Expiration of Covered Warrants

• If investors hold covered warrants until expiration, they will be automatically settled if they are in-the-money.
• Last trading day: as announced by the issuer (T)
• Last registration date / Covered warrant expiration date: T+2 after the last trading day
• Settlement date: T+7
• Payment amount per covered warrant = (Covered warrant settlement price – Covered warrant exercise price) / (Conversion ratio)
• Settlement price (for covered warrants with underlying assets being stocks): the average closing price of the underlying stock over the 5 trading days before the expiration date, excluding the expiration date
• Payment method: Cash
• Method: Direct allocation to the securities account

Example: Calculation of Settlement Price and Payment Amount

• Covered warrant exercise price: 20.000 VNĐ
• Last trading day of the covered warrant: 10/12/2019
• Covered warrant expiration date: 12/12/2019
• Covered warrant settlement price calculation dates: 05/12, 06/12, 09/12, 10/12, 11/12

• Closing prices of the underlying security on these dates:

  Date	Closing price of the underlying security
  05/12	20.500
  06/12	21.000
  09/12	21.800
  10/12	21.400
  11/12	21.200
  5-day average price	21.180