VIPC Products & Services

Thank you

June 2010 VIPC Viet Investment Power1

VIPC CAPITAL MANAGEMENT CORP.Investment Hub to Vietnam

JESSIE LAN VODeputy CEO Assistant

• I. Our firm

• II. VIPC’s Products & Services

1.Products family

2.Real estate fund

3.Portfolio management services

4. Advisory services

CONTENT

2June 2010 VIPC Viet Investment Power

I. Our firm


• VIPC Capital Management or well-known as VIPC Fund Management is anindependent national licensed investment fund upon teamworkmanagement and trust worthy pass relationships with investors.

• The legal entity shareholder of VIPC is Viet Vinh Phu Company, a highlyreputation domestic and international financial investment organization.Together with Viet Vinh Phu Company, VIPC is established by individualinvestors who have comprehensive education and extensive experience inthe world and Vietnamese financial and stock market. Standing on a strongfoundation, VIPC’s shareholder now has the largest shares in SaigonCommercial Bank, major shares in Great Truong Son project and KhanhHoi Sugar Joint Stock Company

• VIPC offers independent and institutional investors variety range ofinvestment capacities to match with hundreds of valued contactprofessionals and investment opportunities in one of the most attractiveemerging markets, Vietnam in Real estate, Securities and Private Equity

I. Our firm


II.VIPC Products & Services


• 1. VIPC Product family

VIPC FAMILY

Closed-end fund

Portfolio

Management Service Account

Advisory services

VIPF1

Real estate Fund

Projects in Vietnam

Real Estate

OTC & Listed stocks in VN market

Direct investment

Indirect investment

OTC & Listed stocks in VN marketDiscretionary Managed a/c

VIPC Aggressive Growth

VIPC Growth

VIPC Balance

VIPC Conservative Balance

VIPC High Income

VIPC Preservation



• 2. Real estate Fund

Investment ObjectivePrimarily Investment objective ofVIPC Real Estate fund is byinvesting attractive projects at theearly stages in Vietnam.

The Fund will leverage its strongconnected local networks andexperience in propertydevelopment and redevelopment ofupscale residential, commercialand private project to maximize anattractive overall return throughdiversified property portfolio.

Investment StrategyTo achieve a balanced risk-reward profile, thefund will invest in three broad classes ofcompanies:

a) Projects which are completed - this wouldcomprise real estate assets which are in usewith established, high-quality tenants. Suchasset class would typically denote steadyincome type characteristics.

b) Projects in development stage - where thelead-time to commercial deployment istypically between one-three years, and thecompleted projects subsequently would havecontractual off-take arrangements in place.

c) Projects in the planning stage - where thelead-time to commercial deployment wouldbe three-six years. These projects wouldoffer the highest amount of return, althoughwith a greater risk.




Investment process

Stage 1• Best locations/lands for investment activities nomination(Industry Screening)• Site visit initial evaluation for nominated projects ( Site Inspections)• Geological studies for project locations ( Evaluation)

Stage 2. Drafting of feasibility studies • Information of legal studies with regards to real estate activities • Maintenance and management plan examination. • Real estate valuation (appraisal) services. Due diligence

Stage 3• Industrial real estate services • Real estate management (market price, market rent, rent collection and follow-up) • Real estate applications and process clearance • Loan collateral and loan transitions services • Loan implementation services • Mortgage services • Real estate segmentation services (apartments and condominiums) • Other real estate related services



• 2. Real estate FundWhy Vietnam ?- The Vietnam economy and the real estate sector in particular are high on itsride to prosperity. As Vietnam’s economic growth curve rises, real estates haveemerged as one of the most appealing investment areas for domestic as well asforeign investors.

- Maximum growth is attributed to its growth from the booming youngpopulations , since an estimated 60 per cent of the new construction is for thenewly weds family.

- Investment scenario has certainly undergone a paradigm shift in Vietnam,rental return from new residential apartments ranges from 8 to 10.5%. , and thatfrom commercial property in Vietnam metros is around 12-14%, one of thehighest in the world.

- According to the Emerging Trends in Real Estate® Asia Pacific 2010 Reportpublished by PricewaterhouseCoopers LLP (PwC), Vietnam is ranked 3rd in theregional list of countries that are least impacted by global economic crisis in2009 and 2010. Thus, Vietnam real estate market is a promising destination forstability-expected investment flows

- The report also states that Ho Chi Minh City of Vietnam is ranked 3rd fordevelopment prospects in 2010 and highly graded in segment ranking. Besides,the city is projected to achieve the world highest average real growth rate of GDPin the period 2008-2025, reaching 7% per annum

- Also marked in the report, HCMC average yields in grade A office, retail,residential and industrial segments in 2009 range from 11.5% to 14%- anoutstanding outcome comparing to other Asia Pacific players. Hotel and retailhold the 2nd place while segments of industry, office and residential housing arerespectively ranked as 4th, 6th and 7th in the list.

Regional development prospects in 2010

II.VIPC Products and Services



Key Facts-Selling and buying Vietnam property is nowconsidered as the most profitable and attractivebusiness opportunity in the present real estatescenario in ASEAN. User demands have added tostrength of real estate markets across the commercial,residential and retail sectors in Vietnam, especiallycommercial property with exceeded supply for thepast few years .

- There has also been an upward swing on the realestate price values in the recent years. Due to the hugedemand and rising prices, investment and speculativeinterest in real estate is growing while excess moneysupply, inflation and regular depreciation of VND toUS$ are adding to the trend in favor of the real estatesector.

- In the last 2 years, the capital values of thecommercial office spaces has increased by up to 25%owing to the increase in the demand from globalbusiness reallocation and domestic professionalbusiness sectors across major metros in Vietnam.

- Factors Favoring Real Estate’s Investment ,easyavailability of housing finance, burgeoning income andbetter job prospects, increase of nuclear families havegiven a boost to the demand in Vietnam. The net yields(after accounting for all outgoings) on residentialproperty are currently at 8-10.5 % p.a. However, theseinvestments have benefited from the improvingresidential capital values. As such, investors can counton potential capital gains to improve their overallreturns. Capital values in the residential sector haverisen by about 40-200% p.a in the last 5 years.

- The residential market in Vietnam has been growing due to increasing demand from retailers; higher disposable incomes. The capital appreciation in this sector is close to 20-35% p.a. However, the risks associated with this sector are higher as retailers are prone to cyclical changes typical of a business cycle. Changing consumer behavior combined with increasing disposable incomes will ensure further growth of the retail sector in Vietnam

- In the present day scenario, if there is any powerful investment tool that brings burgeoning financial returns, it is VIETNAM REAL ESTATE!!! Investors should consider the parameters minutely and meticulously to find out why investing in Vietnam real estate now is the best viable option.



2. Real estate Fund

VIPC Real estate Fund structure

Investment

manager

VIPC Capital

Investment

advisor

Dr. Markus Freiburghaus

Minimum

investment

200 million USD

Term Vote every 5 years to wind up fund

Initial unit price 5 USD

Distribution At the end of investment

Number of

calls

100% investment up – front

Withdrawal Not permitted during term (subject to charter fund)

Auditor Ernst and Young / KPMG or Grant Thornson

Custodian BIDV / Deutsche Bank

Lawyer Vilaf Hong Duc

Management fee 2%

Investment

manager

VIPC Capital

Performance Fee Incentive fee of 20% of total increase of the NAV

over a hurdle rate of 15 % annual returns with

higher watermark and catch up.

Fee & Tax See principal information section(

www.vipc.com.vn )

http://www.vipc.com.vn/



2. Real Estate Fund( REF)

Liquidity: When an investor invests directly in an individual property,buying and selling proves a complex, time-consuming process. By contrast,an investment in VIPC Real Estate Fund will be more readily converted intocash as these units will be traded on the stock exchange when funds fullyallocated.

Affordability: Real estate has traditionally been a sound investment optionbut remains limited to only a few as the amount of money required forinvesting in real estate directly is very high. VIPC REF will allow commoninvestors to reap benefits of investment in real estate without putting insignificant amounts.

Professional management: Real estate investment in Vietnam is fraughtwith risks related to documentation, title of property, legal aspects and so onwhich would be mitigated in this scenario.REF would also provide new investment avenues to pension funds,endowment funds, insurance companies, thereby bringing the institutionalinvestor into the ambit of the real estate market. This will further boostprofessionalism in the real estate sector.

VIPC REF structure is an ideal instrument for propelling investments intoreal estate. It combines the best features of the real estate industry withother financial instruments, and gives the investor a practical and efficientmeans for including professionally managed real estate in his investmentportfolio.

What's are the benefits VIPC’s REF bring to investors?



• 3. Portfolio management services

- Appointed Trust Agreement- we will follow your instruction and place your orders, we only act as an executor and clear your trades. - Non Appointed Trust Agreement- a Managed Discretionary Account service and you hold your stock trading account with us, we will on be half of you to make investment decisions and clear all the trades for you.

VIPC has 5 qualified investment managers to manage client assets in our PMS, on the basis of their expertise in managing fund portfolios. Based on a completed Investor Profile Questionnaire, investment manager of VIPC will review of individual financial situation, investment objectives, risk tolerance levels, planned investment time horizon, and recommend a long-term target portfolio strategy.

We have six well performed long term Portfolio Models being tested and fits to different risk appetites of investors. All our services are designed to help you to invest your money in a professionally managed portfolio using asset allocation principles.

VIPC Portfolio Management Service ( PMS) offers :



When we identify a specific sector to targetfor investment, deeply research the spaceand identify actionable investmentopportunities. Combines “top down-sectors”(evaluating and selecting sectors based oncarefully considered investment theses) and“bottom up-individual stock” assigning ateam of investment professionals to get toknow, at a Granular Level.

Investment methodology:

It is a targeted, proactive, repeatable processthat we apply to more than 5 sectors of stocksand that is core value of our investmentapproach. This targeted process sometimescan take many years to identify the newstocks, but we believe that it enables us toproduce high quality, proprietary investmentopportunities in sectors where we facelimited competition. As a result of thisprocess, more than two-thirds of theDiscretionary Managed Account (DMA) andPortfolio Management Service (PMS) made bythe VIPC since our establishment in 2009have been internally generated.

Industry research , Marco Analysis, Trend spotting

Criteria Screening = Qualified lists= Ideas

Value comparsions

Outlook of earning

Earnings history

ROE/PE/ROA/ROB

NAV

Cash flows

Investment

Portfolio

Stocks: Top down( Sectors) process with bottom up(Particular Stocks)



3. Portfolio management servicesPMS Term

Product PMS

Term 1 - 5 years

Minimum Investment US$100,000.00

Currency USD, AUD, EURO, SGD and JPY

Investment Objective To generate a stable return on an annual basic

with strong emphasis on capital preservation

Trading Fee 0.1% on each transaction

Management Fee 2%/year

Early Redemption Fee Negotiable

Report Monthly/Quarterly

Withdraw notice 1 month before


3. Portfolio management servicesVIPC 6 PMS Models

Name of PMS Objectives Styles, risk and return Strategy, asset classes and allocationVIPC Aggressive

Growth

HOSE & HASTC

stocks

VIPC 1 aims to provide superior returns (before fees and taxes) over the long term through capital growth, by investing in growth stocks.

VND denominated, selected specific sectors by

morning star with rigorous research to target for

high growth opportunities.

Risk: High

Depends on economic cycles, OTC &

Listed stocks in Vietnam stock trading

market ( 95 % allocation)

VIPC

Growth

Mainly consist of companies with

above-average growth in

earnings that reinvest their

earnings into expansion, acquisitions,

or research and development.

VND denominated, selected great potential of

capital earnings stocks and invest to asset

classes with stable profit, while reserve some

cash in fixed income.

Risk: Medium-High

OTC and listed stocks in Vietnam stock

trading market 65% high growth, 30%

High Dividend stocks, 5 % Cash.

VIPC

Balance

Well balanced stable income and

capital growth in medium and long-

term

VND denominated, invest in large cap with

steady growth and asset classes with an fixed

income.

Risk: Medium

OTC & Listed stocks in Vietnam stock

trading market ( 40 % high growth , 30

% large cap )Vietnam Commercial Bank

Instruments (25%). Cash 5%

VIPC

Conservative

Balance

Income from dividends of big cap low

volatility with some exposure to growth

in medium and long-term.

VND denominated, securities instrument

qualified with great potential of higher return.

While invest in large cap with positive earnings

outlook.

Risk: Medium-Low

40% in Large & Mid Cap with positive

earnings & high dividend outlook , 20%

High growth, while 35-40% in high

income bank instruments.

VIPC

Vietnam High

Income

VIPC 5 invests mostly in the defensive

assets of cash and fixed income, with

some exposure to growth assets.

VND denominated, steady incomes from

different banking instruments with return

warranted.

Risk: Low

50% Banking instruments with superior

returns including corporate bonds and

debentures or bills, 35% in large cap

with steady dividends, 10% high

growth, 5% in cash.

VIPC

Preservation

Capital conservation and well protected

from Inflation

VND or USD denominated, including money

market instruments, benchmarking to local

inflation rate as a target return.

Risk: Very Low

An investment mix allocation 85% of

highly liquidated cash assets, such as

VND, or USD. 10 % in large cap, 5% in

high growth.


• 3. Portfolio management servicesPortfolio asset allocation and performance in 2009


0.00%

25.00%

50.00%

75.00%

100.00%

125.00%

150.00%

6 months 12 months

126.40%

99.70%

96.90%

70.30%

29.60% 29.30%

Fund return

Hurdle rate

Comparative return

6.80%

10.20%

8.50%

29.80%4.30%

8.50%

10.20%

6.80%5%

VIPC Aggressive Growth Fund

Real estate & Construction

Information technology

Banking

Securities

Consumer services

Construction materials & steel

Plastic,rubber&fiber

Coal& mineral mines Cash


Portfolio asset allocation and performance in 2009


5.20%7.80%

6.50%

22.80%

3.30%6.50%7.80%

5.20%

8.70%

7.20%

5.70%3.90%

4.50% 5.00%

VIPC Growth Fund

Real estate &Construction


Banking

Securities

Consumer servicesConstruction

materials & steel

Plastic,rubber& fiber

Coal& mineral mines

Cash

Petroleum exploration, drilling & refining

Pharmaceuticals

Foods

Beers and Aquacultures

Petroleum distribution

0.00%

25.00%

50.00%

75.00%

100.00%

125.00%

150.00%

6 months 12 months

121.80%97.40%

96.90%

70.30%

24.90% 27.00%

Fund return

Hurdle rate

Comparative return



3.20%4.80%4.00%

14.00%

2.00%4.00%

4.80%

3.20%8.70%

7.20%5.70%

3.90%

4.50%

25.00%

5%

VIPC Balance Fund


Information technology Banking

Securities

Consumer services


Plastic,rubber&fiber

Coal& mineral mines

Cash

Petroleum exploration, drilling & refining

PharmaceuticalsFoods

Beers & Aquacultures


Fixed income

0.00%

25.00%

50.00%

75.00%

100.00%

6 months 12 months

89.20%73.50%

73.90%

62.80%

16.20% 18.70%

Fund return

Hurdle rate

Comparative return



1.60% 2.40%2.00%

7.00% 1.00%2.00%

2.40%1.60%

11.60%

9.60%

7.60%5.20%

6.00%

35.00%

5%

VIPC Conservative Balance Fund



BankingSecurities

Consumer servicesConstruction materials

& steelPlastic,rubber&fiber Coal&

mineral mines

Cash

Petroleum exploration,

drilling & refining

Pharmaceuticals

FoodsBeers & Aquacultures


Fixed income

0.00%

25.00%

50.00%

75.00%

6 months 12 months

73.90%62.80%

63.40%

48.70%

10.40%14.20%

Fund return

Hurdle rate

Comparative return



0.80%

1.20%

1%

3.50%

0.50%1%

1.20%

0.80%

10.20%

8.40%

6.70%

4.60%

5.30%

50%

5%

VIPC High Income Fund Information technology

Banking

Securities


Consumer services


Plastic,rubber and fibre

Coal and mineral mines

Petroleum exploration, drilling and refiningPharmaceuticals

Foods



Fixed income

Cash

0.00%

20.00%

40.00%

60.00%

6 months 12 months

55.50% 49.10%

49.10%

39.40%

6.40%9.70%

Fund return

Hurdle rate

Comparative return



0.40%

0.60%

0.50%

1.80% 0.30%

0.50%

0.60%

0.40%

2.90%

2.40%

1.90% 1.30%

1.50%

85%

VIPC Preservation FundInformation technology

Banking

Securities


Consumer services


Plastic,rubber and fibre

Coal and mineral mines

Petroleum exploration, drilling and refiningPharmaceuticals

Foods



Fixed income

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

6 months 12 months

22.40%

23.70%

20.40% 20.80%

1.90%2.90%

Fund return

Hurdle rate

Comparative return

II.VIPC Products and Services

• 3. Advisory services

Our team of seasoned analysts are a powerful toolthat can provide you clarity, helping you understandhow to best achieve your overall investing goals.

- Assured that your plan goals and objectives coupledwith our risk management can lead to improvedperformance.

- Certain about having another fiduciary point of viewwhen developing or evolving your investment policies.

- Confident about your decisions by using our duediligence and evaluations of both public and privateinvestment opportunities.

About Our Team:

II.VIPC Products and Services• 3. Advisory services

Greater independence

- Our firm is staffed by independent consultants who select products that fit your specific investment goals -not the sales goals of a large, impersonal brokerage firm.

- Have the flexibility & capacity to match the right investment product with each investor. These productshave been reviewed by our investment committee and meet our stringent selection criteria.

- We rely on local decision making, internal research plus third party independent research. .

- We use a disciplined investment approach.

Accountability

- As a regulated Capital Management Firm in Vietnam , we are licensed by SSC. In addition to adhering to ourindependent auditing requirements, our investment officers regularly review the operation and investmentbest practices we have in place.

- We have a legal obligation to place our clients’ interest first.

We are well connected local

- VIPC has a strong well connected local networks., such as Commercial Banks, major land banks, our realestate project focuses on commercial buildings, residential areas, service apartments, office buildings as wellas new modern complexes providing all of the above services in one location.

- We speak global investment languages, we understand business & your needs, we are local Vietnamese butwith well perception of global investments, 50% of our staff received MBA degree and specialized in financefield with personal proven track record.

Advantages to deal with us

Thank you

VIPC Viet Investment Power 24

VIPC Capital Management Corporation

8 Nguyen Hue St., Dist.1, HCMC, Vietnam

Tel: (84-8) 38277478/79 – Fax: (84-8) 38277488

Email: [email protected] - www.vipc.com.vn

THANK YOU!

June 2010

Economy & Finance

VIPC Products & Services