Board changes

For immediate release on 27 May 2009 INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED ("ICV" or the "Company") Board changes At the time of publication of the Company's 2008 annual report and accounts, Mr Miles Morland announced his intention to step down as Chairman. The Board today announces that Mr Morland has now tendered his resignation as Chairman and non-executive director. The Nominating and Remuneration Committee unanimously recommended that Gordon Lawson, an existing non-executive director of the Company, be appointed as his successor with immediate effect. The Board, acting on this recommendation elected Mr Lawson as Chairman, effective immediately. On 1 April 2009 the Company announced that it intended to invite shareholder representatives to the Board. The Board is now pleased to confirm that Eric Brock and Eitan Milgram have been appointed non-executive directors with immediate effect. Eric A. Brock is a partner and portfolio manager at Clough Capital Partners, LP ("Clough Capital"), a Boston-based investment advisor he helped found in 2000. Mr. Brock began his career as a CPA with Ernst & Young and he also spent several years as a leveraged finance investment banker with Bear Stearns & Co. Mr. Brock has more than 15 years experience in equity research, investment banking and accounting in a broad array of industries. Mr. Brock holds an MBA from the University of Chicago and a Bachelor's Degree in Accounting from Boston College. Clough Capital currently holds 1,500,000 ordinary shares in the Company, representing 3.3% per cent. of the issued share capital. Eitan Milgram has worked at Weiss Capital LLC ("Weiss Capital") since April 2000 as a Portfolio Manager, Head of Trading and Head of Operations. He is currently Executive Vice President of Weiss Capital. He graduated Summa Cum Laude from Boston University where he won the Prize for Excellence in Economics. Mr Milgram has served on the board of directors of seven publicly traded corporations, including Investec European Growth and Income, Morley Absolute Growth and Premier Asian Asset Trust and has advised numerous corporations on reorganisations and restructurings. Funds managed by Weiss Capital currently hold 10,934,687 ordinary shares in the Company, representing 24.0 per cent. of the issued share capital. Gordon Lawson commented: "On behalf of the Board I wish to thank Miles for his invaluable contribution as Chairman since the Company's launch in March 2007. I also welcome both Eric and Eitan to the board and look forward to working with them." Miles Morland added: "I am stepping down as Chairman and a Board member with great regret as my involvement with the Fund has given me an extraordinary opportunity to be involved with one of the most exciting countries in the world. Unfortunately, I have an increasingly busy day job which simply does not give me the time that is needed to devote to the Fund. I know Gordon Lawson well and know that he will make an outstanding Chairman. The next few months will involve difficult decisions for the Board and Gordon will take those with the interests of all the shareholders being protected. I shall remain an enthusiastic shareholder in the Fund and look forward to participating in the growth of Vietnam through it". For further information please contact: Indochina Capital Advisors Limited +84 8 3910 1525 Beat Schuerch Arbuthnot Securities Limited 020 7012 2000 Alastair Moreton Hannah Pearce ---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.