RHB Investment Bank’s Entry Into Vietnam Through A 49% Investment In Vietnam Securities Corporation (“VSEC”)

KUALA LUMPUR, March 28, 2008:RHB Investment Bank, the investment banking arm of the RHB Banking Group, has today entered into a Share Subscription Agreement with VSEC for the subscription of new common shares in VSEC, representing 49.0% of the total enlarged issued and paid-up share capital for a total consideration of VND66,150,000,000 equivalent to approximately RM13.3 million.

The signing of the agreements was held in Hanoi today and was formalised between VSEC’s Chairperson Miss Chu Thi Phuong Dung and RHB Investment Bank’s Managing Director Mr. Chay Wai Leong and witnessed by representatives from Hanoi Securities Trading Centre (“HASTC”).

RHB Investment Bank and the existing shareholders are expected to enter into a shareholders agreement in conjunction with the share subscription agreement.

Established on 27 November 2006 in Hanoi, The Socialist Republic of Vietnam (“Vietnam”), VSEC is a securities company licensed under the laws of Vietnam to engage in the business of securities brokerage, securities financial and investment consultancy, securities investment portfolio management and securities depository services.

VSEC was issued its Business Operation Licence by the Vietnamese State Securities Commission (“SSC”) on 8 December 2006. In 2007, VSEC was approved as a member of the Vietnam Securities Depository, and accepted as a member of the HASTC and the Ho Chi Minh Stock Exchange. VSEC commenced trading activities on 6 March 2007.

The Proposed Subscription marks the RHB Banking Group’s entry into Vietnam, Asia’s second fastest growing economy after China. The partnership is timely as Vietnam enters a new phase of development, characterised by liberalisation of its markets and the opening up of its economy to foreign trade and investments. Vietnam’s stock market capitalisation is expected to more than double over the next two years with more state owned enterprises being floated through the government’s equitisation programme.

Accordingly, the Proposed Subscription offers the RHB Banking Group an opportunity to strengthen its franchise regionally through a strategic collaboration and creates a platform for regional cross-selling of RHB Banking Group’s financial services. RHB Banking Group currently has its presence in Singapore, Thailand and Brunei.

The RHB Banking Group has over 20 years of experience in securities broking and investment banking and is an advisor to many major IPOs and government privatisations in Malaysia. RHB Banking Group will leverage on its extensive experience and VSEC’s existing network, client base and local knowledge to build VSEC into a premier securities company in Vietnam.

Issued by Corporate Communications, RHB Capital Bhd, on behalf of RHB Bank Berhad. For more information, please call Adeline Ong at 012-8833345 or Kala Sukumar at 012-7100324.