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Indochina Capital Vietnam Holdings Announces the Listing of Another Private Portfolio Holding


    Indochina Capital Vietnam Holdings (the "Fund") (LSE:ICV), a
    Vietnam investment fund listed on the London Stock Exchange main
    market under symbol ICV, is proud to announce that one of its equity
    portfolio holdings, Dien Quang Lamp Joint Stock Company (the "Company"
    or "Dien Quang"), is listing today on the Ho Chi Minh City Stock
    Exchange.

    Dien Quang is listing under the symbol DQC. The Company is one of
    Vietnam´s leading manufacturers of lightbulbs and electric equipment
    and has an estimated 65% market share in Vietnam´s household lightbulb
    market. The Fund has owned a 6.7% equity stake in the Company since
    August 20, 2007.

    The Company´s listing is being closely watched by market
    participants as a quality mid-cap manufacturing and domestic home
    staples play on Vietnam that is occurring at a time when the VN Index
    has dropped to a 12 month low of 710.45 and is down 23.4% this year
    alone.

    Reference the below table for more information about the Company´s
    listing.

    -0-
    *T
    Company Dien Quang Lamp Joint Stock
    Company
    ------------------- ------------------------------ -------------------
    Symbol DQC
    ------------------- ------------------------------ -------------------
    Listing Date February 21, 2008
    ------------------- ------------------------------ -------------------
    Number of Shares 15,717,000
    ------------------- ------------------------------ -------------------
    Float 98.19 %
    ------------------- ------------------------------ -------------------
    Initial Price VND 290,000 Per Share US$ 18.13 Per Share
    ------------------- ------------------------------ -------------------
    Initial Market Cap VND 4.56 trillion US$ 285 million
    ------------------- ------------------------------ -------------------
    Listing Advisor Bao Viet Securities
    ------------------- ------------------------------ -------------------
    Institutional Indochina Capital, Prudential,
    Investors Viet Capital
    ------------------- ------------------------------ -------------------
    *T

    Reference the below table for more information about the Fund´s
    investment in the Company.

    -0-
    *T
    ICV Share Ownership 1,066,668 shares or 6.7% of fully
    diluted equity
    ------------------------------- --------------------------------------
    Average Price Paid VND 150,000 share / US$ 9.38 per share
    ------------------------------- --------------------------------------
    Closing Price on Listing Day VND 232,000 per share / US$ 14.50 per
    share
    ------------------------------- --------------------------------------
    6.7% Position at Purchase Price VND 160.0 billion / US$ 10.0 million
    ------------------------------- --------------------------------------
    6.7% Position at Listing Price VND 247.5 billion / US$ 15.5 million
    ------------------------------- --------------------------------------
    Gains to ICV at Listing Price VND 87.5 billion / US$ 5.5 million or
    55.0%
    ------------------------------- --------------------------------------
    Hold Period Up to Listing 185 days
    ------------------------------- --------------------------------------
    Lock-Up Requirements 50% unrestricted, 35% lock-up for 6
    months, 15% lock-up to the end of
    February 2008
    ------------------------------- --------------------------------------
    *T

    For more information about Indochina Capital, please visit:
    www.indochinacapital.com.