Project Summary Site Area20,300 sq.m. Plot Ratio6 Total GFA121,800 sq.m. Phase 1 Development6 Villas + 1 Residential Tower (20 Storey) Phase 2 DevelopmentResidential Towers, Retail, Club House Facilities Expected Construction Period 3 years

Project Overview IPA obtained on 7 th December /500 expected in 2 nd Quarter of 2010 LUR will be obtained after 1/500 approval The project will be divided into 2 Phases The internal road can be used as Landscape as there is no time frame from Government on construction of road, we can reserve this area until further instruction from Government in the future.

Project Overview Phase 1 – sq.m. each – 1 Residential Tower – 20 Storey, 80 units – Total GFA approx. 11,500 sq.m. Phase 1 construction starts in 3 rd Quarter 2010, time of Construction of Phase 1 will be approx. 1 year, about 4 months for foundation work, we can start selling by 4 th Quarter of Total Cost for Phase 1 is approx. USD 15.8 million (100%), we have already paid USD 3.4 million for Land and Office. In addition, a further USD 7.6 million approx. will be put in for Land, Construction, Land Premium, Marketing... assuming 100% self-financed, Sales Proceed approx. USD 12 million, in Profit and loss perspective, Phase 1 Net Profit (after tax) approx:

Project Overview Phase 2 – Residential Towers – 20 – 22 Storey, 4 – 8 units per storey, Total GFA approx. 103,400 sq.m. – Retail, Club House facilities – Total GFA approx 7,000 sq.m. Phase 2 construction starts after Phase 1, time of construction will be approx. 2 years. Total cost for Phase 2 will be approx. USD 58 million (100%), including interest from borrowing from Bank (10.5% interest rate at current). Expected Sales Proceed approx. USD 105 million, in Profit and Loss perspective, Phase 2 Net Profit (after tax) approx:

Project Overview Overall Total Cost (Land and Building) for Phase 1 and Phase 2 will be approx. USD 74 million, income from apartments sale is approx. USD 117 million. The NET PROFIT (after Tax) for this project will be approx.: Thus, Return on Total Cost will be:

Proposed Selling Price -Selling Price for Residential is USD 1,100 per sq.m in average, compare with other projects surrounding (please see table below) -Villa selling price is around USD 2,500 per sq.m. in average, compare with the Thu Duc Garden Home. -Retail price is based on our feasibility study from T&A, the rental price is around USD 17 per sq.m. with 8% yield, hence USD 2,550 per sq.m. in selling price ProjectsUnit Area (sq.m.) Selling Price (USD/sq.m.) Developer 1. 4S Riverside68 – – 1,200TTL 2. Sunview71 – – 900Dat Xanh 3. Babylon75 – – 1,100Dat Xanh, Dat Gia 4. Thu Duc Garden Home1822,100 – 2,500K. Endo

Phase 1 Site Area5,950 sq.m approx Development6 Villas + 1 Residential Tower Villas280 sq.m. GFA per USD 2,500 per sq.m. Residential 20 Storey, 4 units per storey GFA Approx. 11,500 USD 1,100 per sq.m. (In average) Total Sales ProceedUSD 11,952,320 Average: USD 1,232 per sq.m (NFA) Land CostUSD 9,135,000 Construction CostUSD 4,874,291 USD270 per sq.m. USD420 per sq.m. With Profession Fee Other CostUSD 1,864,918 Including Land Conversion fee, office costs etc. Total Cost (100%)USD 15,874,208 Remaining cost for Kick Off USD 7,602,085 (Land, Construction, Marketing costs etc.)

Site Area14,350 sq.m approx DevelopmentResidential Towers, Retails, Club House Facilities RetailGFA 7,000 sq.m. USD 17 per sq.m., 8% yield Residential Storey, 4 -8 units per storey 2 Bedroom: 70% 3 Bedroom: 25% 4 Bedroom: USD 1,100 per sq.m. (In average) Total Sales ProceedUSD 105,237,340 Average: USD 1,192 per sq.m (NFA) Construction CostUSD 49,993,776 USD500 per sq.m. USD420 per sq.m. Profession 6% InterestUSD3,447,870 Borrowing 10.5% interest rate Other CostUSD 4,960,363 Including office costs etc. Total CostUSD 58,402,009 Phase 2 Total GFA: 103,353 sq.m

Overall Total Sale ProceedUSD 117,189,600 Land CostUSD 9,135,000 Building CostUSD 54,868,067 Borrowing InterestUSD 3,447,870 Other CostsUSD 6,825,281 Total CostUSD 74,276,218 Overall Net Profit (after Tax) USD 31,204,610 Overall Retrun on Total Cost 42%