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Navigos Group Acquires Ernst & Young Viet Nam's Executive Search Business In Vietnam

HO CHI MINH CITY, September 1st, 2005 – Navigos Group and Ernst & Young Viet Nam today announced an agreement whereby Navigos Group will acquire Ernst & Young Viet Nam’s Executive Search unit.

The strategic acquisition will make Navigos Group, which already operates the country’s largest recruiting website www.vietnamworks.com, the largest provider of Recruiting and HR Advisory Services in Viet Nam in terms of both revenue and headcount, offering Executive Search, HR Consulting, Salary Survey, Labor Outsourcing, Corporate Training and Recruitment Advertising.

“We’re delighted to welcome the Ernst & Young Viet Nam HR Services team, management and clients as we join forces” said Jonah Levey, Managing Director of Navigos Group. “We look forward to leveraging our companies' combined strengths and building sustained value for our clients, and employees. We are committed to offering outstanding service and delivering excellent results to the HR industry in Viet Nam.”

Under the terms of the agreement, the entire 15 members of Ernst & Young Viet Nam HR Services team will join Navigos Group, which now has 90 employees across its three business units: HR Advisory Services, Corporate Training and Recruitment Advertising (VietnamWorks.com). The combined teams will be located in Navigos Group’s newly renovated offices in Sun Wah Tower in Ho Chi Minh City, and Vincom City Tower in Hanoi.

Ms. Annette Jensen, who led Ernst & Young’s Viet Nam HR Advisory Services unit, will become the Director of Navigos Group’s HR Advisory Services unit. Ms. Jensen’s responsibilities will cover Executive Search, HR Consulting, and Labor Outsourcing. Ms. Winnie Lam, formerly the Acting Director, Executive Search at Navigos Group will become Director of Operations for Navigos Group overall, including Vietnamworks.com.

“In joining the Navigos Group, the Ernst & Young Viet Nam HR Services team will continue to be a part of a leading professional Executive Search and HR Advisory Services organization, with significant growth potential,” said Thanh Nguyen, Managing Partner of Ernst & Young Viet Nam. “We and Navigos Group share the same beliefs in professional client service, integrity and in the market. I am certain that our team will go on to make the same wonderful contribution to Navigos as they did with Ernst & Young Viet Nam, with the same high level of professionalism, client service and commitment that they have consistently exhibited here.”

About Navigos Group

Navigos Group is the leading and largest integrated Human Resource Services provider in Viet Nam, specializing in delivering human capital management strategies and solutions in Executive Search, Human Resource Consulting, Labor Outsourcing, Corporate Training and Recruitment Advertising

Navigos Group was created in 2002 with the mission to help clients manage their most important strategic assets – PEOPLE. Navigos Group has more than 90 employees working from offices in Ho Chi Minh City and Hanoi, and owns and operates Vietnam’s largest online career portal www.VietnamWorks.com. For more information about Navigos Group, please visit www.navigosgroup.com

About Ernst & Young

Ernst & Young, a 115-year-old firm, is a leading “Big Four” global professional services organizations with 100,000 employees stationed throughout 140 countries. Ernst & Young audits over 100 of the Fortune 500 companies and has consistently posted double-digit growth and led its competitors in tax services and technology.

In Viet Nam, Ernst & Young has offices in Ho Chi Minh City and Hanoi, employing in excess of 210 employees. Its HR Advisory Services include executive search, recruitment through advertising, candidate assessments, and ancillary HR services.

For more information please contact:

Kelvin To Marketing Manager Navigos Group 11C Lam Son Square, 4th Floor District 1, Ho Chi Minh City Phone: (08) 404 1373 Mobile: 090 800 1282 Email: kelvin@vietnamworks.com

For information about Ernst & Young Viet Nam please contact:

Thanh Nguyen Managing Partner Ernst & Young Viet Nam Saigon Riverside Office Center 8/F., 2A – 4A Ton Duc Thang District 1, Ho Chi Minh City Phone: (08) 824 5252 Email: thanh.nguyen@vn.ey.com