1. Firm Overview
June 2010
Sales Research Investment Banking
Mr Nam Nguyen Mr Can Trinh Mr Hoan Dinh
nam.nguyen@vcsc.com.vn can.trinh@vcsc.com.vn hoan.dinh@vcsc.com.vn
T +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588

2. Table of content
1. Introduction 3
VCSC at a Glance 4
Core Businesses
Core Businesses 7
Board of Directors 8
Key Personnel 9
2. Brokerage 11
A Full Range of Services
A F ll R fS i 12
Advanced Trading Technology 13
Selected Institutional Clients 14
3. Equity Research 15
Research Team 16
Client Driven Research 17
A Modified Top‐Down Approach 18
1: Macro Analysis 19
2: Industry and Strategy Watch 20
3: Sector Strategy Guidance 21
4: Company Analysis and Metrics Assignment 22
g
4. Investment Banking Credentials 23
Market Leader 24
Full Range of Services 26
Past Deals 27

3. 1. Introduction

4. VCSC at a glance
VCSC is a top tier brokerage firm offering a full range of services
Non-Conflicting Accurate Unrivalled
Trade Execution Research Deal Flow
First Class
Strong Financial Proactive Staff
Corporate
Stability and Management
Access

5. VCSC at a glance
What it means to you
Non-Conflicting
g Accurate Research Unrivalled Deal Flow
Trade Execution
• True chinese walls between • Rated on Bloomberg, our • Over 60 IB deals been
client and prop trading desks calls are overwelmingly first worked on at any given time
• We beat VWAP more often in ranking • #1 securities house in terms
than our competitors of revenues from IB
First Class Strong Financial Proactive Staff and
Corporate Access Stability Management
• Our work brings us close to • Profitable every year since • Means we listen to you and
almost any major company the first year of adapt quickly to your needs
in Vietnam establishment

6. VCSC at a glance
Fully licensed prime broker and investment bank
#1 in investment banking Revenue Structure 2009
#3 in research
#3 in research i
Proprietary
Trading
44%
#5 in institutional brokerage
Advisory
20 million USD share capital
20 illi USD h it l 14%
3 offices across Vietnam Brokerage
13% Other
Revenues
Revenues
Over 100 employees (Interest)
29%
Source: VCSC Audited Financial Statement 2009

7. Core business
Equities is our core business
Brokerage Investment Banking
Listed, OTC, Private Equity Privatisation and Equitization (IPO)
Institutions, Corporates, Individuals Strategic Placement
Corporate Access & Events Underwriting
Research Listing
M&A
Macro
Advisory
Advisory
Sectors
Valuation
Strategy
Restructuring
Companies
Capital raising and structuring
Portfolio analysis
Investors relations

8. Board of directors
Experienced Team
Ms. Nguyen Thanh Phuong Mr. To Hai
Co‐founder & Chairwoman – VietCapital Securities Co‐founder, Member of BoD & CEO
Co‐founder & Chairwoman – VietCapital Asset Management
Past positions
Past positions Deputy General Director & Ho Chi Minh Branch
Investment Co‐director – Vietnam Holding, a Swiss‐ Director – Bao Viet Securities
based investment fund listed on the London AIM Business Development Manager – Dong A
Deputy CFO – Holcim (Vietnam) Ltd., a Swiss Securities
multinational conglomerate
Mr. Pham Gia Tuan Mr. Huynh Richard Le Minh
Head of Inspection Committee
Head of Inspection Committee Member of BoD & Chief Operating Officer
Member of BoD & Chief Operating Officer
Past positions Past positions
Managing Partner – Viet Capital Asset Management Board Member and Chief Operating Officer –
Chief Financial Officer – VinaCapital Asset Management Viet Capital Securities
Tax Manager – PWC (Vietnam and Australia) Director of Audit – PricewaterhouseCoopers
Business Assurance Manager – Dutch Lady Vietnam (Vietnam and USA)
Mr. Tran Quyet Thang Dr. Tran Bao Toan
Member of BoD Member of BoD
Co‐founder & Vice‐Chairman– VietCapital Asset Management
Past positions
Chairman – Real Estate Finance Corporation (Refico) Past positions
Founder – Thang & Associates Law Office Investment Co‐director – Vietnam Holding, a Swiss‐
Co‐founder – Saigon Securities Corporation (SSI) based investment fund listed on the London AIM
Co‐founder – Investment Consultancy and Technology Senior Portfolio Manager and Head of Research ‐
Transfer Company Aargauische Kantonal Bank (AKB)
Chairman – Investment Committee of Aureos Fund (UK) Investment Banker – Credit Suisse, Switzerland

9. Key personnel
Experienced Team
Mr. Nguyen Hoai Nam Mr. Trinh Thanh Can
Director – Institutional Sales Director ‐ Research
Past positions Past positions
Director of Institutional Brokerage – Bao Viet Securities Investment Director – VietCapital Asset Management
Deputy Head of Corporate Finance – Bao Viet Securities Corporate and Institutional Banking Manager – HSBC
Financial Advisor – A
Fi i l Ad i Ameriprise (A
i i (American Express
i E Investment Analyst – Vi C it l
I t t A l t VinaCapital
Financial Advisor Company), Irvine, California, USA Financial Analyst – Tower Asset Management – ML
Project Manager – Xelleration LLC, California, USA Stern, Beverly Hills, California, USA
Sales Manager – AT&T Wireless Corporation, USA
Mr. Michel Tosto, M.Sc. Mr. Dinh Quang Hoan
Associate Director Institutional Sales
Associate Director – Institutional Sales Director of Corporate Finance
Director of Corporate Finance
Past positions Past positions
Senior Manager, Institutional Sales – VinaSecurities Head of Corporate Finance – Bao Viet Securities
Business Development Manager, LuatViet Law Firm Audit Manager – KPMG Vietnam
Laurentian Bank, Service Specialist (Canada) Audit Manager – Arthur Anderson
Quebec Loisirs, IT Project Manager (Canada)
Canada Direct Marketing, Account Coordinator (Canada)
Canada Direct Marketing Account Coordinator (Canada)
Ms. Chau Thien Truc Quynh Mr. Nguyen Duc Phuong
Director ‐ Securities Brokerage – HCM Branch Director of Corporate Finance – HN Branch
Past positions
Past positions Past positions
Past positions
Director of Brokerage – Vietcombank Securities Senior Investment Officer – Viet Capital Asset
Deputy Manager of Corporate Finance – Vietcombank Management
Securities Assistant of Investment Manager – PPF Asset
Management

10. 2. Brokerage

11. Full‐service brokerage
Committed – Knowledgeable
Two (2) hands‐on senior Three (3) sales traders
sales executives dedicated dedicated to institutional
to institutional clients only
i i i l li l clients’ orders only
li ’ d l
One (1) Vietnamese Proactive, responsive
educated in the USA
educated in the USA and fluent in English
and fluent in English
One (1) foreigner with Known for it’s ability to
over 5 years
over 5 years execute, source and
execute source and
experience in Vietnam place blocks
Deep understanding of
p g
Vietnam

12. Full‐service brokerage
Full range of brokerage services
Advisory Obtain securities trading
code for foreign investors
Corporate access (road
Corporate access (road
shows, company visits, etc) Custody and depository
services
Listed market brokerage
Auction agency
OTC market brokerage
Shareholders’ book
Block building for large orders
Block building for large orders
management
Dedicated traders

13. Full‐service brokerage
Advanced Trading Technology
Tier 1 Order Management Full integration between
System (OMS) by Tong Yang trading accounts and third
(Korea)
(K ) party bank accounts
b k
Full DMA (Direct Market Intelligent alerts (via
Access) and STP (Straight‐
Access) and STP (Straight terminal, email or SMS)
terminal email or SMS)
Through Processing)
Order execution via
Order execution via
Bloomberg Electronic Order
Routing (EOR), our OMS
platform or phone
l tf h

14. Institutional clients
Selected Institutional Clients
PXP Vietnam Asset Management Korea Investment Trust Tong Yang Group
Management Co., Ltd ‐ KITMC
Bank Invest Standard Bank Asia & London Cube Capital Group
Franklin Templeton Institutional Mirae Asset Masan Group

15. 3. Research

16. Research team
Wide Coverage Trustworthy Team
8 analysts, covering: Long experience in finance
Macro‐economy 5 to 7 years for senior managers
All industries 3 to 5 years for senior analysts
3t 5 f i l t
Oil & Gas, Industrials, Consumer Goods Strong academic background with
Consumer Services, Basic Materials, degrees from well known Universities
Health Care, Utilities, Financials, Technology
Health Care, Utilities, Financials, Technology
USA (5 analysts)
55 companies (40 with models)
ACL, ANV, BBC, BCI, BMP, BVH, CTD,
Europe (2)
DCL, DHG, DIG, DMC, DPM, DPR, DVD,
, , , , , , ,
FPT, GDT, GMD, HAG, HBC, HLA, HPG,
Australia (1)
Australia (1)
HSG, HT1, HT2, IMP, ITC, KDC, LCG, LHG,
Some also have overseas working
MSN, NTP, PAC, PET, PHR,PNJ, PPC, PVD,
PVI, SJS, TAC, TBC, TDH, TMP, TRC, experience
TTF, TTP, VHC, VIP, VNM, VNS, VPH,
TTF TTP VHC VIP VNM VNS VPH
VSH, VST

17. Research philosophy
Client Driven Research
Research is tailored for institutional investors
We understand there’s no substitute for integrity
there s
Frequent market insights:
Macro reports
Sector reports
Semi-annual strategy report
Company initiations
Company updates and visit notes
Daily
D il market updates
k t d t

18. Research methodology
Methodology
Bottom‐Up stock picking Top‐Down overlay
In an emerging country like
In an emerging country like Vietnam s fundamental
Vietnam’s fundamental
Vietnam, it happens that growth drivers
enticing sectors are in effect
Current government
uninvestible.
uninvestible
priorities, and fiscal and
Fertilisers monetary policies
Fisheries
Industry fundamentals and
Sometimes, average sectors drivers
harbour winners.
Investment strategies
I t t t t i
Real estate
Small caps, Value vs. Growth, …

19. 4. Investment Banking

20. Investment banking
Market Leader
Trusted advisor, book-runner and underwriter thanks to:
Team of highly trained and experienced professionals
Largest number of landmark transactions in the market
Long-term and t ust based relationships with:
o g te a d trust-based e at o s ps t
Government ministries and departments
State-owned groups and leading corporations
International and Vietnamese institutions
Company’s strong financial position

21. Investment banking
Industry IB Revenues
2008 vs 2009
50 46.4
Unit : VND Billion
45
Sources: KLS, HSC , BVSC, SSI, VCSC
40 35.2
35 2
35
28.2
30 27.1
25 2008
18.6
20 2009
15
8.7 9.0
10
3.2
5 1.6 1.3
0
KLS HSC BVSC SSI VCSC
6/8/2010 21
50% of SSI’s revenues in 2009 come from bond issuance for HAG and HPG

22. Investment banking
Full range of investment banking services
M&A Underwriting
Strategic Placements
Strategic Placements Restructuring
Advisory Capital raising and structuring
Valuation
l i Corporate due diligence
C d dili
Privatisations (IPO) Investors relations
Listing

23. Investment banking credentials
Masan Group
Vietnam Mobile Telecom Services
Ownership and Investment in Masan Food
Mobile telecom service provider
and Techcombank
Charter Capital: VND 9,000 billion
Charter capital: VND 4,853 billion
Equitization and Strategic Investors Selection Advisory Restructuring and Listing Advisory
Co-advisor for equitization; Co-advisor for selection of strategic
investors
Petrovietnam Fertilizer and Chemical ALC Group
Joint Stock Company Logistics, international transportation and
Produce and trade urea fertilizer, liquid distribution for Iteka and Casta
ammoniac Charter capital: VND 100 billion
Charter Capital: VND 3,800 billion
Equitization and Equity Placement Advisory
M&A Advisory
Sole advisor for equitization; Sole financial advisor for
Sole advisor for Merger transaction
issuance of 2 million shares
PVD IInvestt
COTEC Group
Leasing offshore rigs, land rigs, and
Construction and Construction materials
equipments
Charter Capital: VND 1,000 billion
M&A Advisory Equity Pl
E it Placement and M&A Advisory
t d Ad i
Sole advisor for Merger transaction Sole book runner; sole advisor for M&A transaction

24. Investment banking credentials
Phat Dat Corporation Saigon Thuong Tin Real Estates
Real estates developement and trading Real estates developer and broker
Charter Capital: VND 1,302 billion Charter Capital: VND 500 billion
Equity Placement Advisory Equity Placement Advisory
Sole advisor for business-type conversion. Sole book Sole book runner, manager and underwriter for the private
runner, manager and underwriter for the private placement placement
Ha Tien 1 Cement Company Ha Tien 2 Cement Company
Cement manufactuing Cement manufactuing
Charter Capital: VND 870 billion Charter Capital: VND 880 billion
Issuance and M&A Advisory Issuance and Listing Advisory
Sole book runner, manager and underwriter for the private Sole book runner, manager and underwriter for the private
placement. Sole advisor for strategic investors selection and placement. Sole advisor for listing
for the merger with Ha Tien 2 Cement Company
Kien Long Bank Masan Trading Corporation
Banking services Manufacturing and trading culinary products
Chartered Capital: Charter Capital: VND 139 billion
Equity Placement Advisory
Issuance Advisory
Sole book
S l b k runner, manager and underwriter f th private
d d it for the i t
Sole advisor for the issuance of 100 million shares
placement. Sole advisor for listing

25. Investment banking credentials
Hoa Phat Group Company Van Phat Hung Company
Multi-industry manufacturing Real estate investment
Charter Capital: VND 4,514.5 billion Charter Capital: VND 200.8 billion
Issuance Advisory Project Sale & Listing Advisory
Sole advisor for the issuance of 64.5 million shares Sole advisor for project sale and listing 20.08 million shares
Interfood Shareholding Company Long Hau Company
Food and beverage manufacturing Real estates developerment and infrastructure
Charter Capital: VND 291 billion investment
Charter Capital: VND 200 billion
Equity Placement Advisory Listing Advisory
Sole advisor for equity placement of the company’s subsidiary Sole advisor for listing
Pharmaceutical & Medicinal Public Company
Steel Material Company Manufacturing and trading pharmaceutical
Manufacturing and trading steel products products
Charter Capital: VND 250 billion Charter Capital: VND 200 billion
Listing Advisory
Issuance Advisory Sole advisor for issue of 1.9 million shares and listing
Sole advisor for issue of 10 million shares

26. Investment banking credentials
Mirae Joint Stock Company
Producing, processing and trading Nam Viet Corporation
materials for garments and textile Processing and exporting aquaculture
industry products
Charter Capital: VND 273 billion Charter Capital: VND 660 billion
M&A Advisory
Corporate Finance Advisory
Sole advisor for M&A of KMR and KMF
Sole advisor for corporate restructuring and corporate finance
Indochina Minerals Holcim Group Support Ltd.
Clinker exploitation and minerals trading Cement, aggregates, ready-mix
Charter Capital: VND 22 billion concrete and asphalt
Equity Placement Advisory M&A Advisory
Sole advisor for the company’s equity placement Sole advisor for Merger transaction.
Ninh Van Bay Travel Real Estate JSC ADC Architecture, Decoration and
Holiday resorts and travel residential Construction
properties Architecture, decoration, construction and real
Charter Capital: VND 555 billion estate trading
Charter capital: VND 100 billion
Equity Placement and Financial Advisory Equity Placement and Financial Advisory
Sole advisor for the company’s capital raising
p y p g Sole advisor for corporate restructuring and capital raising
p g p g

27. Investment banking credentials
Viet A Bank
Ngo Han JSC
Gold trading and gold exchange, retail
Manufacturer of magnet wire in Vietnam
banking, smart-card and other banking activities
M&A Advisory
Private Placement Advisory
Sole advisor for Merger transaction, sole book runner and
Sub contractor for advisor of business structuring, evaluation
lead manager
report and private placement
Viet Nam Sea Transport and Chartering JSC Gemadept
Shipping and sea transportation services Shipping Industry
Chartered Capital:
Listing Advisory Private Placement Advisory, Issuance Advisory
Sole advisor for listing 40 million shares
Vinamilk Corporation Petrovietnam Gas Corporation
Produce and distribute dairy products Gas distribution
Charter Capital: VND 6,000 billion
M&A Ad i
Advisory Equitization and IPO Advisory
Sole advisor for Merger transaction. Sole advisor for equitization, company valuation, IPO auction
agent.

28. Sales Research Investment Banking
Mr Nam Nguyen Mr Can Trinh Mr Hoan Dinh
nam.nguyen@vcsc.com.vn can.trinh@vcsc.com.vn hoan.dinh@vcsc.com.vn
T +84 8 3914 3588 T +84 8 3914 3588 T +84 8 3914 3588