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Auditor’s report on the financial statements For the first 6 months 2007

For the first 6 months of 2007 of Tan Tao Investment - Industry Corporation (ITACO)

AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS

For the first 6 months of the fiscal year ending 31 December 2007 of Tan Tao Investment Industry Corporation

THE SHAREHOLDERS, THE BOARD OF MANAGEMENT AND THE DIRECTORS

We have audited the accompanying financial statements for the first 6 months of the fiscal year ending 31 December 2007 including the balance sheet as of 30 June 2007, the interim income statement, the interim cash flow statement and the notes to the financial statements for the first 6 months of the fiscal year ending 31 December 2007 of Tan Tao Investment - Industry Corporation (from page 06 to page 30), which were prepared on 10 July 2007.

The preparation and the presentation of these interim financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

Audit background

Our audit is conducted in accordance with the International Auditing Standards as well as the Vietnamese Auditing Standards. These standards require that we plan and perform the audit procedures to obtain a reasonable assurance that the interim financial statements are free from material mistakes. The audit is developed on the basis of our performing the sampling method as well as applying the necessary examinations and tests of evidences supporting the amounts and the disclosures in the interim financial statements. The audit also includes our assessing the company’s compliance with the prevailing accounting standards and system, the accounting principles and methods applied, the material estimates and judgments of the company’s Directors as well as our evaluating the overall presentation of the interim financial statements. We believe that our audit has provided reasonable bases for our opinion.

Auditor’s opinion

In our opinion, except for the fact that the gains from land and plant leasing activities are recorded at the amount actually received (Note IV.15), which may have certain effects on the related items, the other items of the interim financial statements referred to above fairly present, in all material respects, the financial position as of 30 June 2007, the business results and the cash flows for the first 6 months of the fiscal year ending 31 December 2007 of Tan Tao Investment - Industry Corporation in conformity with the related regulations.

Without qualifying our opinions above, we would like to draw the attention of the readers of these financial statements to the followings:

- The costs corresponding to the revenue from land rental already recognized are accrued on the basis of the lease area and the land rental unit price as approved by the General Department of Taxation (Note IV.9).

- The expenses on construction of infrastructures of the industrial park are presented in item ‘Other long-term investments’ (Note V.11).

For and on behalf of

Auditing and Consulting Company Limited (A&C)

Ly Quoc Trung Trinh Hoai Ngoc
Deputy General DirectorAuditor