PVNI RULEBOOK EN 15102013 final - PVN-iNDEX5/18 Eligibility: All-Shares Component: All eligible...

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Transcript of PVNI RULEBOOK EN 15102013 final - PVN-iNDEX5/18 Eligibility: All-Shares Component: All eligible...

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Contents 1 Indexes structure ............................................................................................................. 4

1.1 PVN Indexes family ........................................................................................................... 4

1.2 Representative Indexes .................................................................................................... 4

1.2.1 Market indexes................................................................................................................. 4 1.2.2 Sector indexes .................................................................................................................. 5

1.3 Tradable indexes .............................................................................................................. 6

2 Governance and disclaimer ............................................................................................. 6

2.1 Rulebook .......................................................................................................................... 6

2.2 Role of PSI ........................................................................................................................ 6

2.3 Liability ............................................................................................................................. 6

2.4 Announcement Policy ....................................................................................................... 7

3 Index calculation .............................................................................................................. 7

3.1 Formula ............................................................................................................................ 7

3.1.1 Price indexes .................................................................................................................... 7 3.1.2 Total return indexes ......................................................................................................... 8 3.1.3 Base date and base level .................................................................................................. 8

3.2 Factors ............................................................................................................................. 8

3.2.1 Number of shares ............................................................................................................. 8 3.2.2 Price ................................................................................................................................. 8 3.2.3 Free-Float ......................................................................................................................... 8 3.2.4 Currency rates .................................................................................................................. 9 3.2.5 Weighting ......................................................................................................................... 9 3.2.6 Capping ............................................................................................................................ 9 3.2.7 Dividend treatment ........................................................................................................ 10

3.3 Calculation interval and publication ................................................................................ 10

4 Index review .................................................................................................................. 10

4.1 Composition ................................................................................................................... 10

4.2 Number of shares ........................................................................................................... 10

4.3 Free float ........................................................................................................................ 10

4.4 Capping factor ................................................................................................................ 11

5 Index adjustments ......................................................................................................... 11

5.1 Regular Cash dividend .................................................................................................... 11

5.2 Special (or Extraordinary) cash dividend ......................................................................... 11

5.3 Split ................................................................................................................................ 12

5.4 Reverse Split................................................................................................................... 12

5.5 Stock Dividend................................................................................................................ 12

5.6 Stock Dividend (from treasury) ....................................................................................... 12

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5.7 Stock Dividend (of another company) ............................................................................. 12

5.8 Right issue ...................................................................................................................... 12

5.9 Return of capital ............................................................................................................. 13

5.10 Share repurchase ........................................................................................................... 13

5.11 Spin - off ......................................................................................................................... 13

5.12 Combination of stock distribution and rights offerings .................................................... 13

5.13 Combination of cash dividend and rights offerings ......................................................... 13

5.14 Private issue ................................................................................................................... 13

5.15 Exceptional treatment .................................................................................................... 13

6 Changes to constituent companies ................................................................................ 14

6.1 Replacements ................................................................................................................. 14

6.2 Suspension ..................................................................................................................... 14

6.3 Mergers, Restructuring and Acquisitions ........................................................................ 14

6.4 New issues ..................................................................................................................... 15

6.5 Spin- offs ........................................................................................................................ 15

6.6 Split-up........................................................................................................................... 15

6.7 Sector Changes ............................................................................................................... 15

7 Contact .......................................................................................................................... 15

8 Tickers ........................................................................................................................... 17

8.1 Price indexes .................................................................................................................. 17

8.2 Total return indexes ....................................................................................................... 17

9 Definitions ..................................................................................................................... 18

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PVN-Index Rules Book 1 Indexes structure

1.1 PVN Indexes family The PVN Indexes family includes:

PVN All-Share PVN All-Share Continuous PVN All-Share HSX PVN All-Share HNX PVN Basic Materials PVN Consumer Services PVN Financials PVN Industrials PVN Oil & Gas PVN Utilities PVN 10

The primary indexes are calculated in the Price and Total Return1 versions. Each index is available in four currencies: EUR, JPY, USD and VND.

PVN Indexes are classified into 2 groups:

Representative Indexes: These indexes track the whole market or a specific sector evolution. They are weighted by full market capitalization and every corporate action is immediately effective.

Tradable Indexes: Tradable indexes are designed to be potential underlying of derivative product. Constituents are in the liquidity criteria to make the basket trading easy and cheap. Management costs for users are minimized to the lowest possible by reducing unnecessary changes and concentrating them at the periodical reviews.

For some treatments, specific adjustment will be applied for each group.

1.2 Representative Indexes

1.2.1 Market indexes

PVN All-Share The PVN All-Share index is designed in order to have the global performance of the PVN stocks.

Universe: All PVN member companies listed on HSX, HNX and UpCom stock markets

1 With reinvestment of dividend

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Eligibility: All-Shares Component: All eligible shares are selected

PVN All-Share Continuous The PVN All-Share index is designed in order to have the global performance of the PVN stocks traded on HSX and HNX stock markets.

Universe: All PVN member companies listed on HSX and HNX stock markets

Eligibility: All-Shares Component: All eligible shares are selected

PVN All-Share HNX The PVN All-Share HNX index is designed in order to have the global performance of the PVN stocks listed on HNX stock market.

Universe: All PVN member companies listed on HNX stock market

Eligibility: All-Shares Component: All eligible shares are selected

PVN All-Share HSX The PVN All-Share HSX index is designed in order to have the global performance of the PVN stocks listed on HSX stock market.

Universe: All PVN member companies listed on HSX stock market

Eligibility: All-Shares Component: All eligible shares are selected

1.2.2 Sector indexes The ICB Classification is applied to all PVN companies. The ICB structure for sector and industry analysis enables the comparisons of companies across four levels of classification, covering 114 subsectors, 41 sectors, 19 super-sectors and 10 industries. Details of the Industry Classification Benchmark could be consulted on their website: http://www.icbenchmark.com/

All PVN companies are classified into four levels of classification, as defined by the Industry Classification Benchmark (ICB). The PVN Indexes constituents are updated with the sector changes reviewed and advised by the Industry Classification Benchmark Advisory Committee. Adjustment resulting from sector changes is implemented with respect to rule 7.7. Under PVN-Index sector arrangement, companies are grouped peer first level (Industries) of the ICB classification. PVN Sector indexes are designed as follow:

Universe: All PVN member companies listed on HNX and HSX stock markets

Eligibility: All-Shares

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Component: Index constituents are selected with respect to the ICB of the eligible stocks

As from 30 December 2011, there are 6 PVN sector indexes: PV Oil & Gas PV Basic Materials PV Industrials PV Consumer Services PV Financials PV Utilities

1.3 Tradable indexes

PVN 10 The blue chips PVN 10 index consists of 10 highest ranking stocks in terms of free float capitalization and turnover2. The index reflects the performance of the most representative stocks of the two markets.

Universe: All PVN companies member listed on HNX and HSX stock markets

Eligibility: All-Shares of which annualized velocity3 is superior to 5%

Component: The 10 highest combined rankings

2 Governance and disclaimer 2.1 Rulebook

The PVN Indexes rulebook applies to all the PVN Indexes.

2.2 Role of PSI

PSI is responsible for the day to day management and operation of the PVN Indexes.

The day to day management consists of monitoring and making the adjustment due to the change of constituent in the index (such as replacement, suspension, merger/restructuring/acquisition, spin-off, split up and sector change) or the constituent’s corporate actions (such as cash dividend, stock dividend, stock split, right offering...)

PSI will carry out the periodic reviews of PVN Indexes and advise the PVN Indexes Advisory Committee of any necessary changes to the PVN Indexes and implement the resulting changes as required in the rulebook. PSI is responsible for the meeting of PVN Indexes Advisory Committee.

2.3 Liability

2 The turnover is measured by the daily average of traded volume value over the last 12 moving months. 3 Daily velocity is the daily ratio of the traded shares volume by the total number of shares of the day. These ratios are then averaged during the last 12 months, and annualized by multipling by 250

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The information contained in this document is given without warranty, implying no obligation of any kind on the part of PVN Group and may be changed by PVN Group at any time without further notice. PVN Group accepts no liability for any loss resulting from supplementing, amending, revising or withdrawing from the Rules. Although it is in the responsibility of PSI and PVN Advisory Committee to maintain the PVN Indexes in the accuracy, neither PSI nor the Advisory Committee of the PVN Indexes accepts liability for any loss resulting from any inaccuracy in calculation, publication of the index, information on which the indexes adjustment and periodic review are based.

2.4 Announcement Policy Changes to the index resulting from periodical review and extra correction due to extraordinary event will be normally distributed via email and/or the website of PVN Indexes two to five days before the effective date. The daily corporate action treatment of which rules are fixed in the document requires no further public announcement. Exceptional treatment cases will be, however, publicly informed via email and/or the website of PVN Indexes.

3 Index calculation 3.1 Formula

3.1.1 Price indexes The Price index (PI) level formula is used to calculate real-time index levels:

t

n

iititititit

t KCAPI

PXkFNBASEPI

*

][*

0

1

where

BASE Base value of the index at the start date (or base date) n Number of instruments composing the index Nit Number of outstanding shares of an instrument in the sample Fit Free float of an instrument in the sample kit Capping factor applied to the instrument Pit Last Traded Price of an instrument in the sample (if there is no trade

for the current day, it is replaced by the last traded price of the previous days, eventually adjusted by corporate events)

Xit Currency rate to convert the price or dividend into the index currency CAPI0 Base capitalization (Capitalization of the index at the base date) Kt Adjustment factor on the index

For convenience, the index level could be expressed by a simpler formula:

t

tt DIVISOR

CAPI*BASEPI (1)

where

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n

iitititititt PXkFNCAPI

1....

t0t K.CAPIDIVISOR

3.1.2 Total return indexes The Total Return index (TRI) formula is used to provide the profitability of the index. Dividends are reinvested in the Total Return index calculation:

d

dt

1d

1dt DIVISOR

GDBASEPIPI

TRITRI

where TRIt Total Return Index at time t TRId-1 Total Return Index at the close of the previous day PIt Price Index level, at time t PId-1 Index level at the close of the previous day DIVISORd Divisor of the index of the current day BASE Base value of the index GDd Gross Dividend capitalization of the index of the current day

n

iitititititt DXkFNGD

1....

where

Dit Gross Dividend of the company at time t

3.1.3 Base date and base level The base date is defined as the date that the index is created. Starting point of the index at the base date is called base level.

The base date of all PVN indexes is 31/12/2008 The base level of all PVN indexes is 1000

3.2 Factors

3.2.1 Number of shares Outstanding shares are used in the weighting of the PVN indexes.

3.2.2 Price In calculating the index, the last traded price is taken into account. If no price has been traded on the day of calculation, the previous day's price is used (eventually adjusted by the corporate events).

3.2.3 Free-Float The free float factor is the percentage of shares remaining after the block ownership and restricted shares adjustments have been applied to the total number of shares. The final free float factor will be rounded up to the nearest 5% at the periodical review.

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Block ownership and restricted shares adjustment are applied if blocks or shares account for at least 5% of a company’s total stock. Blocks are held in:

Company ownership: stock owned either by the company itself, in the form of treasury shares, or owned by other companies.

Government ownership: stock owned by either governments or their agencies.

Private ownership: stock owned by individuals, directors/founders or families.

Restricted shares are those that cannot be traded during a certain period or those that have a foreign ownership restriction. For clarification, shares hold by mutual funds, investment companies with short-term investment strategies and pension funds are considered as free float, irrespective of the size.

Example for free float calculations Company X has the following shareholders:

Vietnam Government: 15% (non free-float) Family Members: 9% (non free-float) Vietnam company A: 4% (free-float) Foreign company B: 15% (non free-float) Foreign company C: 4% (free-float)

Calculation Foreign investment limit: 49% Sum of non free float as definition: 15%+9%+15% = 39% Free-float: 100%-39% = 61% Final Free-float = Min (Free-float, Foreign investment limit) = Min

(61%, 49%) = 49% Rounding Free-float = 50%

3.2.4 Currency rates All PVN Indexes are calculated with the stock price in VND, and converted to three other common currencies: EUR, USD, JPY. The currency conversion is based on the foreign exchange reference rates as published daily by REUTERS/BLOOMBERG.

3.2.5 Weighting Full Market capitalization weighting applies to Representative

indexes, i.e. PVN All-Share; PVN All-Share Continuous; PVN All-Share HNX; PVN All-Share HSX and PVN Sector Indexes. In this case, free float and capping factors are set to 1.

Free-float market capitalization weighting applies to Tradable indexes, i.e. PVN 10 index.

3.2.6 Capping Capping concerns Tradable indexes only.

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The maximum weight of each constituent in the PVN 10 index is capped at 15%. At the semester capping review, if any constituent weighting that is higher than 15%, a capping factor is then calculated and applied to reduce it to 15%. Several calculation steps could be necessary to have all constituents’ weight inferior or equal to 15%.

3.2.7 Dividend treatment Dividend payments are included in the appropriate indices as gross dividends (see Indexes formula and Corporate actions).

3.3 Calculation interval and publication All indexes in PVN-Index family are calculated and updated minutely in the trading time of two stock exchanges (HSX and HNX), published at 4 p.m daily. Index history (from 31 December 2008) and daily index value are available on Bloomberg ( see vendor codes in appendix) and the website www.pvindex.vn

4 Index review 4.1 Composition

For the Representative Indexes, i.e. PVN All-Share Indexes and PVN Sector Indexes, the composition could be changed daily in function of new IPO or delisted companies. New IPO will be introduced on the next day of the first trading day Concerning Tradable indexes, the composition of the PVN 10 Index is reviewed every semester at the 3rd Friday of March and September, after the market close and effective for the next trading day. The selection is based on the market figures over the last 12 months ending, the last trading day of February/ August for the March/ September review respectively. The decision of the PVN Indexes Committee is published at least 5 days before the changes effective date.

4.2 Number of shares

Representative indexes: PVN All-Share indexes and PVN Sector Indexes

The change of the number of shares in the market is immediately effective in the index with at least 2 days of pre-announcement by the PSI.

Tradable indexes: PVN 10 Indexes The number of shares in the index is only updated once a quarter (at the quarterly review), except special circumstances. Between the two consecutive quarter review periods, in the case the change of the number of shares is equal or higher than 10% (>=10%) in absolute value, the number of shares will be effective immediately with at least 2 days of pre-announcement by PSI. The effective date is the the 3rd Friday of March, June, September and December, after the market close. The review information is published at least 5 days before the changes effective date.

4.3 Free float The free float adjustment concerns Tradable indexes (PVN 10 index) only.

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The free-float is reviewed quarterly at the same review period of the number of shares. The free-float calculation is based on the available and public information at the end of February, May, August, and November. The effective date is the 3rd Friday of March, June, September and December. The review information is published at least 5 days before the changes effective date. Between the two consecutive quarter review periods, in the case the change of the free float rate is is equal or higher than 10% (>=10%) in absolute value, the new free float will be effective immediately with at least 2 days of pre-announcement by the PSI.

4.4 Capping factor The capping factor adjustment concerns Tradable indexes (PVN 10 index) only. The capping factor is reviewed every semester in March and September review barring exceptional circumstances. The effective date is the 3rd Friday of March and September. At the close of the 3rd Friday of the review, the capping factor is calculated and based on the last traded prices of constituents and published immediately for the index adjustment. Between the two consecutive semester review periods, in the case the change of the weight is higher than 2% in absolute value or when index turnover4 is higher than 10%, the capping will be reviewed and effective immediately for the next trading date.

5 Index adjustments The following section shows how the price is adjusted following the corporate actions type. Assume

Y is new received shared for every X hold share DIV is the dividend announced by the company CL is the closing price

5.1 Regular Cash dividend While regular cash dividend is not taken account of Price index, it is fully taken account of Total return index.

Adjusted price Unchanged Adjusted share Unchanged

Divisor Unchanged

5.2 Special (or Extraordinary) cash dividend Special cash dividend is determined as any cash dividend distributed out of usual dividend policy. Special cash dividend is taken account either of Price index or Total return index

Adjusted price CL – DIV

4 Index Turnover is the ratio of the value of buying and selling stocks in a portfolio in case of the composition review by the index capitalisation before adjustment

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Adjusted share Unchanged Divisor Decreased

5.3 Split In a split event, company increases the number of outstanding shares. Share price decreases in the same proportion in order to maintain the same market capitalization.

Adjusted price CL * X/Y Adjusted share Old number of shares*Y/X Divisor Unchanged

5.4 Reverse Split This is the reverse operation of split event, company decreases the number of outstanding shares. Share price therefore increases in the same proportion in order to maintain the same market.

Adjusted price CL * X/Y Adjusted share Old number of shares*Y/X Divisor Unchanged

5.5 Stock Dividend Shareholder receives payment of company dividend in the form of stock.

Adjusted price CL * X / (X + Y) Adjusted share Old number of shares * (X + Y) / X Divisor Unchanged

5.6 Stock Dividend (from treasury) Company distributes treasury stock to shareholders as stock dividend. This corporate action follows the same treatment as cash dividend, of which two cases are seperated in function of the distribution nature: regular distribution / special distribution. Regular dividend distribution (taken into account of Total return index)

Adjusted price Unchanged Adjusted share Unchanged

Divisor Unchanged Special dividend distribution (taken into account of Price and Total return index)

Adjusted price CL - CL * Y /(X + Y) Adjusted share Unchanged Divisor Decreased

5.7 Stock Dividend (of another company) Adjusted price (CL * X - price of the other company * Y) / X Adjusted share Unchanged Divisor Decreased

5.8 Right issue

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Shareholder purchases additional share at a discount to market price. Out-of-the-money: If the subscription price >= the stock closing price on the

day before the ex-date, the rights offering is out-of-the-money, there’s no adjustment on both price and shares for all PVN Index.

In-the-money: If the rights price < the stock closing price on the day before the ex-date, then the rights offering is in-the-money. Shares and price are adjusted as following:

Adjusted price (CL * X + (Subscription price +DIV) * Y) / (X + Y) Adjusted share Old number of shares * (X + Y) / X Divisor Increased

For the effective date of the new share number: Tradable indexes (PVN 10 Index): The effective date is the ex-date Representative indexes (Other indexes): The effective date is the

issue date of new shares

5.9 Return of capital Adjusted price [CL – capital return announced by company] * X / Y Adjusted share Old number of shares * Y / X Divisor Decreased

5.10 Share repurchase Adjusted price [(Price before tender * old number of shares) –

(tender price * number of tendered shares)] /(old number of shares - number of tendered shares)

Adjusted share Old number of shares - number of tendered shares Divisor Decreases

5.11 Spin - off Adjusted price (CL * X - price of spin-off shares Y) / X Adjusted share Unchanged Divisor Decreases

5.12 Combination of stock distribution and rights offerings Adjusted price [CL*X+ subscription price * Z] / [X+Y+Z] Adjusted share Old number of shares * [X+Y+Z] / X Divisor Increased

5.13 Combination of cash dividend and rights offerings Adjusted price [(CL – DIV) * X + (subscription price * Y)] / [X+Y] Adjusted share like the Right offering’s circumstance Divisor Increased

5.14 Private issue The new number of share will be adjusted at the listing day of

additional private share issue. No adjustment price.

5.15 Exceptional treatment

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PVN Index Committee reserves the right in certain appropriate cases to diverge from those treatments described from point 5.1 to point 5.12. Any treatment classified as exceptional treatments will be announced publicly via email and/or the website of PVN Indexes as soon as possible.

6 Changes to constituent companies 6.1 Replacements

Tradable indexes (PVN 10 index) In the case that a constituent of the index is removed from the index by decision of Index Committee following Fast Remove Rules , it will be replaced by the highest ranked non component on the selection list. The decision is announced at least 5 trading days before the effective date. Fast Remove Rules Delisted company (either company registers to delist by itself or being delisted by the Stock exchange) If one company has lost in income and profit in two consecutive years according to consolidated audited report, and there is no possibility to overcome obstacles and difficulties in the third years as assessed by Index Committee, Index Committee can decise to remove stock of this company out of PVN10 Other circumstances are decided by Index Committee

Representative indexes (Other indexes) The constituent is removed from the index. There is no additional action.

6.2 Suspension

Tradable indexes (PVN 10 index) The Index Committee can remove a stock that is suspended from trading. In this case, the stock is removed at the suspension price, and will be replaced by the highest ranked non component on the selection list. The decision is announced at least 5 trading days before the effective date. The removed stock can be reintroduced in the index composition as soon as the suspension is taken off. The event will be announced at least two days before the effective date.

Representative indexes (Other indexes) Not applicable

6.3 Mergers, Restructuring and Acquisitions

Tradable indexes (PVN 10 index) When a constituent of this index is affected by an operation of mergers/restructuring or acquisition, the surviving stock or non-surviving stock that does not qualify for this index will be deleted immediately. In case the non-qualifying stock is removed from the index, it will be replaced by the highest ranked non component on the selection list. The decision is announced at least 5 trading days before the effective date.

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A surviving stock that qualifies for this index is added to the indices as a replacement for the original stock. The event will be announced at least two days before the effective date.

Representative indexes (Other indexes) Not applicable

6.4 New issues

Tradable indexes (PVN 10 index) The integration of a new listed stock to the index depends on the decision of the PVN Indexes Committee in function of the size and the expected liquidity of the stock following Fast Entry Rules. Fast Entry Rules: The new listed stock is eligible for the Fast Entry Rules if it is ranked among the top 3 by free-float market capitalization at the first trading date, and will be added to the index to replace the lowest-ranked at the latest review In the case of new adding, the decision will take effect one week after the announcement.

Representative indexes (Other indexes) New IPO will be introduced automatically in the concerned indexes (market or sector indexes) in the next day following the first trading day.

6.5 Spin- offs

Tradable indexes (PVN 10 index) All spin-off stock will automatically be added to the index composition for one day trading. If the spin-off stock does not qualify the eligible criteria, it will be deleted from the index composition after the first trading day. The event will be announced at least two days before the effective date.

Representative indexes (Other indexes) Not applicable

6.6 Split-up

Tradable indexes (PVN 10 index) All new stocks issued from split-up operation will automatically be added to the index composition for one day trading. If the split-up stock does not qualify the eligible criteria, it will be deleted from the index composition after the first trading day. The event will be announced at least two days before the effective date.

Representative indexes (Other indexes) Not applicable

6.7 Sector Changes The indices are updated with the sector changes. The event will be announced at least two days before the effective date.

7 Contact

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Further information concerning the PVN Indexes is available at the below (website): www.pvnindex.vn Enquiry may be addressed to: [email protected]

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8 Tickers 8.1 Price indexes

INDEX VND EUR JPY USD

PVN All-Share PVNASPV PVNASPE PVNASPJ PVNASPU

PVN All-Share Continuous PVNACPV PVNACPE PVNACPJ PVNACPU

PVN All-Share HNX PVNHNPV PVNHNPE PVNHNPJ PVNHNPU

PVN All-Share HSX PVNHSPV PVNHSPE PVNHSPJ PVNHSPU

PVN 10 PVN10PV PVN10PE PVN10PJ PVN10PU

PVN Basic Materials PVNBMPV PVNBMPE PVNBMPJ PVNBMPU

PVN Consumer Services PVNCSPV PVNCSPE PVNCSPJ PVNCSPU

PVN Financials PVNFIPV PVNFIPE PVNFIPJ PVNFIPU

PVN Industrials PVNINPV PVNINPE PVNINPJ PVNINPU

PVN Oil & Gas PVNOGPV PVNOGPE PVNOGPJ PVNOGPU

PVN Utilities PVNUTPV PVNUTPE PVNUTPJ PVNUTPU

8.2 Total return indexes

INDEX VND EUR JPY USD

PVN All-Share PVNASTV PVNASTE PVNASTJ PVNASTU

PVN All-Share Continuous PVNACTV PVNACTE PVNACTJ PVNACTU

PVN All-Share HNX PVNHNTV PVNHNTE PVNHNTJ PVNHNTU

PVN All-Share HSX PVNHSTV PVNHSTE PVNHSTJ PVNHSTU

PVN 10 PVN10TV PVN10TE PVN10TJ PVN10TU

PVN Basic Materials PVNBMTV PVNBMTE PVNBMTJ PVNBMTU

PVN Consumer Services PVNCSTV PVNCSTE PVNCSTJ PVNCSTU

PVN Financials PVNFITV PVNFITE PVNFITJ PVNFITU

PVN Industrials PVNINTV PVNINTE PVNINTJ PVNINTU

PVN Oil & Gas PVNOGTV PVNOGTE PVNOGTJ PVNOGTU

PVN Utilities PVNUTTV PVNUTTE PVNUTTJ PVNUTTU

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9 Definitions HSX Ho Chi Minh Stock Exchange HNX Ha Noi Stock Exchange PSI PetroVietnam Securities Incorporated, member of

Petrovietnam PVN Holding Company - PetroVietnam Oil and Gas Group Velocity The Ratio of trade volume by the total number of shares.

These figures are then averaged over the last 12 moving months and annualized

Stock Turnover Daily average of traded volume value over the last 12 moving months, expressed in VND

Index Turnover Ratio of the value of buying and selling stocks in a portfolio in case of the composition review by the index capitalisation before adjustment

Outstanding share Total listed share of company deducts treasury stock Volatility Annualized standard deviation of logarithmic variations

of consecutive close prices ICB Industrial Classification Benchmark