1. Monthly Report May 2010 Accounting, Finance and Investment

2. Contents 1. Activities 2. Market updates 3. Financial figures 4. Plans

3. 1. Activities

4. Activities – Engaged projects Investment Cash/ Time deposits management. Evaluates to find new deposit counterparties. Following up international & domestic bond market. Seeking opportunities for investing.

5. Activities – Engaged projects Accounting & Finance Parent audit visit : Working with auditors on related matters. The 2010 innovation & incentive program: BOD approved the proposal. The Auto- pay project : Signing contract with Sacombank.

6. Activities – Engaged projects Accounting & Finance (Cont.) The profit center project : Report of location has been sent out to BOD. The following report of location is for your reference

7. Results by location (VND bn) ItemsH.O.HCMHNDNCTDNAI Gross Premium -6.159.541.402.010.15 Investment 45.38----- Total revenues 45.386.159.541.402.010.15 Direct expenses -5.138.211.101.230.08 Indirect expenses 20.499.6514.352.883.350.54 Total expenses 20.4914.7822.563.984.580.62 Profits 24.89(8.63)(13.01)(2.57) (0.47) Direct exp. ratio -83%86%78%61%53% Indirect exp. ratio 45%157%150%205%167%356%

8. 2. Market updates

9. Interest Rates (%) Group Cur.Demand3 months6 months12 months SOCBsVND 2.4 - 311 - 11.5 USD 0.2 - 0.33.4 - 3.53.5 - 3.83.5 - 4.2 JSCBsVND 2.4 - 4.211 - 11.5 USD 0.25 - 13.3 - 3.43.5 - 4.23.6 - 4.5 Interest rate is on the down trend recently.  Majority of banks have set the cap on deposit rate at 11.5%, except for some small JSCBs (Joint stock commercial banks).  Lending rate has been declined to 14% - 15%pa.

10. Interest Rates (Cont.) Reasons:  The government has asked the State Bank of Vietnam (SBV) to cut the interest rates to boost local business and productions, in a movement to help stabilize local macro economy.  State Bank of Vietnam has been boosting funds via open market operations since the start of 2010 to curve the lending rate.

11. Foreign exchange rates 3.4% 17,491 - 18,544 5.4% 17,034 - 17,961 Trend of USD/VND VND depreciated somewhat, but generally speaking, it’s stable.

12. Foreign exchange rates (Cont.) In May 2010,  Official rate:18,958 – 19,013  Unofficial rate:18,970 – 19,030 Reasons:  USD gets back the confidence as the evolution of the Greece’s situation.  VND might be still stable for the near future although the demand for USD is rising, but the supply of USD is relatively plenty.

13. 3. Financial figures

14. 123 4 YTD Apr 2010 Results Gross Premiums Sale Expenses Analysis of Premiums and Sale Exp.

15. 1 YTD Apr 2010 Results

16. YTD Apr 2010 Results (VND mil) JanFebMarAprYTD Revenues 15,51316,32515,98616,80364,627 Expenses 16,50813,96118,22318,30766,999 Profits (995)2,364(2,237)(1,504)(2,372) Budget 2010 (830)(1,941)(1,957)(1,916)(6,644) Actual / Budget 2010 36%

17. YTD Apr 2010 Results (VND bn) Jan Feb Mar Apr YTD

18. 2 Gross Premiums

19. Gross Premium (VND mil) JanFebMarAprYTD Actual 2010 4,4643,5964,9886,20019,248 Budget 2010 6,7065,8817,2157,41927,221 Actual 2009 2,7447,0882,2963,05615,185 Actual / Budget 2010 Actual 2010 / Actual 2009 71% 127%

20. Chart of Gross Premium (VND bn) YTD 19.2b 71% budget A02 of 5.8b

21. 3 Sale Expenses

22. Sale expenses (VND mil) JanFebMarAprYTD Actual 2010 4,0982,9044,6985,12516,825 Budget 2010 3,8133,9574,7654,39516,930 Actual 2009 2,4593,2651,3264,12711,177 Actual / Budget 2010 Actual 2010 / Actual 2009 Sale expenses are agent incomes, sale incentives, advertising, customer care … 99% 151%

23. Chart of Sale expenses (VND bn) 99% budget YTD 16.8b

24. 4 Analysis of Premium collections & Sale Expenses.

25. Premiums / Sale exp. (VND bn) Premium 71% budget Sale Exp. 99% budget

26. Sale expenses & Premiums JanFebMarAprYTD Premiums 67%61%69%84%71% Sale exp. 107%73%99%117%99% Actual & Budget 2010 (%)  YTD Apr 2010 gross premiums has reached 71% only but the related expenses has closed to 99% YTD budget.  It has resulted in the loss on insurance trading as the revenues could not cover the sale expenses, such as agent incomes, sale incentives, advertising…

27. 4. Plans

28. Plans – Accounting & Finance 1 2 Half-year of 2010 reporting & half-year audit conducted by Earns & Young. 3 Introduction the 2010 innovation & incentive program to all staff. Work with IT to enhance the system: generating the cash reports & deposit monitoring.

29. Plans – Investment 1 2 Investment project: schedule time and topic about financial market and do presentation. 3 Keep following the progress of fund management company with ICC. Following up the international & domestic bond market, as well as cash managements.

30. Thanks for your attention.