RATING RESULT OF TNH HOTELS & RESORTS MANAGEMENT & INVESTMENT JSC FOR 2022

* CREDIT RATING OPINION (first time): Confidential

* OUTLOOK: Confidential

* DATE OF RATING CERTIFICATION ISSUANCE: September 06, 2022

* CREDIT RATING RESULT IS VALID UNTIL: September 06, 2024

* ANALYSTS:

Mr. Nguyen Phi Long, ACCA

Mr. Tran Ngoc Huy, MBA

Mr. Vo Tan Duc, MSc

Ms. Tran Thi Thuy Linh, MA

* RATING COMMITTEE:

Mr. Nguyen Duc Phu, MSc

Mr. Nguyen Xuan Dung, MSc

Ms. Nguyen Thi Xuan Huong, MSc

* INFORMATION OF INTEREST CONFLICT

– Saigon Ratings’ share ownership in TNH: None

– Saigon Ratings’ bond ownership in TNH: None

– Saigon Ratings’ other debt instrument ownership in TNH: None

– Saigon Ratings employee’s share ownership in TNH: 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 (TNH).

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