The New-S Finansa Trust Vietnam Balanced Fund is being launched in October 2008 and will provide investors with access to the potential for capital appreciation over the medium to long term through investment in Vietnamese equities and bonds. The Fund’s balance of equity and fixed income exposure is designed to reduce overall portfolio volatility.

The focus of the equity strategy will be the investment in equitised state owned enterprises (or SOEs). This decision to focus on SOEs is based on many years experience of investing in Vietnam. SOEs represent a large, diverse and distinct universe of companies that share a number of characteristics that make them attractive investments.

The Fund’s mandate also allows the fund to buy into private companies and companies that are listed on overseas markets, where a significant contribution to their business operations is from Vietnam.

The investment in Vietnamese bonds will focus on government bonds, which today offer yields of 17-18% p.a.

The Fund will likely be diversified with a range of investment themes represented in the equity component of the portfolio. Vietnam offers opportunities in a number of areas, notably in the agricultural and food processing area, in logistics, in export manufacturing and in domestic service industries.

The Risk Management Policy of the Fund requires that certain restrictions be placed on the over all exposure to equities, to unlisted equities, to individual investments and to industries. The maximum exposure to equities is 70% of Total Assets, the maximum exposure to unlisted equities is 15% of Total Assets, while the maximum that can be invested in one stock is 10% of Total Assets and the maximum invested in any one industry is 30% of Total Assets.

We anticipate that the Fund will maintain between 40 and 60 positions and that the average holding period for an investment will be 12 – 18 months.

The Fund is being distributed in Japan by New-S Securities.

The Fund is open-ended with the Net Value being reported weekly. There will be weekly subscriptions and redemptions with a lock-up period extending to October 2009.