+ V ietnam Economy Ov erview + Vietnam M&A Market + Opportunities + Difficulties

2. M & A in Vietnam – Potential &Opportunities Content + Vietnam Economy Overview + Vietnam M&A Market + Opportunities + Difficulties + Investment portfolios + TigerInvest Introduction + Q & A

3. Vietnam Economy Overview

4. Vietnam Economy Overview • Currency Exchange • Interest rate • Annual Inflation • Trade Deficit • FDI • Growth Rates • Price of Gold • Stock Market Index • GDP • Price of Oil

5. Local company’s difficulties • Increasing spending • Decreasing profit • Payment deadline of bank debt • Affected payment ability

6. Vietnam M & A Market Sales Biz • Approximately 350,000 enterprises are operating in Vietnam now + 95% is small and medium sized companies + 30% of them are facing risks of bankruptcy + around 50,000 newly born annually which are facing many difficulties that can affect their survival • The number of equitized SOEs continuously increases

7. Local company’s demand

8. Successful M&A cases

9. Successful M&A cases

10. Vietnam M&A market

11. Comments • FDI is growing rapidly (FDI: 45,2bil USD, FIDI : 600mil USD in first 7 months of 2008) • Private economic sector grows rapidly together with the growth of capital market • M& A activities enjoyed a boom since early 2007 • From beginning of 2008, local parties’ demand for M&A is significantly increasing • A lot of M&A transactions and value have not been disclosed • Due to the unstableness of current market, several transactions have been delayed and value of many M&A deals have been unexpected decreased • There’s no strategic cooperation of equitized SoEs except the deal between Carlsberg and Habeco • Large corporations have trend to buy or merge with small and medium-sized enterprises to extend scale

12. Your opportunities Experience is your strength

13. Benefits from M&A for investors • M& A is the shortest way to penetrate Vietnam market + Distribution system, customers, processes, manpower…available for use + Reduce costs and time in starting business • Tax advantages • Opportunities of selecting, owning and running business with suitable price • Get knowledge of market, business operation through cooperation with a domestic partner • Achieving economies of scale, reducing employees and expenses  Profit growth. • Creating opportunities for cross-selling • Eliminating competition • Avoid entry barriers

14. What you can do…

15. Difficulties Trade barriers • Local partners are not familiar with the M&A assess process • Management boards in local private companies is lack of competence • Financial information is not transparent and incomplete • Price is not exact due to assessment is not based on standard method • Foreign investors have little knowledge of local business culture • Limited time for consideration and decision of investment • Investment structure made by large corporation in VN is out of focus • Investment in real estate from short-term loans is high risk • Problems relating to tax compliance • Problems relating to foreign exchange

16. Difficulties Regulation barriers • Unclear ownership law • Foreign companies have no permission to set up parent company in Vietnam • Enforcement of corporate & investment law is still ineffective • Shortage of data and information in means of communication • Administration procedure is complex and takes long time

17. M&A activities – relating law • Enterprise Law 2005 – Article 153 • Regulations on competition law: 30% and 50% • Investment Law 2005 – recognize M & A as an important investment method • MPI, MoF: On-going process of fully legal frame for M& A activities

18. M&A in Real Estate

19. Investment Portfolios

20. Commercial and Office Building Advantages: • Western corridor location • Becoming midtown-developing area • 2 sides of road • Large area • Good Construction category factors • Crowded street, few commercial buildings • High grade of building • Transparent reporting • Easy for access

21. Commercial centre and office building Property details: • Type: Building of office for lease and rental; Trading Centre, shopping mall, restaurants… • Land area: 5,218 m2 • Construction area: 2,293 m2 • Construction density: 50.79% • Land utilization efficient: 13 times • Height: 35 floors plus 3 underground floors • Build up area: 83,153.7 m2 • Expectation Area for lease: 55,708 m2 (excluding service area for car parking and other service: 12,177 m2) • Location: Tay Son Street - Dong Da dist - Hanoi city • Construction period: 3 years (excluding preparation period) • Completion: June, 2011 • Price : 60 mil VND/m2 • Current status: -Construction license: Secured -Land use right: Secured -Investment license: Secured

22. Project of 4.600m2 Land facing to Main street in Hanoi Property details: A construction company is calling for transferring a real estate project of 4,600m2 land facing to main street in Hanoi City, Cau Giay District (closed to Trung Hoa Nhan Chinh, Le Van Luong, Lang Ha street…) I- Co-operation pattern: transfer the whole project. II- Detail information: • Location: facing to main street of Trung Hoa – Nhan Chinh, Cau Giay, Hanoi. • Using purpose: Twin complex building with 25 storeys includes offices, commercial center, and apartment for sales. • Construction density: 45% • Land utilization efficient: 10 times

23. Project of 4.600m2 Land facing to Main street in Hanoi • Land area: 4,600m2 • Number of storeys: 25 • Current condition: clear, available to transfer • The advantage of project: facing to main streets of Hanoi with good location. • Price : 12 mil USD

24. Commercial and office building in downtown Property details: • Type: Building of office for lease and rental; Trading Centre, shopping mall, … • Land area: 3,400 m2 • Construction area: 1,750 m2 • Construction density: 51% • Land utilization efficient: 9.7 times • Height: 19 floors plus 3 underground floors • Build up area: 33,000 m2 • Expectation Area for lease: 27,000 m2 (excluding service area for car parking and other service: 10,000 m2) • Location: Down Town- Hanoi city • Construction period: 2.5 - 3 years • Completion: June, 2010 • Current status: Construction license, Land use right, Investment license • Price : 37.7mil USD ( 12.7mil USD + 25mil USD) TigerInvest Presentation - 2008

25. 4 Star Hotel in Ha Long Bay Property details: • Company owns a project of one luxury four - star hotel in HaLong Bay. Now we would like to co-operate with investors who have strong finance and managerial skills in the same sector • Room capacity using: 80% to 90% • Hotel capacity: located in 4,000m2, 15 floors with 101 rooms, 03 conference rooms, one big swimming pool • Renting land: in 50 years (in used since 2003) • Price : 12 mil USD

27. Others • A tea bag manufacturer ( 30% - 49% ) • A securities company ( 30% - 80% ) • Small Industrial zone 45 ha in Que Vo, Bac Ninh( 100% ) • IT company ( system integration information ) ( 20% ) • Resort ( 30% ) • Power Plant ( 100% ) • Urban development, 30ha next to Posco-Vinaconex project ( joint venture )

28. THANKS FOR ATTENTION