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MONTHLY REPORT Mar, 2010

MONTHLY REPORT Mar, 2010. Accounting, Finance and Investment Presenter: Neva Lin Investment Dept. 2nd April 2010. A ctivities and Achievements for this month and Plans for next month. II. 2009 Life insurance results. III. Economic indicators update and investment outlook. Agenda.

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MONTHLY REPORT Mar, 2010

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  1. MONTHLY REPORT Mar, 2010 Accounting, Finance and Investment Presenter: Neva Lin Investment Dept. 2nd April 2010

  2. Activities and Achievements for this month and Plans for next month II.2009 Life insurance results III. Economic indicators update and investment outlook Agenda

  3. I. Activities and Achievements for this month and Plans for next month Accounting, Finance and Investment

  4. Accounting Activities • Reviewed the Auditors’ report of 2009 • Worked with IT on the Budget system – phase 2. • Working on the profit center project to determine the revenues and expenses at each branch office. • Working on the cost saving program/ 3B Golden mind project to encourage staff to contribute the valuable ideas in cost saving.

  5. Accounting Plan • Continuously follow-up the budget performance system and support all department in their budget controlling. • Test the relevant reports on the profit center project depending on IT scheduled. • Seek BOD approval on the cost saving program/ 3B Golden mind project. • Quarter-end audit to be conducted by Ernst & Young.

  6. Finance Activities • Monthly tax reports : VAT ,CIT , Withholding tax .. • 2009 Invoice finalization reports • 2009 Tax Finalization reports : CIT ,PIT, Financial statement • Tax registration for new office Dong Nai, • Informing office address changing of Da Nang

  7. Finance Plan • Cash management at Dong Nai branch • Follow up Insurance payment by ID and bank transfer project (Continue) • Follow up Auto pay project (Continue) • Deal with post office about premium collection service.

  8. Investment Activities • USD / VND time deposit re-investment to match cash flow needs in the future. • Following up international and domestic bond market, including economic indicators and bond trading activities. • Seek opportunity to invest government bond

  9. Investment plan • Keep following the progress of fund management company with ICC. • Start investment project ─ schedule time and topic about financial market and do presentation. • Following up international and domestic bond market, including economic indicators and bond trading activities.

  10. II.2009 Life insurance results Accounting, Finance and Investment

  11. 2009 New Policy Data source: Insurance Association (VIA)

  12. 2009 Policy Inforce Data source: Insurance Association (VIA)

  13. 2009 Gross Premium (VND bn) Data source: Insurance Association (VIA)

  14. III. Economic indicators update and investment outlook Accounting, Finance and Investment

  15. Local News • Fitch put Vietnam rating on watch negative • Deterioration in domestic confidence in the local currency. Currency and deposit outflows from banking system. • Lack of transparency in the data on foreign reserves (abnormal large error & omissions). • Wider current account deficit.

  16. Feb CPI -rising trend since Aug 09 high consumption demand for food and beverages around lunar new year Inflation of 2mths 2010 was 3.35%, ~ 50% of target 7% for year 2010 but lower than 3.6% of average CPI from 2003-2009 Outlook: CPI is estimated to increase1.4-1.6% (MOM) CPI Vietnam CPI CPI for the first 2mths

  17. Industrial Output: • Feb decline • Feb industrial output was 50.9 trillion VND , declined 19% MoM & 13.6% YoY. • The long lunar new year holiday had paused the production. • For 2mths 2010: • the industrial output achieved 114 trillion VND, approached 15% target of 2010 & increased 14% than 2009. Industrial production (YoY) • Outlook: With the recovery of global economy, industrial production is expected to increase gradually.

  18. ForeignExchange • Market Quotation: • The official exchange rate is at 18,544 VND/USD • The commercial bank is at 19,000~19,100 VND/USD • The black market is 19,280~19,300 VND • The gap between official and black market is narrow after lunar new year VND depreciation. • Outlook: VND/USD exchange rate per dollar h5.4% 17,034-17961 h3.4% 17,491-18544 The exchange rate still show signs of weakness of VND, because high inflation expectation and trade deficit.

  19. Deposit Rates • VND: • Deposit rate for VND over 1 month is 10.49% which is the regulation ceiling although some banks provide extra bonus. • USD: • Individual deposit rate is increasing. However, corporate deposit rate keeps in 1% due to ceiling rate. • Outlook: Deposit rate will maintain high, unless regulation change. The average mobilizing rate is quoted as follows (source: SBV):

  20. Interest rate is on the rising trend Government bond issuance plan for 2010 is quite high (around 56,000 bio VND). Base rate expect on the up-trend. CPI is also on the rising. Market transactions focus on short-term bonds. Outlook: Interest rate is still increasing, which is favorable for interest re-invest in the future. Bond Market Govt Bonds Yield Trend Market transaction tenor classification

  21. Thanks for your attention ～～ The End ～～

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