advisory where he originated securities for a variety of public healthcare, municipal, and financial institutional clients. Tung Kim received a B.S. from the University of Minnesota and participated in a White House undergraduate program giving him full-time staffing responsibilities in the Executive Offices of the President.

RAYMOND BURGHARDT Non-Executive Director Ambassador Burghardt is a nonexecutive member of Indochina Capitals board of directors. From 2001 to 2004, he served as U.S. Ambassador to Vietnam. Ambassador Burghardt is also the Director of East-West Seminars at the East-West Center. He was formerly the Director of the American Institute in Taiwan. In addition, he previously served in diplomatic posts in China, Philippines, and South Korea. Ambassador Burghardts earlier diplomatic assignments included the role of Special Assistant to President Reagan and Senior Director of Latin American Affairs on the National Security Council staff.

Indochina Riverside Towers, Danang

City Garden, Ho Chi Minh City

The Metropole Hotel, Hanoi

River Garden Apartments, HCM City

The Nam Hai Resort, Hoi An / Danang

Con Dao Resort, Con Dao

Real Estate
Description and Objectives Key Facts Investment Advisors Fund Classes Asset Classes Portfolio Managers Fund 1 Amount Launch Target Diversification by Property
Commercial 15% Office 15% Hotel 20%

The Indochina Land Holding Funds (the Funds) and its investment vehicles acquire and develop office, retail, residential, city hotel and resort properties, most with a for sale residential component, in Vietnams rapidly developing property market. The Funds objectives are to exploit unique Vietnamese real estate opportunities by combining major urban commercial centers with residential properties and luxury tourism destinations with residences, and to therefore participate in Vietnams first sustainable real estate long wave value uplift.

Indochina Land Indochina Land Management Private Closed-End Real Estate Peter R. Ryder, Rick Mayo-Smith Tony Diep, Oai Thanh Nguyen Fund  US$42 mm Apr-05 Amount Launch Target Diversification by Geography
Hanoi 20% Central Coast 20%

US$265 mm Aug-06

Residential 50%

Ho Chi Minh City 60%

BIEN HOA SUGAR

HAU GIANG PHARMACEUTICALS

THONG NHAT RUBBER

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Investment illustrations represent holdings of the Managed Accounts.

Equities
Description and Objectives Key Facts Investment Manager Fund Type Mgmt Fees Target Assets Geography Restrictions Diversity by Position Diversity by Sector Leverage Portfolio Manager Indochina Capital Advisors Listed Closed-End, Managed Accts 1.5% Mgmt fee p.a. + 15% Incentive fee p.a. Vietnamese Securities Min 90% Vietnam Exposure No Direct Property Max 15% NAV in Single Co Max 30% NAV in Single Sector Up to 25% of NAV Peter R. Ryder, Tung Kim Nguyen Thomas J. Ngo, Stanley Vukmer Managed Accounts Amount Launch Type US$120 mm Feb-04 Private

We manage funds and accounts with the purpose of taking exposure to a diversified portfolio of attractive public and private equity and debt investments. This includes the securities of companies organized or listed in Vietnam and the securities of companies outside of Vietnam with a material portion of business, operations or assets based in Vietnam or which derive a significant portion of revenue from activities in or related to Vietnam. These emerging corporates include listed and prelisted companies, privatizing state-owned entities, and private companies and ventures. The largest of our managed funds, Indochina Capital Vietnam Holdings Limited, is listed on the London Stock Exchange.

Indochina Capital Vietnam Holdings Initial Capital IPO Exchange US$500 mm Mar-07 London Stock Exchange

Targeted Company Types Privatizing State Entities OTC Companies Listed Companies Private Enterprises New Ventures Offshore Companies 11

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Investment Banking
Privatization advisory Public offerings / listings Private placements

Retail Client Services

Institutional Brokerage Mekong Securities

Market Services
Cash/securities custody Account execution Document safekeeping

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Mekong Securities
Mekong Securities Joint Stock Company (Mekong Securities) is a Vietnamese broker-dealer and investment bank established in 2002 and licensed by Vietnams State Securities Commission in 2003 to engage in a wide range of financial advisory and capital markets activities including investment banking, brokerage and dealing, securities services, and cash and securities custody. In addition, Mekong Securities has seats on both of Vietnams stock exchanges in Hanoi and Ho Chi Minh City and acts as a dealer in the over-the-counter market. In the fourth quarter 2005, Mekong Securities formalized its ties to the Indochina Capital Group when the Vietnam State Securities Commission approved Indochina Capitals purchase of a significant and strategic equity stake in Mekong Securities. Concurrently, Indochina Capitals management advisory contract to Mekong Securities was approved. Indochina Capital and Mekong Securities together comprise a formidable team. Indochina Capitals investment management and cross-border financial advisory capabilities combined with Mekong Securities domestic investment banking and brokerage presence together form a vertically integrated financial services operation that is unrivaled in Vietnam. As a result, clients and investors are able to access deeper institutional capabilities and execution by working with Mekong Securities and the Indochina Capital Group. It should be noted that relationships and transactions amidst the Group are conducted on a transparent and arms length basis and the Group maintains comprehensive compliance and regulatory policies and divisions within its operations and members of its group of companies. Mekong Securities and Indochina Capital maintain adjacent offices in both downtown Hanoi and Ho Chi Minh City, respectively.

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Market Entry Strategy

Government Relations
License processing Feasibility analyses Local representation

Advisory and Finance

Local Intelligence
Competitive market analysis Local partner sourcing Site, supplier, resource sourcing

Project Financing
Financial planning Debt & equities placement Seed or principal investing

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Advisory and Finance

Indochina Capital provides clients and investors with comprehensive market investigation and entry consulting services in addition to financial advisory and capital raising services. We provide our services through Indochina Finance & Investment Vietnam Co. Ltd, a 100% foreign-owned company licensed in 2007.
Premium Services

We will appoint a senior director to serve as clients primary point of contact Once we accept a mandate, the Firm will deploy all necessary resources to ensure proper execution and satisfactory results We believe in complete process transparency and will coordinate fluidly with a clients requirements for control, involvement, and reporting

Market research on relevant industry sectors and customized market and industry briefings Meetings with prequalified and prescreened strategic partners, distributors, legal counsel, government authorities, other parties as may be necessary Strategy for market entry including options such as distribution, 100% foreign-owned company establishment, and joint-ventures or business cooperation contracts Creation of business plans and legal feasibility analyses including financial information such as capital structures and funding plans Government relations and licensing application process strategy and project management Arranging debt and equity financing for managed and third-party projects

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Offices
Hong Kong
3705 Bank of America Tower, Suite 505 12 Harcourt Road, Central, Hong Kong T: +852 2588 3450 F: +852 3010 6880

Hanoi
Opera Business Center, Floors 9-9A 60 Ly Thai To Street Hanoi, Vietnam T: +84 4 935 0250 F: +84 4 935 0251

Danang
77 Tran Phu Street Danang, Vietnam T: +84 511 840 850 F: +84 511 840 851

Ho Chi Minh City

(additional office as of 01-May-07) Saigon Finance Centre, Floor 9 9 Dinh Tien Hoang, District 1 Ho Chi Minh City, Vietnam T: +84 8 520 2030 F: +84 8 520 2036

Note: Hanoi and Ho Chi Minh City are licensed representative offices of Indochina Capital while Danang is a project office registered under a foreign investment license.

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Contacts
General Contact Information [email protected] www.indochinacapital.com

Group CEO Peter R. Ryder T: +84 4 935 0250 E: [email protected] Real Estate Rick Mayo-Smith T: +84 8 910 4855 E: [email protected] Mekong Securities Ha Viet Nguyen T: +84 4936 1389 E: [email protected] Equities Tung Kim Nguyen T: +84 8 520 2030 E: [email protected] Advisory and Finance Binh Van Tran T: +84 4 935 0250 E: [email protected]

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www.indochinacapital.com