Circular No. 34-TC/KBNN guides the issuance of bonds for the Yaly Hydropower Project.

CIRCULAR

DIRECTIVE NO. 34 TC/KBNN OF THE MINISTRY OF FINANCE ON JULY 11, 1996 GUIDING THE ISSUE OF BONDS FOR THE YALY HYDROELECTRIC PROJECT

Implementing Decision No. 427/TTg dated June 25, 1996 of the Prime Minister on the issuance of bonds to raise capital for the Yaly Hydroelectric Project, the Ministry of Finance guides implementation as follows:

1. Bonds issued to raise capital for the Yaly Hydroelectric Project are a form of project bond (government bond) issued and guaranteed for payment by the Ministry of Finance according to the provisions of Decree No. 72/CP dated July 26, 1994 of the Government and Circular No. 75 TC/KBNN dated September 14, 1994 of the Ministry of Finance guiding the issuance and payment of government bonds.

2. Bonds issued to raise capital for the Yaly Project shall be carried out according to the conditions stipulated in Decision No. 427/TTg dated June 25, 1996 of the Prime Minister, specifically as follows:

2.1. The total amount of bonds issued for the entire project is 1.100 billion VND from 1996 and subsequent years.

2.2. Bonds have a term of one year or more.

2.3. The interest rate on bonds issued through auction will be determined based on the auction results conducted by the State Bank or the retail bond interest rate directly through the National Treasury System, decided by the Minister of Finance after consulting with Vietnam Electricity Corporation for each issuance period in accordance with market interest rates.

2.4. The funds raised will be centralized at the Central Treasury, managed and used directly by Vietnam Electricity Corporation to transfer capital to the Investment and Development Bureau of Gia Lai for payment to the Yaly Project in accordance with current construction management regulations.

2.5. The source of funds for principal and interest payments on bonds and issuance and payment costs will be guaranteed by Vietnam Electricity Corporation, drawn from the basic depreciation fund and annual post-tax profits of Vietnam Electricity Corporation.

Interest on bonds raised for investment in the Yaly Project and issuance and payment costs will be included in the construction cost and settled in the total capital investment of the project annually.

3. Procedures for issuing and paying bonds:

3.1. Issuing bonds:

- Based on the total capital-raising amount of 1.100 billion VND approved by the Prime Minister, Vietnam Electricity Corporation will coordinate with the Central Treasury to develop detailed plans for issuing and paying bonds.

- Based on the annual capital-raising plan (divided by fund) and the completed construction volume of the project meeting payment conditions confirmed by the Investment and Development Bureau of Gia Lai, Vietnam Electricity Corporation will issue a letter requesting the Ministry of Finance to issue bonds with the following main contents:

+ Issuance time

+ Capital-raising volume needed

+ Estimated term of the bonds

- Based on the request letter from Vietnam Electricity Corporation, the Central Treasury will determine the bond issuance plan and report to the Ministry of Finance for approval for each issuance period to ensure it aligns with the time and capital-raising volume required for the project.

3.2. Management and use of funds raised from bond issuance:

- Vietnam Electricity Corporation may open a deposit account at the Central Treasury. This account is used to receive funds raised from bond issuance and transfer capital to the Investment and Development Bureau of Gia Lai for payment to the Yaly Hydroelectric Project.

- The Central Treasury will transfer all funds raised from bond issuance for the Yaly Project into the deposit account opened by Vietnam Electricity Corporation at the Central Treasury.

- Based on the amount transferred into the aforementioned deposit account, Vietnam Electricity Corporation will process debt recognition with the Central Treasury regarding the principal and interest on bonds issued for the Yaly Project according to the attached model in this Circular.

- Vietnam Electricity Corporation is responsible for transferring funds to the Investment and Development Bureau of Gia Lai (which has an account at the Gia Lai Treasury) to manage and pay for the completed construction volume of the Yaly Project in accordance with current construction management regulations.

3.3. Bond repayment:

- Upon maturity, Vietnam Electricity Corporation will transfer funds to the Central Treasury according to the principal, interest, and repayment time recorded in the bond issuance debt recognition certificate.

- In cases where new bonds are issued to repay old debts, Vietnam Electricity Corporation and the Central Treasury need to cooperate in calculating and reporting to the Ministry of Finance for approval to ensure there is sufficient revenue from new issuances to fully and timely repay maturing bonds.

- At the bond repayment due date, if Vietnam Electricity Corporation does not have sufficient funds to repay maturing bonds, the Ministry of Finance (Investment Development General Department, Treasury) will continue to draw from the basic depreciation fund of Vietnam Electricity Corporation to repay bondholders.

4. After each issuance, Vietnam Electricity Corporation is responsible for paying issuance and bond payment fees to the Central Treasury, including:

- Printing costs for bond certificates (if any) according to the printing contract.

- Issuance and payment fees equal to 0.25% of the issuance amount if bonds are issued through an auction via the State Bank to cover auction payment costs to the State Bank as stipulated in Joint Circular No. 01/NHNN-TC dated February 10, 1995. - Issuance and payment fees equal to 0.5% of the issuance amount if bonds are issued through the retail system of the Treasury.

5. The Central Treasury, Investment Development General Department, Vietnam Electricity Corporation, and related units are responsible for coordinating the issuance, management, and use of funds, and bond repayment in accordance with the guidance in this document and current regulations.

MODEL

Socialist Republic of Vietnam

- Office of the President of the StateĐộc lập - Tự do - Hạnh phúc

DEBT RECOGNITION CERTIFICATE FOR BOND ISSUANCE TO RAISE CAPITAL FOR THE YALY HYDROELECTRIC PROJECTNOTICE OF WITHDRAWAL OF PRIVATE CAPITAL FOR WATER WORKSPROJECTYALYẦU TƯ CHO CÔNG TRÌNH THUỶƯỜNG HUY ĐÌNH THUỶARTICLEYALY

Number:.../KBNN-ĐLVN

Implementing the program to raise capital for the hydroelectric projectÐINH THUỶHUY DONG VOa) Units base on the accounting account system issued in this Circular to apply appropriate accounting accounts suitable for their activities.ầT TU CHO CONG TRINH THUYI LƯỢNG TRÁI PHIẾDINH SO 427/TTg NGAY 25-06-1996 CUA THUONG CHINH PHU, KO BACH T.W DA PHOI HOP VOI TO CHUC CONG TY DINH BO TAI CHINH DA HUY DONG LUA TRAI PHIEU PHAT HANH:...DONGpursuant to Decision No. 427/TTg dated June 25, 1996 of the Prime Minister, the Central Treasury has coordinated with Vietnam Electricity Corporationt đLUONG:...%||| GUIDED BY THE MINISTRY OF FINANCE, ENTERPRISES OPERATING DUTY-FREE SHOPS MUST APPLY THE "VIETNAM DUTY NOT PAID" STAMP TO DUTY-FREE GOODS SOLD AT DUTY-FREE STORES OPERATED BY THE ENTERPRISES.DEN HA||| NATIONAL GOVERNMENT WORKING IN DANGEROUS ENVIRONMENTS;ớN NGAY...THANG...NAM 199...THANH TOAN DUOC, DUNG HAN KHONGO TRAI PHIEU NOI TREN:The Vietnam Electricity Corporation implements the issuance of Treasury bonds according to Decision number ...TC/KBNN dated /.../1996 of the Ministryt đof FinanceứcCO:...DONGSO TINH LAI:...developmentTDLVNto raise capital for the Yaly Project with the main contents as follows:

1. Quantity of issued bonds:...dongU PHÁT HÀNH:…ĐỦ:…% NĂMẾN HẠ2,340,000 VND x 0.20 = 468,000 VND

2. Interest rate of the bond:...% per yearNG NGÀY…THÁNG…NĂM 199...

3. Term of the bond:...

4. Issuance date:...month...year 199...

5. Payment due date:...month...year 199...THANH TOÁN Đ, ĐÚNG HẠN KHÓ

Vietnam Electricity Corporation acknowledges the debt arising from the issuance of the above-mentioned bonds and commits to:Paying on time the principal and interest of the aforementioned bonds:Principal amount:...dong

ẴNG TRÁI PHIẾU NÊU TRÊN:ầIn special circumstances such as participating in emergency aid due to natural disasters, epidemics, conflicts, the Ministry of Foreign Affairs issues a written approval for foreign non-governmental organizations to carry out certain charitable and humanitarian activities before obtaining a registration certificate.Deputy ministers of ministerial-level agencies,C:…ĐSỐ TIỀN LÃI:…U PHÁT HÀNH:…ĐTĐLVN

Interest:...c:........ đ2,340,000 VND x 0.20 = 468,000 VND

Số tiền lãi:......... đ2,340,000 VND x 0.20 = 468,000 VND