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Published on Thursday, 27 September 2007

Off Market Cash Takeover Offer Letter to Shareholders

Off Market Cash Takeover Offer Letter to Shareholders

A.C.N. 063 656 333
A.B.N. 64 063 656 333

27 September 2007

Dear Shareholder


The Company has received notice from Corbyns International Limited (“Corbyns”) that Corbyns has received acceptances to their off market cash takeover offer to Vietnam Industrial Investments Limited (“VII”) shareholders of approximately 67% as at 26 September 2007 and waived the one and only condition.

The effect of the matters in the preceding paragraph is Corbyns Offer is now unconditional and Corbyns has and will retain control of VII.

VII’s independent directors remind those VII shareholders who have not accepted Corbyns Offer that they recommend VII shareholders accept Corbyns Offer.

VII’s independent directors also want to inform those VII shareholders who have not accepted Corbyns Offer as follows:

1. Corbyns Offer currently closes at 5.00pm (WST) on Friday, 5 October 2007.

2. If they intend to accept Corbyns Offer then they should do so as soon as possible.

VII’s directors Messers Young and Clements and the trusts in which VII director, Mr Lee, has a direct and indirect contingent beneficial interest, have now accepted Corbyns Offer for their respective VII shares.

If Corbyns does not become entitled to compulsorily acquire all VII shares (that is, Corbyns does not receive acceptances of at least 90%), VII shareholders who do not accept Corbyns Offer will be minority shareholders in VII. There are a number of possible implications for those VII shareholders who do not accept Corbyns Offer (details of which are in section 3.6 of the Target’s Statement released to VII shareholders on 4 September 2007) some of which are as follows:

1. Corbyns will be in a position to cast the majority of votes at a general meeting of VII. This will enable it to control the composition of VII’s Board and senior management, determine VII’s dividend policy and control the strategic direction of the businesses of VII and its subsidiaries.

2. The VII share price may fall immediately following the close of Corbyns Offer and it is unlikely that VII’s share price will contain any takeover premium.

3. The liquidity of VII shares may be lower than at present.

4. If the number of VII shareholders is less than that required by ASX Listing Rules to maintain an ASX listing then Corbyns may seek to have VII removed from the official list of ASX. If this occurs, VII shares will not be able to be bought or sold on ASX.

If you have misplaced the Bidder’s Statement or the Acceptance Form for Corbyns Offer, or if you have any questions in relation to Corbyns Offer, please call the shareholder information line on +61 8 9315 2333. Completed Acceptance Forms can also be faxed to Security Transfer Registrars Pty Ltd on +61 8 9315 2233.

Yours faithfully


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