Providential Holdings Reports Substantial Subscriptions to Saigon Securities Investment Fund

LOS ANGELES, CA and HO CHI MINH CITY, VIETNAM -- (MARKET WIRE) -- December 18, 2006 -- Providential Holdings, Inc. (OTCBB: PRVHE) (German Stock Exchanges: PR7, WKN 935160), a provider of international advisory services specializing in mergers and acquisitions, announced today that its Vietnam-based joint venture partner Thanh Viet Fund Management Company (TVMC) has received substantial subscriptions for TVMC's Saigon Securities Investment Fund A2 from major institutional investors.

These recent subscriptions include participation from Agribank Securities Company, Ltd., a subsidiary of Vietnam Bank for Agriculture and Development; Handico Finance Corporation, which is owned by Hanoi Housing Investment and Development Corporation; Vinashin Finance Corporation, a subsidiary of Vietnam Shipbuilding Industry Corporation; Petro Vietnam Finance Corporation, which is owned by Petro Vietnam Corporation; and Kinh Do Company Limited, among others.

Saigon Securities Investment Fund A2 primarily focuses on Vietnam-based listed companies in the industries of banking and finance, oil and gas, telecommunications, real estate development, information technology, supermarkets and trade commerce, consumer goods, and infrastructure and utilities. Besides high potential for capital appreciation, the fund is expected to distribute quarterly dividends between 3% to 4% to its investors.

Tai Van Vo, chairman of TVMC, said, "We welcome the participation of these major Vietnamese financial institutions to our Saigon A2 Fund. We believe Vietnam's growing economy and dynamic private sector will provide ample opportunities for us to achieve our investment objectives and reward our investors with excellent returns."

Providential Chairman and CEO Henry Fahman said, "With a growth rate in Vietnam estimated at 8% a year over the next decade, we believe there will be appealing investment vehicles for retail and institutional investors. Through new funds like Saigon A2 and taking Vietnamese companies public in the United States, we are providing the opportunities for foreign capital investors to benefit from the enormous growth ahead."

About Thanh Viet Fund Management Company

Thanh Viet Fund Management Company was founded by Ho Chi Minh City-based TVH Corporation, Phuong Nam Commercial Bank (PNB) and a number of local investors. TVMC runs the Saigon Fund A1, which has about $2 million under management. Tai Van Vo is a former principal with Dragon Capital Group and Enterprise Investment Management, Ltd. For more information, visit http://www.thanhviet.com.vn.

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services and independent energy. The company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a leading U.S. investment-banking firm to help Vietnamese companies go public and raise capital through the U.S. financial markets. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com.

A profile for investors can be accessed at http://www.hawkassociates.com/prvhprofile.aspx.

For investor relations questions regarding Providential, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

Contact Information: Investor Relations Contact: Hawk Associates, Inc. Frank N. Hawkins, Jr. or Julie Marshall Phone: (305) 451-1888 Email: Email Contact