Fund Summary
Vietnam Emerging Equity Fund Limited (VEEF) Date: 31 December 2007 NAV Per Share: US$ 11.702 A Cayman- domiciled closed-end fund listed in Ireland. The principal Total Net Assets: US$ 89.68 MILLION investment objective of the Company is to seek long-term capital appreciation of its assets by investing in a portfolio of the equity securities of companies with a significant presence Investment Objective in Vietnam. Legal Form Cayman-domiciled 10-year closed- A Cayman-domiciled closed-end fund listed in end fund, vote to wind-up each Ireland. The principal investment objective of the Fund is to seek long-term capital year after 5th year appreciation of its assets by investing in a Directors portfolio of the equity securities of Vietnamese Listing Irish Stock Exchange companies, whether established with of the Fund domestic or foreign ownership. The Fund may Management PXP Vietnam Asset also invest in the shares of companies listed Dr. Yvo Gisler abroad which have significant exposure to Company Management Ltd (Non-Executive Chairman) Vietnam and a market capitalisation in excess Mr. Stanley Chou of US$ 100 million. Administrator HSBC Trustee (Cayman) Limited (Non-Executive Director) Mr. Stefan Steiner HSBC Institutional Trust Services (Non-Executive Director) Custodian Investment Restrictions (Asia) Limited At the time of investment, no more than 20% of the NAV may be invested in any single Vietnam HSBC, Ho Chi Minh City Branch, Fund company; the Fund may not own more than Sub-Custodian Vietnam 20% of the issued shares of a company; no Managers more than 60% of the NAV may be invested in PricewaterhouseCoopers (Vietnam) Auditors Ltd Kevin Snowball pre-listing companies. Investee companies must have a minimum net asset value or (47) has over 20 years experience as Legal Advisor Freshfields Bruckhaus Deringer, a specialist manager and trader of capitalisation of US$ 10 million, or would fulfil proprietary funds in the early develop- this condition if valued at the most recent Hanoi mental stages of emerging equity and market average P/E ratio. Pre-listing equity derivatives markets. Ex- ABN investments are held at cost unless there is a Legal Advisor Charles Adams, Ritchie Amro, Baring Securities and Bear (Cayman Islands) & Duckworth Stearns. Lived in Hong Kong 1985- compelling reason to write them down. 1995 and now lives in Vietnam. Listing NCB Stockbrokers, Dublin Jonathon Waugh Capital Raised Since Sponsor (39) has lived in Vietnam since 1996 and speaks Vietnamese. The first Inception foreigner to be permitted by the State Maximum Size 10,000,000 Shares Securities Commission to work for a of Fund (7,663,750 Issued) Vietnamese securities company (Dep. Capital Shares Capital General Director ACB Securities 2000- Raising Issued Raised Original 2003). Ex-Jardine Fleming (1997- Date(s) 2001) and Baring Asset Management Subscription USD 5.00 (1992-1996). Price 3-Nov-05 2,763,400 US$ 13,817,000 Management 2% p.a. 28-Apr-06 4,900,350 US$ 32,216,100 Fee
Performance 20% over 8% p.a. with high water Total 7,663,750 US$ 46,033,100 Fee mark
Performance Minimum USD 100,000 Subscription Vietnam Emerging Viet Nam Index Equity Fund (VNI)* Accounting 31st December 2005** 0.38 % -4.66 % Year Ends
2006 87.37 % 144.5 % Bloomberg PXPVEEF KY
This factsheet is prepared on behalf of the Vietnam Emerging Equity Fund (the “Fun d”) by PXP Vietnam Asset Management Limited, and is solely communicated to, and directed only at persons who are investment professionals, high net worth companies or others who are entitled to be given the factsheet under the law of the jurisdiction in which it is given. Persons receiving this factsheet should note that past performance is no guide to the future and, in particular, that the past returns of the Vietnamese stock market, or of companies listed on it, are no guarantee of the future returns of the Vietnam Emerging Equity Fund. This factsheet and the information contained herein must not be acted on or relied on for any purpose whatsoever. This factsheetis strictly confidential and may not be copied or distributed or passed on by any recipient. No understanding representation or warranty or other assurance, express or implied, is made or given by any person to the accuracy, fairness or completeness of the information or opinions contained in this factsheet and no responsibility or liability is accepted for any such information or opinions. It is the responsibility of every person reading this document to satisfy himself as to the full observance of laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. 1/1