Hoabinh Construction & Real Estate Corporation

HoaBinh Construction & Real Estate Corporation

Interim consolidated financial statements

30 June 2011

Hoa Binh Construction & Real Estate Corporation

CONTENTS

Pages

General information1 - 2

Report of management3

Report on review of interim consolidated financial statements4

Interim consolidated balance sheet5 - 6

Interim consolidated income statement7

Interim consolidated cash flow statement8 - 9

Notes to the interim consolidated financial statements10 - 43

Hoa Binh Construction & Real Estate Corporation

GENERAL INFORMATION

THE COMPANY

Hoa Binh Construction & Real Estate Corporation(“the Company”) is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No.4103000229issued by the Department of Planning and Investment of Ho Chi Minh Cityon 1 December 2000 and the following Amended Business Registration Certificates:

Amended Business Registration Certificates / Date
1st amendment / 8 August 2002
2nd amendment / 25 March 2004
3rd amendment / 2 March 2006
4th amendment / 7 July 2006
5th amendment / 4 September 2007
6th amendment / 28 November 2008
7th amendment / 16 September 2010
8th amendment / 6 April 2011

The Company was listed on the Ho Chi Minh Stock Exchange in accordance with Decision No. 80/UBCK-GPNY issued by the State Stock Exchange on 22 November 2006.

The Company’s principal activities are to provide industrial and civil construction services; surface levelling; construction consulting services; manufacture and trade of construction materials; interior decoration products; house renovation and interior decoration services; and to trade real estate.

The Company’s registered head office is located at 235 Vo Thi Sau Street, Ward 7, District 3, Ho Chi Minh City, Vietnam.

BOARD OF DIRECTORS

The members of the Board of Directors during the period and at the date of this report are:

Mr Le Viet Hai / Chairman
Mr Tran Anh Hoang / Member
Mr Phan Ngoc Thanh / Member
Mr Truong Quang Nhat / Member
Mr Le Quoc Duy / Member
Mr Nguyen Le Tan / Member
Mr Ngo Ngoc Quang / Member
Mr Tan Kok Leong / Member

BOARD OF SUPERVISION

The members of the Board of Supervision during the period and at the date of this report are:

Mr Nguyen Van Thang / Head of the Board of Supervision
Ms Le Thi Phuong Uyen / Member
Mr vo Dac Khoi / Member

Hoa Binh Construction & Real Estate Corporation

GENERAL INFORMATION (continued)

MANAGEMENT

Members of the Management during the period and at the date of this report are:

Mr Le Viet Hai / General Director
Mr Le Viet Hung / Advisor to the Board of Management
Mr Nguyen Van Tinh / Deputy General Director
Mr Truong Quang Nhat / Deputy General Director
Mr Nguyen Van An / Deputy General Director
Mr Nguyen Tan Tho / Deputy General Director
Mr Le Quoc Duy / Deputy General Director

LEGAL REPRESENTATIVE

The legal representative of the Company during the period and at the date of this report is Mr Le Viet Hai.

AUDITORS

The auditors of the Company isErnst & Young Vietnam Limited.

Hoa Binh Construction & Real Estate Corporation

REPORT OF MANAGEMENT

Management of Hoa Binh Construction & Real Estate Corporation (“the Company”) is pleased to present its report and the interim consolidated financial statements of the Company and its subsidiaries (“the Group”) for the six-month period ended 30 June 2011.

MANAGEMENT’S RESPONSIBILITY IN RESPECT OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Management is responsible for the interim consolidated financial statements of the Group which give a true and fair view of the interim consolidated state of affairs of the Group and of the interim consolidated results of its operations and its interim consolidated cash flows for the period. In preparing those interim consolidated financial statements, management is required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the interim consolidated financial statements; and
prepare the interim consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

Management is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the interim consolidated financial position of the Group and to ensure that the accounting records comply with the registered accounting system. It is also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Management confirmed that it has complied with the above requirements in preparing the accompanying interim consolidated financial statements.

STATEMENT BY MANAGEMENT

Management does hereby state that, in its opinion, the accompanying interim consolidated financial statements give a true and fair view of the interim consolidated financial position of the Group as at 30 June 2011 and of the interim consolidated results of its operations and its interim consolidated cash flows for the six-month period then ended in accordance with the Vietnamese Accounting Standards and System and comply with relevant statutory requirements.

For and on behalf of management:

Le Viet Hai

General Director

29 August 2011

Reference: 60933601/15022738

REPORTON REVIEW OF INTERIM CONSOLIDATED FINANCIAL STATEMENTS

To:The Shareholders of Hoa Binh Construction & Real Estate Corporation

We have reviewed the interim consolidated financial statements of Hoa Binh Construction & Real Estate Corporation (“the Company”) and its subsidiaries (“the Group”) as set out on pages 5 to 43 which comprise the interim consolidated balance sheet as at 30 June 2011, the interim consolidated income statement and the interim consolidated cash flow statement for the six-month period then ended and the notes thereto.

The preparation and presentation of these interim consolidated financial statements are the responsibility of management. Our responsibility is to issue a report on these interim consolidated financial statements based on our review.

The Group’s consolidated financial statements as at 31 December 2010 and for the year then ended were audited by another auditor whose report dated 7 April 2011 expressed an unqualified opinion on those statements. The Group’s interim consolidated income statement and the interim consolidated cash flow statement for the six-month period ended 30 June 2010 presented for comparative purpose were also reviewed by another auditor whose report dated 25 August 2010 expressed an unqualified opinion on those statements.

We conducted our review in accordance with Vietnamese Standard on Auditing No. 910 – Engagements to Review Financial Statements. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the interim consolidated financial statements are free from material misstatement. A review is limited primarily to inquiries of the Group’s personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that caused us to believe that the accompanying interim consolidated financial statements do not give a true and fair view of the interim consolidated financial position of the Group as at 30 June 2011, and of the interim consolidated results of its operations and its interim consolidated cash flows for the six-month period then ended in accordance with the Vietnamese Accounting Standards and System and comply with relevant statutory requirements.

Ernst & Young Vietnam Limited

Narciso T. Torres JrLe Quang Minh

Deputy General DirectorAuditor

Certificate No. N.0868/KTVCertificate No. 0426/KTV

Ho Chi Minh City, Vietnam

29 August 2011

Hoa Binh Construction & Real Estate CorporationB01a-DN/HN

INTERIM CONSOLIDATED BALANCE SHEET

as at 30 June 2011

VND

Code / ASSETS / Notes / 30 June 2011 / 31 December 2010
100 / A.CURRENT ASSETS / 2,150,421,553,112 / 1,273,080,987,731
110 / I.Cash and cash equivalents / 4 / 585,720,114,055 / 258,119,214,731
111 / 1. Cash / 33,789,087,675 / 58,218,393,113
112 / 2. Cash equivalents / 551,931,026,380 / 199,900,821,618
121 / II.Short-term investments / 5.1 / 35,777,354,473 / 1,394,493,283
130 / III.Current accounts receivable / 1,210,312,569,324 / 843,542,109,060
131 / 1.Trade receivables / 6 / 336,464,172,445 / 320,466,554,955
132 / 2.Advances to suppliers / 7 / 121,424,979,882 / 58,310,717,961
134 / 3.Construction contractor receivables based on agreed progress billings / 8 / 721,937,401,210 / 457,375,504,727
135 / 4.Other receivables / 9 / 31,420,140,752 / 7,961,723,953
139 / 5.Provision for doubtful debts / 6, 7 / (934,124,965) / (572,392,536)
141 / IV.Inventories / 10 / 273,002,503,638 / 150,351,557,408
150 / V.Other current assets / 45,609,011,622 / 19,673,613,249
151 / 1.Short-term prepaid expenses / 11 / 26,500,900,195 / 6,390,457,057
152 / 2.Value-added tax deductible / 9,758,399,672 / 4,078,115,785
154 / 3.Tax and other receivables from the State / 11,536,499 / 206,388,129
158 / 4.Other current assets / 12 / 9,338,175,256 / 8,998,652,278
200 / B.NON-CURRENT ASSETS / 724,012,957,655 / 639,878,254,599
220 / I.Fixed assets / 489,554,706,141 / 478,888,451,543
221 / 1.Tangible fixed assets / 13 / 452,949,127,417 / 325,795,684,238
222 / Cost / 566,026,927,366 / 409,760,064,229
223 / Accumulated depreciation / (113,077,799,949) / (83,964,379,991)
227 / 2. Intangible fixed assets / 14 / 6,073,465,544 / 6,213,449,131
228 / Cost / 6,846,737,843 / 6,810,737,843
229 / Accumulated amortisation / (773,272,299) / (597,288,712)
230 / 3.Construction in progress / 15 / 30,532,113,180 / 146,879,318,174
250 / II.Long-term investments / 180,245,783,481 / 111,494,451,993
252 / 1.Investments in associates
and joint ventures / 5.2 / 141,760,901,977 / 73,925,940,489
258 / 2.Other long-term investments / 5.3 / 38,484,881,504 / 37,568,511,504
260 / III.Other long-term assets / 54,212,468,033 / 42,261,956,063
261 / 1.Long-term prepaid expenses / 16 / 50,548,091,152 / 40,521,909,065
262 / 2.Deferred tax assets / 29.3 / 1,645,422,081 / 183,092,198
268 / 3.Other long-term assets / 2,018,954,800 / 1,556,954,800
269 / IV.Goodwill / - / 7,233,395,000
270 / TOTAL ASSETS / 2,874,434,510,767 / 1,912,959,242,330

Hoa Binh Construction & Real Estate CorporationB01a-DN/HN

INTERIM CONSOLIDATED BALANCE SHEET (continued)

as at 30 June 2011

VND

Code / RESOURCES / Notes / 30 June 2011 / 31 December 2010
300 / A.LIABILITIES / 2,152,265,113,702 / 1,219,918,936,033
310 / I.Current liabilities / 2,101,499,133,996 / 1,179,214,188,438
311 / 1.Short-term loans and borrowings / 17 / 940,052,821,563 / 531,811,018,166
312 / 2.Trade payables / 283,189,711,052 / 327,007,811,325
313 / 3.Advances from customers / 18 / 644,279,853,424 / 182,969,748,247
314 / 4.Statutory obligations / 19 / 20,849,031,297 / 44,125,022,062
315 / 5.Payables to employees / 37,891,323,886 / 55,370,608,615
316 / 6.Accrued expenses / 20 / 62,692,873,533 / 13,917,475,481
319 / 7.Other payables / 21 / 101,826,392,669 / 8,409,042,556
323 / 8.Bonus and welfare fund / 10,717,126,572 / 15,603,461,986
330 / II.Non-current liabilities / 50,765,979,706 / 40,704,747,595
334 / 1.Long-term loans / 22 / 9,935,565,926 / 17,744,949,409
336 / 2.Provision for severance allowance / 6,459,353,415 / 363,054,834
337 / 3.Long-term provision / 23 / 12,056,630,694 / 737,214,238
338 / 4.Unearned revenues / 22,314,429,671 / 21,859,529,114
400 / B.OWNERS’ EQUITY / 716,368,370,879 / 665,393,216,491
410 / I.Capital / 24 / 716,368,370,879 / 665,393,216,491
411 / 1.Share capital / 207,881,660,000 / 167,310,030,000
412 / 2.Share premium / 368,383,473,203 / 368,383,473,203
414 / 3.Treasury shares / (17,947,727,609) / (17,947,727,609)
416 / 4.Foreign exchange difference / - / 153,861,723
417 / 5.Investment and development fund / 32,354,987,840 / 32,066,340,578
418 / 6.Financial reserve fund / 11,458,225,129 / 11,361,009,041
420 / 7.Undistributed earnings / 114,237,752,316 / 104,066,229,555
439 / C.MINORITY INTERESTS / 5,801,026,186 / 27,647,089,806
440 / TOTAL LIABILITIES AND
OWNERS’ EQUITY / 2,874,434,510,767 / 1,912,959,242,330

OFF BALANCE SHEET ITEM

ITEM / 30 June 2011 / 31 December 2010
Foreign currency
United States Dollar (US$) / 768.62 / 595.84

Nguyen Thi Nguyen ThuyLe Viet Hai

Chief AccountantGeneral Director

29 August 2011

Hoa Binh Construction & Real Estate CorporationB02a-DN/HN

INTERIM CONSOLIDATED INCOME STATEMENT

for the six-month period ended30 June 2011

VND

Code / ITEMS / Notes / For the six-month period ended
30 June 2011 / For the six-month period ended
30 June 2010
01 / 1.Revenue from sale of goods and rendering of services / 26 / 1,326,057,736,640 / 746,515,721,415
02 /

2.Deductions

/ 26 / (633,092,437) / -
10 / 3.Net revenue from sale of goods and rendering of services / 26 / 1,325,424,644,203 / 746,515,721,415
11 /

4.Cost of goods sold and services rendered

/ (1,148,645,089,624) / (637,631,166,842)
20 / 5.Gross profit from sale of goods and rendering of services / 176,779,554,579 / 108,884,554,573
21 /

6.Finance income

/ 26.2 / 21,924,955,109 / 15,489,273,332
22 /

7.Finance expenses

/ 27 / (64,137,949,028) / (20,935,127,942)
23 / In which:Interest expense / (62,324,089,438) / (20,549,185,755)
24 /

8.Selling expenses

/ (3,328,613,199) / (364,048,535)
25 /

9.General and administrative expenses

/ (54,802,810,221) / (31,938,673,949)
30 / 10.Operating profit / 76,435,137,240 / 71,135,977,479
31 / 11.Other income / 28 / 2,902,688,663 / 2,238,783,816
32 / 12.Other expenses / 28 / (422,914,061) / (1,306,841,055)
40 /

13.Other profit

/ 2,479,774,602 / 931,942,761
45 /

14. Shares of profit (loss) of associates and joint venture

/ 10,209,022,437 / (1,583,904,701)
50 /

15.Profit before tax

/ 89,123,934,279 / 70,484,015,539
51 /

16.Current corporate income tax expense

/ 29.1 / (21,809,709,721) / (17,678,107,148)
52 /

17.Deferred corporate income tax benefit

/ 29.3 / 1,462,329,883 / 13,392,985
60 /

18.Net profit after tax

/ 68,776,554,441 / 52,819,301,376
Attributable to:
18.1 Minority interests / 245,749,013 / 129,902,063
18.2 Equity holders of the Company / 68,530,805,428 / 52,689,399,313
70 /

19.Basic earnings per share

/ 25 / 3,378 / 3,561

Nguyen Thi Nguyen ThuyLe Viet Hai

Chief AccountantGeneral Director

29 August 2011

Hoa Binh Construction & Real Estate CorporationB03a-DN/HN

INTERIM CONSOLIDATED CASH FLOW STATEMENT

for the six-month period ended30 June 2011

VND

Code / ITEMS / Notes / For the six-month period ended
30 June 2011 / For the six-month period ended
30 June 2010
I.CASH FLOWS FROM OPERATING ACTIVITIES
01 /

Profit before tax

/ 89,123,934,279 / 70,484,015,539
Adjustments for:
02 / Depreciation and amortisation / 29,187,032,384 / 16,548,978,502
03 / Provisions / 11,681,148,885 / -
04 / Unrealised foreign exchange losses / 1,198,416,825 / -
05 / Profits from investing activities / (31,179,888,312) / (6,823,823,563)
06 / Interest expense / 27 / 62,324,089,438 / 20,549,185,755
08 /

Operating profitbefore changes in working capital

/ 162,334,733,499 / 100,758,356,233
09 / Increase in receivables / (360,088,179,754) / (314,362,394,908)
10 / (Increase) decrease in inventories / (122,650,946,230) / 19,204,036,461
11 / Increase in payables / 513,779,521,839 / 156,520,337,547
12 / (Increase) decrease in prepaid expenses / (30,136,625,225) / 6,315,765,914
13 / Interest paid / (55,141,228,286) / (20,321,688,525)
14 / Corporate income tax paid / 29.2 / (33,622,984,751) / (3,181,108,986)
16 / Other cash outflows from operating activities / (5,605,917,332) / (4,073,707,122)
20 /

Net cash flows from (used in) operating activities

/ 68,868,373,760 / (59,140,403,386)
II. CASH FLOWS FROM INVESTING ACTIVITIES
21 / Purchase and construction of
fixed assets / (165,163,218,637) / (41,419,166,009)
22 / Proceeds from disposals of
fixed assets / - / 70,000,000
23 / Loans to other entities / (33,523,456,878) / (500,000,000)
24 / Collections from borrowers / 1,030,376,588 / 5,000,000
25 / Payments for investments in
other entities / (916,370,000) / (1,084,230,000)
26 / Proceeds from sale of investments in other entities / 27,979,200,000 / -
27 / Interest and dividends received / 18,275,469,853 / 1,757,627,392
30 /

Net cash flows used in investing activities

/ (152,317,999,074) / (41,170,768,617)
III.CASH FLOWS FROM FINANCING ACTIVITIES
31 / Capital contribution / - / 500,000,000
32 / Capital redemption / - / (17,947,727,609)
33 / Drawdown of borrowings / 1,158,292,813,742 / 327,096,471,538
34 / Repayment of borrowings / (747,250,970,496) / (316,666,591,228)
40 / Net cash flows from (used in) financing activities / 411,041,843,246 / (7,017,847,299)

Hoa Binh Construction & Real Estate CorporationB03a-DN/HN

INTERIM CONSOLIDATED CASH FLOW STATEMENT(continued)

for the six-month period ended30 June 2011

VND

Code / ITEMS / Notes / For the six-month period ended
30 June 2011 / For the six-month period ended
30 June 2010
50 / Net increase (decrease) in cash and cash equivalents / 327,592,217,932 / (107,329,019,302)
60 / Cash and cash equivalents at beginning of period / 4 / 258,119,214,731 / 183,773,870,503
61 / Impact of exchange rate fluctuation / 8,681,392 / 47,389,335
70 / Cash and cash equivalents at end of period / 4 / 585,720,114,055 / 76,492,240,536

Nguyen Thi Nguyen ThuyLe Viet Hai

Chief AccountantGeneral Director

29 August 2011

Hoa Binh Construction & Real Estate CorporationB09a-DN/HN

NOTES TO THEINTERIM CONSOLIDATED FINANCIAL STATEMENTS

as at and for the six-month period ended 30 June 2011

1.CORPORATE INFORMATION

Hoa Binh Construction & Real Estate Corporation (“the Company”) is a shareholding company incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4103000229 issued by the Department of Planning and Investment (“DPI”) of Ho Chi Minh Cityon 1 December 2000 and the following Amended Business Registration Certificates:

The Company was listed on the Ho Chi Minh Stock Exchange in accordance with Decision No. 80/UBCK-GPNY issued by the State Stock Exchange on 22 November 2006.

The principal activities of the Company and its subsidiaries (“Group”) are to provide industrial and civil construction services; surface levelling; construction consulting services; manufacture and trade of construction materials; interior decoration products; house renovation and interior decoration services; and to trade real estate.

The Company’s registered head office is located at 235 Vo Thi Sau Street, Ward 7, District 3, Ho Chi Minh City, Vietnam.

The number of the Group’s employees as at 30 June 2011 was 1,838 (31 December 2010: 1,549).

Corporate structure

The Company’s corporate structure includes 11 subsidiaries, in which:

Hoa Binh House Corporation (“HBH”), a shareholding company in which the Company holds 94% of ownership interest, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4103007228 issued by the DPI of Ho Chi Minh City on 7 July 2007, as amended. HBH’s registered office is located at 235/2 Vo Thi Sau Street, Ward 7, District 3, Ho Chi Minh City Vietnam. HBH’s principal activity is to invest in real estates.

Hoa Binh Wood Manufacturing and Decorating Joint Stock Company (“MHB”), a shareholding company in which the Company holds 90% of ownership interest, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4103010322 issued by the DPI of Ho Chi Minh City on 17 May 2008, as amended. MHB’s registered office is located at 2 Nguyen Oanh Street, Ward 7, Go Vap District, Ho Chi Minh City, Vietnam. MHB’s principal activity is to manufacture, sell, process and fit up household wooden and interior decoration products.

Hoa Binh Phu Yen Investment and Development Joint Stock Company (“HBY”), a shareholding company in which the Company holds 99.22% of ownership interest, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 3603000092 issued by the DPI of Phu Yen Province on 8 November 2007, as amended. HBY’s registered office is located at 169 Le Duan Street, Ward 6, Tuy Hoa City, Phu Yen Province, Vietnam. HBY’s principal activity is to provide engineering construction services.

Hoa Binh Construction & Real Estate CorporationB09a-DN/HN

NOTES TO THEINTERIM CONSOLIDATED FINANCIAL STATEMENTS (continued)

as at and for the six-month period ended 30 June 2011

1.CORPORATE INFORMATION (continued)

Corporate structure (continued)

Hoa Binh Mechanical Electrical Joint Stock Company(“HBE”), a shareholding company in which the Company holds 92.57% of ownership interest, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4103009338 issued by the DPI of Ho Chi Minh City on 2 February 2008. HBE’s registered office is located at 235/2 Vo Thi Sau Street, Ward 7, District 3, Ho Chi Minh City, Vietnam. HBE’s principal activity is to build and fit up construction equipments, electric and water systems, prevention and fighting fire systems, cold system.

Hoa Binh Paint Co., Ltd. (“HBP”), a one member limited liability company, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4104000032 issued by the DPI of Ho Chi Minh City on 24 December 2001, as amended. HBP’s registered office is located at Lot 37/5A, 5th Quarter, Phan Van Hon Street, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City, Vietnam. HBP’s principal activities are to manufacture, sell construction materials and provide interior decoration services.

Anh Huy Co., Ltd. (“AHA”), a limited liability company with two or more membersin which the Company holds 90% of ownership interest, was incorporated in Vietnam pursuant to Business Registration Certificate No. 0301453003 issued by the DPI of Ho Chi Minh City on 14 August 1993, as amended. AHA’s registered office is located at 1700/3C, Revenue 1A, An Phu Dong Ward, District 12, Ho Chi Minh City, Vietnam. AHA’s principal activities are to provide interior decoration services; to manufacture construction materials (aluminium windows); to provide surface levelling service; and to sell construction materials.

Hoa Binh Hanoi Construction & Read Estate Co., Ltd (“HB Hanoi”), a one member limited liability company, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 0104853362 issued by the DPI of Ha Noi City on 8 September 2010, as amended. HB Hanoi’s registered office is located at 8th Floor, San Nam Office, Dich Vong Hau Ward, Cau Giay District, Ha Noi City, Vietnam. HB Hanoi’s principal activities are to provide industrial and civil construction services; surface levelling service; to install sewage system service; house renovation and interior decoration services; and to trade real estate.

Hoa Binh Hue Development Joint Stock Company (“HBL”), a shareholding company in which the Company holds 95.49% of ownership interest, was incorporated under the Law on Enterprise of Vietnam pursuant to Investment Licence No. 312031000012 issued by the Board of Management of Chan May - Lang Co Economic Zone of Thua Thien Hue Province on 22 November 2007, as amended. HBL’s registered office is located at Phu Hai 2 village, Loc Vinh Commune, Phu Loc District, Thua Thien Hue Province, Vietnam. HBL’s principal activity is to invest in Le Royal An Nam Resort.

H.B.T Trading Co., Ltd. (“HBT”), a one member limited liability company, was incorporated under the Law on Enterprise of Vietnam pursuant to Business Registration Certificate No. 4104000080 issued by the DPI of Ho Chi Minh City on 24 December 2003, as amended. HBT’s registered office is located at 235 Vo Thi Sau Street, Ward 7, District 3, Ho Chi Minh City, Vietnam. HBT’s principal activities are to sell construction materials, interior decoration products; provide trading promotion service, agency for goods consignment service, advertisement service, fitting up and processing interior decoration product services.