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Monthly Report July 2010

Cathay Life (VN). Monthly Report July 2010. Investment ,Finance and Accounting. 2010.07.30. This month activities Finance market news Vietnam Interest rate and FX trend Business Result Next month plan. Outline. 1.This month activities. Accounting & Finance.

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Monthly Report July 2010

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  1. Cathay Life (VN) Monthly Report July 2010 Investment ,Finance and Accounting 2010.07.30

  2. This month activities Finance market news Vietnam Interest rate and FX trend Business Result Next month plan Outline

  3. 1.This month activities Accounting & Finance • Internal and External Accounting report (P&L, Tax reports.Q2 P&L report • New Cash management at Customer service to comply with internal audit report The Budget performance: Alert departments has been over against budget. Approval report must be prepared accordingly. The innovation & incentive program: Program has launched, encouraging the idea contribution from our staff The Profit center project: the 6-month report has been released out to BOD, in which investment income has been allocated by branch office.

  4. 1.This month activities Investment Enhance cash yield: Control amount/period of time deposits and seek possibility to earn higher interest rate New counterparties for TD: BIDV、ACB 、and Sacombank have been approved! Bonds management: Update market value/accrued interest periodically and seek opportunity to invest in other bonds Market watch: Follow up the evolution of financial market and seek opportunity to create other asset class

  5. II. Finance Market News *Causes - G.S was accused of misstating and omitting facts in disclosure documents for “collateralized debt obligation (CDO)” product in 2007 by Securities and Exchange Commission (SEC) • CDOis a deal between G.S and Paulson & Co., a Hedge fund. Paulson created the CDOs equity in 2007 and G.S sold to investors I.Goldman Sachs bank and a penalty of $550 mil **History 5

  6. II. Finance Market News I.Goldman Sachs bank and a penalty of $550 mil **History • Beside Paulson bet against this equity, it will get money if price reducing of this equity -> Paulson’s interest were sharply conflicting - However G.S misrepresented to investors that ACA (an independent selection agent) had reviewed the mortgage package underlying the credit default obligations, and failed to disclose about Paulson & Co., roles 6

  7. II. Finance Market News I.Goldman Sachs bank and a penalty of $550 mil **Result • Paulson & Co., earned USD 1bil - G.S was paid USD 15 mil in the deal with Paulson - G.S has to pay a penalty USD 550mil in which: USD100 mil pay to ABN Amro  USD150 mil pay to IKB Deutche Industriebank AG  USD 300 mil to US government 7

  8. II. Finance Market News 8

  9. II. Finance Market News II.AIG *New CEO in Asia • AIA New CEO Mr. Mark Tucker replace for Mr. Mark Wilson- AIA has been looking for investors to separate from AIG ** A Compensation USD725 mil - AIG agreed to pay USD 725mil to settle a long-running securities fraud lawsuit led by 3 Ohio public pension funds.- The lawsuit began Oct 2004, involved allegations that AIG engaged in accounting fraud, bid-rigging and stock price manipulation from Oct 1999 to April 2005 9

  10. III. The Market: Interest Rates • Interest rate is still on the down trend. • -According to an agreement from Banking Association, banks committed to set deposit rate to a maximum 11.2%. • (Consequence) Help banks improve their profit structure, however some banks plan to slash lending rate as well. • (Outlook) Since the government is still trying to reduce the deposit interest rate, the deposit rate would be even lower in the future. 10

  11. III. The Market: FX Rates h3.4% 17,491-18544 h5.4% 17,034-17961 Trend of USD/VND • VND depreciated a little bit But generally speaking, it’s still stable. • -Official rate : 18544; • -Unofficial rate :around 19074; • -Black market: 19210 Notes: time series up to 21/7/2010 • (Reason) the rumor is that a scarcity of dollars would happen because of maturing loans. • (Outlook) the rumor is going on and the government is trying to improve the trade deficit . VND may keep depreciating slightly. 11

  12. IV. Business Result –Profit and Loss 58% 12

  13. IV. Business Result-Gross Premium 73% 151% 13

  14. IV. Business Result-Sale Expenses 105% 146% 14

  15. IV. Business Result-Administrative Expenses 94% 115% 15

  16. IV. Business Result-Profit and Loss by location % Sale exp: Sale exp /FYP %Mngt exp: Admin. exp/ total revenue Ratio expense/sale (sua) 16

  17. IV. Business Result-Profit and Loss by location 17

  18. Next month plan Accounting & Finance Survey one more bank for salary payment The Budget performance: Pay attention to monitor the 2010 budget as some departments has been over against budget. The innovation & incentive program: Following up and update to BOD the staff contributions. Universal life product: Set-up the accounting process Budget 2011 : Working on the plan and the template. 18

  19. Next month plan Investment Assessing the possibility to buy new bonds. Keep following the progress of fund management company with ICC. Keep following up financial market and hold monthly topic presentation regarding investment issue Keep enhancing cash yield. 19

  20. The End

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