CREDIT RATING RESULT OF PHU HUNG ASSURANCE JSC FOR 2019

* CREDIT RATING OPINION (first time): Confidential

* OUTLOOK: Confidential

* DATE OF RATING CERTIFICATION ISSUANCE: Nov 28, 2019

* ANALYSTS:

Mr. Tran Ngoc Huy, MBA

Mr. Le Van, MSc

Ms. Le Thi Thuy Hang, MSc

Ms. Nguyen Hong My, MSc

Ms. Nguyen Thi Quy Nhi, MSc

* RATING COMMITTEE:

Mr. Bui Quang Tin, PhD

Mr. Nguyen Phi Long, ACCA

Mr. Nguyen Thanh Phuong, MBA

* INFORMATION OF INTEREST CONFLICT

– Saigon Ratings’ share ownership in Phu Hung Assurance: None

– Saigon Ratings’ bond ownership in Phu Hung Assurance: None

– Saigon Ratings’ other debt instrument ownership in Phu Hung Assurance: None

– Saigon Ratings employee’s share ownership in Phu Hung Assurance: None

Saigon Ratings is committed to the implementation of credit rating independently and objectively.

Saigon Ratings issued a credit rating report as a reference information; it is not an investment or capital contribution recommendation for debt instruments issued by the rated company (Phu Hung Assurance).

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