1 MONTHLY REPORT APRIL, 2009 Accounting, Finance and Investment

2 Outline I. I.This month activities and Achievements II. Up date Market news III. Next month project

3 This month activities and Achievements 1) 1)Q1 and Mar 2009 report to Parent company, MOF, AVI, Tax Department 2) Q109 Auditing 3) Finalized and submitted the internal auditing report- (Investment Dept). 4)Prepared documents for applying the fund management company. 5) Tax registration for Da Nang office

4 1. Mar 1. Mar 2009 financial income Trend of revenue and expense from July 08 to Mar 2009 ( mil VND)

5 Trend of revenue and expense from Q3/2008 to Q3/2009 ( mil VND) 1. Mar 1. Mar 2009 financial income

6 Actual Budget Expense performance Sale expense Administration expense ( mil VND) 1. Mar 1. Mar 2009 financial income

7 News 1) Circular 62/2009/TT-BTC issued date 27 March Summarizing main content Non taxableTaxable 1) One-off relocation allowance for expatriates coming to reside in Vietnam. x 2)Airfares for one round trip home leave for expatriates x 3) School fees for children of expatriate employees from elementary up to high school level x 4) Housing allowance paid by the employer Taxable based on the actual expenses but not exceeding 15% of total taxable income. 5) Midshift meal : x - organized directly by employer - Pay cash –maximum 540,000 (minimum basic salary)

8 NEWS 2) The Economic continue face difficulties **Some of spot bright from Q1 financial report Institution1st quarterly result 1. Citi GroupUSD 1.6 bil profit 2. Goldman Sachs BankUSD 1.8 bil profit 3. Bank of AmericaUSD 4.2 bil profit 4. JB MorganUSD 2.1 bil profit ** Problem loans are growing even faster

9 A. A.Economic News Loans subsidy program: to sustain with the recession of economy, Government had decided to boom USD 1 bn ~ VND 17 trillion via 4% loan interest rate subsidy program   As of 17 Apr 09, about VND trillion has been injected into the economy: Vietnamese market review BankAmount (VND trillion) State Owned Commercial Banks175.9 Joint Stock Commercial Banks50.3 Foreign & Joint venture banks10.1 Finance Companies0.5

10 A. A.Economic News GDP of Q1/09 declined to 3.1% against last year – the lowest rate since year 1999: Market Review => GDP is estimated to improve in the next quarters thanks to the affection from stimulate packages of Government and the recovery of global economy

11 B. Interest Rates Base Rate remains unchanged at 7% in April Deposit rate at banks have slightly bounced since Feb due the fund demand for loan subsidy program Market Review Deposit rate20-Mar20-Apr 1 Week5.75%7.00% 1 Month7.00%7.30% 3 Months7.50%8.00% 6 Months7.50%8.50% => Interest rate is estimated to increase but not so high due to the loan ceiling rate of 10.5%

12 C. Foreign Exchange Rate The USD liquidity in the VN market is not plentiful due to the decreasing export value FX at banks was stable and close to the upper bound of the trading band, i.e. market expects higher FX rates. Market Review Increase 5% official rate Increase 5% trading band

13 PROJECT NEXT MONTH  Prepare the system for fund splitting  Implement budget in the system  Testing system and official cooperate with Sacombank in premium collection  Study new investment instruments for enhancing the portfolio yields in 2nd half of this year.  Keep preparing related applications and documents for establishing the Fund Management Company  Recruitment and training new staff

14