SOCIALIST REPUBLIC OF VIETNAM Independence – Freedom – Happiness

SOCIALIST REPUBLIC OF VIETNAM

Independence – Freedom – Happiness

No …..HDTD-CN/CVC

Hanoi, January 28, 2008

LOAN AGREEMENT

BORROWER:

Name of Company: CAVICO VIETNAM LTD, CO.

Investment certificate No. 011043000070 issued on 07 January, 2007

Address: 06th Floor – Songda Building – Xxxx Xxxx Street – Tu Xxxx – Ha Noi

Phone:             04.7684.020             Fax :         04.7684.000

Representative by:

Mr. Xxxx Xxxxx Hai                                          Position: CEO

LENDER:

Name of invidual, organization: Xx. Xxx Xxxxx Xx

ID No: 012489907 issued on 18 March, 2002 by Hanoi Police.

Address : Group 00, Xxxx 0, Xx Xxxx Xxxxxxx, Xxx Ho District, Ha Noi city

I: Content:

1. Amount of borrow with interest : 7.300.000.000 VND

(In words: Seven billion and three hundred million Vietnam Dong)

2. Duration : 12 months

3. Interest rate : 12% per year

4. Form to pay the interest  : Pay interest in advance

5. Date of borrowing: 28 January, 2008

6. Payment: Within 12 months

II . Common commitment

- Borrower have responsibility for paying principle and interest on time.

- Lender have responsibility for delivering exact amount as this contract to Borrower.