Anpha Capital Group and Hanoi Fund Management Strategic Partnership

Leading Vietnam Investment Firm to Team Up with a New Local Partner and Selected New Leadership

(Ho Chi Minh City, Vietnam - May 30, 2008) Anpha Capital Group (ACG), the investment manager for Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), today announced that it has entered into an agreement with Hanoi Fund Management Company (HFM) to act as the new exclusive sub-investment manager for VEH in Vietnam.

“Under the agreement, HFM will assist ACG in the daily management of its VEH fund. We believe that our investment capabilities and strong local network, as well as the backing of our two major shareholders, Vietnam's Military Bank and Thang Long Securities, will bring satisfying results to investors,” said Mr. Phan Anh, CEO of HFM.

Along with the new arrangement with HFM, ACG appointed Mr. Louis Nguyen as its CEO and Chairman.

“The performance of VEH and VPH has been solid under Louis’ leadership and the Board believes the new partnership with HFM will further enhance ACG’s investment and operational efficiency on the ground in Vietnam,” according to Dr. Lee G. Lam, Chairman of VEH and VPH.
In the first quarter of 2008, VEH’s net asset value decreased 2% compared to a 44% downturn in the Vietnam Index. VPH increased 12% within the same period. Both VEH and VPH are currently among the top 5 performing funds in Vietnam.

“I’m delighted in the Board’s confidence and in our new strategic relationship with HFM. The alliance between ACG, as a foreign fund management company, and HFM, as a strong local equivalent, is a competitive advantage over other funds. Having HFM as a partner will strengthen our deal flow capabilities, as well as return on investment,” according to Mr. Louis Nguyen.

About Anpha Capital Group (ACG)

Anpha Capital Group is an investment fund management company which invests in broad and large opportunities in Vietnam. The company’s strategy is to achieve outstanding capital growth through investment in an actively managed and diversified portfolio of pre-IPO equitization opportunities of state-owned enterprises (SOEs), over-the-counter securities (OTC), listed and private equity, and real estate. Anpha Capital manages two investment funds: Vietnam Equity Holding (VEH) and Vietnam Property Holding (VPH), which are both Cayman Islands exempted companies listed on the Frankfurt stock exchange and XETRA with over US$125 million under management.

The key competitive advantage for Anpha Capital is its hybrid structure of foreign fund and its partnership with a domestic fund management company, which enables the company to invest without foreign ownership limitations and restrictions.

Investment team members consist of investment professionals who come from leading fund management companies in Vietnam and whose expertise is fortified by deep-rooted local knowledge and industry experiences. Board members comprise local and international senior business executives, all with proven track records and abilities to source high quality deal flow.
For more information about the company and its executives, please visit our website at www.anphacapital.com

About Hanoi Fund Management Company (HFM)

Established in late 2006 as an affiliated company of Military Bank, HFM is among the first local fund managers in Vietnam. The company became a joint stock company in November 2007 with Military Bank and Thang Long Securities as major shareholders.
The company is managing Hanoi Fund and Vietnam Tiger Fund with total assets under management of over US$120 million by the end of 2007. The funds aim to maximize investors’ value by investing in fast growing and well-managed public companies in Vietnam.
For further information on HFM and its funds, please visit www.hfm.com.vn

Contact:
Mr. Toan Nguyen,
Investor Relations Manager
Anpha Capital Group
Phone : +84-908-656-911
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Visit our website: www.anphacapital.com

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