Net Asset Value(s)

Indochina Capital Vietnam Holdings Limited 7 January 2010 Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful. Indochina Capital Vietnam Holdings Limited (the ?Company?) The Company today announces that, at the close of business on 31 December 2009, the Company?s un-audited Net Asset Value was U.S.$ 26,275,648.11 representing a Net Asset Value per Ordinary Share of U.S.$ 4.71. Portfolio Developments Divestment Update Divestment of the listed equity holdings was completed as scheduled in December save for one holding  valued at US$ 0.7 million which has a lock-up provision until August 2010. In addition, one of the Fund?s eight PE and OTC positions, My Xuyen, was sold on 7 December at book value in local currency. The process for the divestment of the remaining seven PE and OTC positions will commence before the Vietnamese New Year and it is expected that the majority of the remaining PE and OTC positions will be divested during the course of the second quarter of 2010. Portfolio Update The actual exchange rate used to value the Fund?s holdings appreciated by 3.4% during December 2009 as a result of the recent devaluation of the local currency which brought the actual exchange rate significantly closer to the new official exchange rate. The Fund?s performance further benefited from the only remaining listed holding that outperformed the VN Index and closed 13.3% higher than the end of November 2009. However, the revaluation of the Fund?s PE and OTC positions that is formally conducted every six months, i.e. end of June and end of December, offset these positive developments and overall the Fund?s NAV per share fell by 6.5% from the end of November. The value of the seven remaining PE and OTC holdings at the end of December 2009 was US$ 24.6 million, a reduction of 5.9% compared to the value of these holdings of US$ 26.2 million at the end of November or 9.1% compared to the last formal valuation at the end of June 2009. The December valuations reflect increases for three investments and decreases for four investments to reflect, inter alia, current trading and developments at each respective company, with the largest component of the overall reduction relating to ITC Corporation (?ITC?).  While the Fund is entitled to the payment of a claw-back for lack of performance at ITC, since the finalization of the payment has stalled, the Fund has taken the necessary steps to protect the interests of the Fund?s shareholders and has filed a petition with the Vietnam International Chamber of Commerce to claim payment of the full claw back including interest for late payment. Although the Fund, on the basis of legal advice, believes it has a strong claim, in order to be prudent the valuation of ITC has assumed that the Fund will only be awarded a proportion of the payment which has significantly reduced ITC?s valuation as at the end of December.  In the event that the Fund is awarded its claim in full, ITC?s valuation would accordingly be significantly higher than the Fund?s valuation as at the end of June 2009. As at 31 December 2009 the Fund held cash balances (net of accrued expenses) of US$ 1.0 million. A monthly Net Asset Value report is available upon request from the Company or may be accessed via For further information, please contact: Indochina Capital Advisors Limited (Investment Manager) Beat Schuerch, CEO                                                                  Tel:  +84 8 3910 15 25 Arbuthnot Securities Limited                         Tel:  +44 20 7012 20 00 Alastair Moreton Hannah Pearce No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use. This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. This announcement is not an offer of securities for sale into the United States. The Company?s securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States. End of Announcement [HUG#1371070]