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Monthly Report August 2010

Accounting, Finance and Investment. Monthly Report August 2010. 1. 2. 3. 4. 5. Contents. Activities. Market updates. Budget 2011 start-up. Financial figures. Plans. Activities.

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Monthly Report August 2010

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  1. Accounting, Finance and Investment Monthly Report August 2010

  2. 1 2 3 4 5 Contents Activities Market updates Budget 2011 start-up Financial figures Plans

  3. Activities • Studying the Government decree of 51/2010/NĐ-CPon the MOF invoice (red invoice, VAT invoice) issuance and usage. It will be influenced to all business in Viet Nam, both the seller and buyer. Itbecomes effectivefrom 1/1/2011. • Follow-up the 2010 innovation & incentive program: Idea contribution for • Developing Cathay brand name; • Replace current plastic agent name tag procedure; • Gift shop. All were forwarded to Committee of Double I (2I) for appraisal.

  4. Activities • Completing the reporting to BOD on the budget performance for the period of Jan to Jul 2010. Accordingly, an action can be taken to adjust activities. • Reaching an agreement on cash collection at Service center counters with Indovina bank. • Opening new accounts with 3 banks at Sacombank, Asia Commercial Bank (ACB) and BIDV for investment purpose.

  5. Activities (Cont.) • Enhancing cash yield and Bonds management. • Market watch: Follow up the evolution of financial market and seek opportunity to create other asset class. • Follow-up the following projects: • Formulating “Internal Operation Guidelines for Related Person Transactions” • Forecast Vietnam inflation and exchange rate for the year of 2011.

  6. 2 Market updates

  7. Interest Rates (%) • Banks committed to set deposit rate to a maximum 11.2%. However, some small banks offer some bonuses so that the actual rate is up to 11.5% ~ 12%. • VND deposit rate for 1 month went down a little bit meanwhile USD deposit rate is still at 1%.

  8. Foreign Exchange Rates Aug 10 Feb 10 Nov 09 h 5.4% 17,034 - 17,961 h 2.1% 18,544 - 18,932 h 3.4% 17,961 - 18,544 • In order to curb the trade deficit currently,State bank adjusted VND to 18,932 from 18,544 leading to VND depreciated around 2%. • Official exchange rate : 18,932. • Unofficial rate : 19,450 & Black market : 19,480

  9. 3 Budget 2011 start-up

  10. Budget 2011 start-up • The 2011 budget will be completed by individual departments and Accounting to form a master budget for the whole company. • This allows top management to get a picture of the entire business so BOD are able to better plan accordingly. • Motivate our employees by involving them in the budget. As employees are involved in creating department’s budget, the staff will be more likely to strive to achieve that budget.

  11. Tentative timeline Submit to Head quarter BOD question EVP question 1st draft submission 5 Nov 10 Sep 20-21 Sep 18-20 Oct BOD Accounting Accounting Department EVP - Accounting Department Department BOD-EVP-Accounting

  12. 4 Financial figures

  13. Premium trends in 2 years Record 8.1 7.0 New Renewal

  14. YTD July 2010 Results (VND mil) 42%

  15. YTD July 2010 Results (VND bn) Apr May Jun Jul YTD

  16. Gross Premium (VND mil) 76% 159%

  17. Chart of Gross Premium (VND bn) 76% YTD budget YTD 40.2b

  18. Sale expenses (VND mil) 96% 134% Sale expenses are mostly agent incomes, sale incentives, advertising,…

  19. Chart of Sale expenses (VND bn) YTD 29.4b 96% YTD budget

  20. 5 Plans

  21. Plan • Budget 2011 – working with all departments in building up the budget for the year of 2011. The achievement is to have a successful master budget for Head quarter approval. • Keep follow-up the project of Double I (2I), encourage management level and staff to contribute the idea of innovation. • Communicate the new regulation on usage and issuance MOF invoice to our staff who play a role of a buyer while procurement happens. • Work with Sacombank on the agent income payments.

  22. Plan (Cont.) • Project to invest to new USD Government bond. • Seek approval for the Internal Operation Guidelines for Related Person Transactions. • Keep follow-up the possible progress of establishing or buying a fund management company in the future. • Keep follow-up the financial market and hold monthly presentation regarding to the topics relating to investment. • Keep enhancing cash yield.

  23. Thank You !

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