1. 1 MONTHLY REPORT March, 2009 ACCOUNTING FINANCE INVESTMENT

2. 2 Vietnam Market Review –Inflation –Bond Market Overview –Interest Rates –FX rates 2009 February Accounting Results Activities in March –Accounting & Finance –Investment Plans for the Next Month –Accounting & Finance –Investment Content

3. 3 A. A. Latest Released CPI CPI in Mar 09 slightly decreased against Feb 09 Market Review Mar 09Feb-09 MOMYOYMOMYOY CPI-0.17%11.25%1.17%14.78%

4. 4 B. B.Bond Market Overview Viet Nam’s bond market is in its initial stages, total bond value accounted of 10.50% of GDP during 2008. More than 533 government bonds being traded with maturities ranging from 2 to 15 years Market Review Bond transaction in Secondary market

5. 5 C. C.Interest Rates Base Rate remains unchanged at 7% in March However, the Govt bond yields have slightly bounced since Feb due to the increasing supply Market Review Base Rate and 5yr Govt Bond Yield

6. 6 D. D.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 3% 5%

7. 7 2009 February Results Trend of revenue and expense from July 08 to Feb 09 Expense increasing with expanding business

8. 8 Jan 09 Feb 09 Jan 09 Feb 09 ActualBudget Comparison of actual with budget 2009 February Results

9. 9 A. A.Accounting & Finance Activities in March 1) 1)Get agreement of Contract with Sacombank & IVB about premium collection and insurance payment 2) 2)Prepare report of Fund splitting to submit to MOF 3) 3)Tax finalization with deadline 31 Mar 2009 – –PIT – –VAT – –CIT 4) 4)Annual report for publication on newspaper

10. 10 B. B.Investment Activities in March 1) 1)Contact counterparties and professions to discuss the market, the economy situation, and etc. 2) 2)Follow up bond market : primary & secondary markets (including the trading activities, auction results, official issuance plans) 3) 3)Research on domestic banking industry (ex. Agribank) & on Domestic and Global economy. 4) 4)Prepared the documents and reports for internal auditing

11. 11 A. A.Accounting & Finance Plans for the Next Month 1) 1)Preparation of Q1 2009 Auditing 2) 2)Set up process of collection and payment at DN office 3) 3)Preparation Q1 2009 tax report

12. 12 B. B.Investment Plans for the Next Month 1) 1)Keep monitoring and analyzing the macro economy and the bond market. 2) 2)Study more product types in the domestic market for enhancing the portfolio yields. 3) 3)Prepare related applications and documents for establishing the Fund Management Company

13. 13 Thank you for your attention