MONTHLY ÑIEÅM UPDATES TIN May 2011 THAÙNG 04 / 2010 VFM GIỚI THIỆU VFM VIETFUND MANAGEMENT (VFM) Công ty VietFund Management là công ty quản lý quỹ đầ

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1 MONTHLY ÑIEÅM UPDATES TIN May 2011 THAÙNG 04 / 2010 VFM GIỚI THIỆU VFM VIETFUND MANAGEMENT (VFM) Công ty Viet Management là công ty quản lý quỹ đầu tiên tại Việt Nam chuyên thực hiện quản lý các quỹ đầu tư cho Viet nhà đầu Management tư cá nhân pháp (VFM) nhân is a trong leading và financial ngoài nước. services and investment firm, offering a wide range of financial Trong services năm in 2008, managing dịch vụ investment Quản lý danh funds mục and đầu tư discretionary được công ty Viet portfolio Management manage tập to domestic trung triển and khai intermational nhà investors. đầu tư cá nhân và pháp nhân, cho các các tổ chức tài chính lớn trong và ngoài nước. In 2008, VFM VFM có đội focused ngũ on quản carring lý kinh out nghiệm Discretionary lâu năm Portfolio và khả Manage năng hoạch ment định service các to giải our individual pháp đầu and tư institutional chuyên investors nghiệp trong as lĩnh wells vực as quản national lý tài and sản international này. financial institutions. We have expertise and experience management Với team kiến thức and chuyên offer professional sâu và tầm solutions nhìn chiến in lược, this field. các chuyên gia tư vấn tài chính của VFM luôn theo dõi sát sao và phân By entrusting tích những the biến management động của thị of your trường, assets đồng to thời us, tiến you hành can be nghiên sure your cứu portfolio tổng thể will và be nhạy managed bén điều professionally chỉnh các - cơ leaving cấu you danh more mục. time Từ for đó yourself. nhiều cơ hội đầu tư mới mở ra và mang lại kết quả tối ưu cho nhà đầu tư VF1 Investment VF4 Investment VFA Investment Quỹ đầu tư VF1 Quỹ VF2 Quỹ đầu tư VF4 Quỹ đầu tư VFA Hãy dành thời gian để tận hưởng cuộc sống của riêng mình tài sản mà bạn giao phó đã được chúng tôi quản lý một cách chuyên nghiệp nhất và bạn hoàn toàn yên tâm vì điều đó. Trụ Head sở Office: chính Lầu 10th 10, Floor, Cao Central ốc Central Plaza Plaza Office Bldg 17 Lê Le Duẩn, Duan Boulevard, Quận 1, Thành District phố 1 Hồ Ho Chí Chi Minh, City, Việt Vietnam Nam ĐT: Tel: (84.8) Fax: +84 (84.8) Hotline: Chi Hanoi nhánh Branch: tại Hà Nội Phòng Unit 1208, 1210, 12th Tầng Floor 12, Pacific Tòa nhà Place Pacific Tower Place 83B Ly Thường Thuong Kiet Kiệt, Street Q.Hoàn Hoan Kiếm, Kiem Hà Dist., Nội, Việt Ha Noi, NamVietnam ĐT: Tel: (84.4) Fax: +84 (84.4) VIETFUND MANAGEMENT (VFM) (VFM)

2 VF1 name English name Trading Code type Quỹ đầu tư Chứng khoán Việt Nam (VF1) Vietnam Securities Investment VFMVF1 Closed-end public fund Current 1,000,000,000,000 VND chartered capital Outstanding 100,000,000 units fund unit Inception date May 20, 2004 Listing date November 8, 2004 term 10 years Management Viet Management (VFM) Custodian Joint Stock Commercial Bank for foreign trade of Viet nam (Vietcombank) Management 2%//year fee Custodian & 0.08%//year depositing fees Dividend Investment objective By annual, based on realized return and approved by Annual Meeting of Investors. VF1 aims to invest to listed and unlisted shares, fixed-income securities and other financial instruments to build a balanced portfolio. performance in May 2011 In May 2011, Vietnam s stocks movement plunged as the VN-index and HN-index dropped 5.3% and 11.2% respectively with many stocks moving down. On a -on- basis, the VF1 decreased 6.2%. Movement in net asset value () size (VND bn) Performance (%) (VND bn) Unit (VND) YTD Since inception (24/05/2004) VF1 1,000 1, ,219 (6.2) (10.2) (16.4) (22.6) (26.5) 74.2 VN-Index (5.3) (12.2) (8.7) (6.7) (7.4) 61.1 HNX-Index 69.5 (11.2) (16.9) (27.6) (35.9) (45.9) (30.5) VF1 performance vs. Index 24/05/2004=100 % (*) Including 15% dividend paid for investor in May /04 07/05 04/06 01/07 09/07 06/08 01/09 09/09 05/10 01/11 04/11 05/11 VF1 VN-INDEX performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year- to -date (YTD) YTD annualized (10.7) (1.8) (5.2) (6.2) (26.5) (47.8) 2010 (0.8) (4.6) (7.9) (0.2) (0.6) (3.9) 1.4 (8.2) (8.2) 2009 (1.4) (7.5) (0.6) (8.6) (6.0) (15.0) (15.7) (9.0) (20.0) (4.2) (9.7) (14.0) (1.0) 0.6 (55.8) (55.8) (3.5)(*) (2.1) (4.2) (2.1) 46.1(*) 46.1(*) (8.4) (4.4)(*) (*) 175.1(*) (2.4) (0.6) (0.2) (0.2) (*) based on weighted issued capital VF1 Investment 2

3 Asset allocation (%) Investment by industries (%) Listed shares Unlisted shares Bonds Cash & other assets /04/ As at May , the proportion of listed shares decreased from 78.4% to 76.0%. The reason was that the market price of many stocks in the VF1 s portfolio decreased. The divestment caused the proportion of unlisted shares to decrease from 17.3% to 11.6% and the proportion of cash to increase from 3.0% to 10.9% Banks Real Estate Food & Beverage & Tobacco Energy Materials-Resources Transportation Pharmaceuticals Capital Goods Retailing Utilities Technology Hardware Insurance Telecommunication Servieces Bond Cash & Other assets /4/ /5/2011 The investments classified by industries in May 2011 had little change as compared to the previous s figure when the two largest sectors still belonged to Real Estate & Infrastructure and Materials & Resources. The net investments in May 2011 were primarily in Food, Beverage & Tobacco while net divestments were focused on Real Estate, Materials & Resources. As at May , the top 4 industries were: Infrastructure & Real Estate, Capital Goods, Food & Beverage and Materials & Resources which comprised 65.1% of VF1 s. 3 VF1 Investment

4 VF4 name English name Trading Code type Quỹ đầu tư Doanh nghiệp Hàng đầu Việt Nam (VF4) Vietnam Blue-chips VFMVF4 Closed-end public fund Current 806,460,000,000 VND chartered capital Outstanding 80,646,000 units fund unit Inception date 29/02/2008 Listing date 12/06/2008 term 10 years Management Viet Management (VFM) Custodian HSBC Bank (Vietnam) Ltd., Hochiminh City Branch Management 2%//year fee Custodian & 0.08%//year depositing fees Dividend Investment objective By annual, based on realized return and approved by Annual Meeting of Investors. VF4 aims to achieve long term capital growth with optimal risk through investing in IPOs of the big State Owned Enterprises and blue chips companies. These companies have shown consistent growth over the years, and are expected to sustain growth in the future. performance in May 2011 Vietnam stock market in 05/2011 continued its downtrend after CPI continued to increased at 2.2% -on- and central bank raised its major benchmark interest again in an effort to tame inflation. On the other hand, many banks were under pressure to reduce its loan portfolio to non-manufacturing sector, namely real estate and securities investment loan. Those factors has resulted in a huge drop in both HNX and HOSE with VN-Index reduced 12.2% and HNX-Index reduced 16.9% -on-. VF4 s /unit during 05/2011 declined 12% to VND 6,577/units. Movement in size (VND bn.) 30/05/2011 Performance (%) (VND bn.) Unit (VND) 1 3 YTD Since inception (28/02/2008) VF ,577* (12.0) (19.3) (28.3) (14.2) VN-Index (12.2) (6.0) (13.1) (37.9) HNX-Index 69.5 (16.9) (21.6) (39.2) (70.1) (*) excluding unit dividend of VND1,000 advancing in 12/2009 and VND1,000 advancing in 05/2010 VF4 performance vs. INDICES 28/02/2008=100! Top 5 holdings /08 06/08 09/08 12/08 03/09 06/09 09/09 12/09 03/10 07/10 09/10 11/10 01/11 03/11 04/11 05/11 Stock Listing status % VF4 VN-INDEX HNX-INDEX VNM HOSE 11.5 HPG HOSE 6.7 DPM HOSE 6.0 TCM HOSE 5.5 performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year-todate YTD annualized (13.0) (3.1) (4.3) (28.3) (55.0) 2010 (3.4) (0.8) (4.1) (9.4) (10.7) (2.2) (3.3) 4.9 (13.1) (21.6) 2009 (1.3) (9.0) (1.4) (13.2) (2.0) (0.9) (5.7) (8.5) (12.7) (3.7) 1.7 (17.4) (17.4) PVD HOSE 5.3 VF4 Investment 4

5 Asset allocation (%) Investment by industries (%) Listed shares Unlisted shares Cash & other assets /04/2011 In 05/2010, the proportion of listed stocks reduced from 93.3% to 89.8% mainly due to liquidation of Real Estate stocks because the credit tightening policy of the government has negatively affected the sector. On the other hand, listed stock s price reduced a lot during the s while unlisted stock remain stable so the proportion of listed stock reduced in comparison with unlisted stocks. Cash and other asset increase from 2.9% to 6.0% as of. Materials & Resources Real Estate & Infrastructure Capital Goods Food & Beverage Retailing Banks & Diversified Financials Pharmaceuticals & Healthcare Consumer Durables & Apparel Transportation Energy /04/2011 In 05/2011 Materials & Resources, Infrastructure & Real Estate and Food & Beverage are still the top 3 holding sectors. However, Food and Beverage has replaced Infrastructure & Real Estate as second biggest sector in the portfolio due to net buying and better price performance. The proportion of Food and Beverage increased 1.4% to 17.2% during the. As at, VF4 s portfolios included 30 stocks in 10 industries. The top 3 holding by sectors were: + Materials & Resources (22.3%). + Food & Beverage (17.2%). + Infrastructure & Real Estate (15.1%), 5 VF4 Investment

6 VFA name English name Trading Code type Quỹ đầu tư Năng động Việt Nam (VFA) Vietnam Active VFMVFA Closed-end public fund Current 240,437,600,000 VND chartered capital Outstanding 24,043,760 units fund unit Inception date 02/05/2010 Listing date 08/09/2010 term Management Custodian Management fee Custodian & depositing fees Dividend Investment objective 5 years Viet Management (VFM) Far East National Bank - Hochiminh City Branch 2%//year 0.04%//year Distribute at least 50% of its realized profit to investors every year. To capture medium to long-term capital appreciation on Vietnam market, accompanied by capital preservation during adverse market conditions, based on the main strategy of trend-following. performance in May 2011 Vietnam stock market plunged in May as VN-Index and HNX-Index dropped 12.2% and 16.9% respectively. In the same period, VFA s decreased 4.4%. On a year-to-date basis, VFA s lost 12.5%, which outperformed both VN-Index and HNX-Index. size (VND bn.) Performance (%) (VND bn.) Unit YTD Since inception (2/4/2010) VFA (4.4) (6.7) (8.4) (11.3) (12.5) (19.4) VN-Index (12.2) (8.7) (6.7) (7.4) (13.1) (17.5) HNX-Index 69.5 (16.9) (27.6) (35.9) (45.9) (39.2) (57.7) VFA performance vs. INDICES 02/04/2010=100 % /09 04/09 06/09 08/09 10/09 12/09 02/10 04/10 06/10 08/10 10/10 12/10 02/11 04/11 05/11 VFA VN-INDEX HNX-INDEX VFA Investment 6

7 By Strategies By asset allocation (%) % Strategy Stocks at HNX Strategy 2 Strategy 3 Strategy 5 Cash & other assets Stocks at HOSE UPCOM Cash & other assets /04/ /04/2011 As the sign of uptrend was not clear, all trend-following strategies still maintained their positions in cash as at May 31, Strategy 5 started to invest as more stocks showed their attractiveness when market went down. Consequently, strategy 5 s proportion increased from 29.3% to 33.2%. As compared to April s figure, stocks listed in HOSE increased their proportion with a higher pace than stocks listed in HNX since strategy 5 primarily invested in HOSE companies in May Cash holding still occupied large weight in the portfolio (64.5%) as interest rate maintained its high level. 7 VFA Investment

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