GMS OF SMARTINVEST SECURITIES (AAS CODE): MR. TRAN MINH TUAN, VICE CHAIRMAN OF THE BOARD OF DIRECTORS, AFFIRMED THAT THE HIGH DIVIDENDS AND CAPITAL INCREASE PLAN WILL BE SUCCESSFUL

(?TCK) The Board of Directors of SmartInvest Securities Joint Stock Company (stock code AAS) expects to exceed the profit plan set in the early months of the year, when the economy in general and the stock market in particular were very pessimistic, because currently there are many bright spots for economic growth to return as well as a much more vibrant stock market compared to the time the plan was set at the beginning of the year. The 2023 Annual General Meeting of Shareholders of SmartInvest Securities Joint Stock Company, held this morning, approved the 2023 business plan with revenue of 922 billion VND and after-tax profit of 84.6 billion VND. However, the company’s Board of Directors expects to exceed the profit plan set in the early months of the year (when the economy in general and the stock market in particular were very pessimistic) because currently there are many bright spots for economic growth to return and the stock market is much more vibrant than when the plan was set at the beginning of the year. The General Meeting also approved all proposals after a lively discussion with many shareholder questions about the feasibility of the capital increase plan and business efficiency after the capital increase under current market conditions. Why did the company set a low business plan for 2023, especially after the company implemented a capital increase? Mr. Tran Minh Tuan, Vice Chairman of the Board of Directors, SmartInvest Securities Joint Stock Company: The annual plan was developed in Q1 2023, at which time the stock market was gloomy and cash flow was stagnant. At that time, the company had not yet received a license to increase capital. It was almost the end of Q2 when the capital increase license was received, and it would take at least 2 months to complete. According to the announcement, June 28th was the last registration date and August 7th was the last payment date, so the new capital will mainly be used in Q4 2023. If business conditions are better at the beginning of Q4, we will certainly have an extraordinary general meeting of shareholders or seek shareholder opinions in writing to adjust the company’s business plan in a more positive direction. I would like to ask about the implementation of the 15% dividend payment for 2022, how the bond market has performed recently, and how state policies will affect the company? Mr. Tran Minh Tuan: We have just been licensed to pay a 2021 dividend of 50% in shares. And the 2022 dividend of 15%, after being approved by the general meeting, will be paid in September or October after the procedures are approved by the Committee. Thus, this year there will be two dividend payments (50% for 2021 and 15% for 2022). As you know, the bond market was almost paralyzed in Q4 2022, after the Van Thinh Phat and SCB incidents. No businesses could issue bonds, and most investors shunned bond products. To date, the Government and the Ministry of Finance have issued many decrees, circulars, and solutions to restore confidence in the market. When the market is unfavorable, businesses that issue non-standard bonds will no longer be able to issue them, which is an opportunity for businesses that provide standard issuance consulting to operate more strongly, bringing good bond products to the market. With SmartInvest’s experience and appraisal capacity for issuers, we will be able to structure good products. The potential of the bond market is still large, and we can gain an even larger market share as our capital scale increases. Therefore, along with the solutions to remove difficulties from regulatory bodies, the bond market will warm up, and the company’s business activities will prosper accordingly. I reviewed the 2022 report and saw that this was an effort by the Board of Directors. With such difficulties this year and a 1:1 capital increase ratio, what is the company’s plan to successfully increase capital? Mr. Tran Minh Tuan: We have gone through a very difficult first half of 2023. The government has implemented many policies to alleviate difficulties for the economy, especially reducing interest rates, which is very good for the economy in the long term as well as for AAS’s business activities. After 3 interest rate reductions, cash flow into the stock market has increased significantly in the past 2 months. Interest rates will continue to decrease in 2023. We expect lower interest rates and stronger cash flow into the stock market to be good conditions for the company to implement its capital increase. On the other hand, in the first half of 2023, very few businesses implemented capital increases, which is also an opportunity for businesses that meet the conditions to increase capital and attract trusted investor funds. If the stock price is not good at the time of the capital increase, will the capital increase be successful? For short-term investors, it is true that they only look at short-term price fluctuations for speculation. But for long-term investors like the Board of Directors and other major investors, short-term market price fluctuations do not change their strong stance on company development. In 2021, the company paid a 50% dividend in shares, and in 2022, it decided to pay another 15% in shares based on the new capital of 2,000 billion VND. If calculated on the old capital, the dividend payout ratio would be 300/800 billion VND, equivalent to over 35% dividend. If looking at this profitability ratio, long-term investors have no reason not to invest in the company. That is why I am confident that the capital increase will be successful. Why are we paying a 15% dividend in shares and not in cash? Mr. Tran Minh Tuan: SmartInvest’s capital is still small; the top 5 companies in the capital market already have over 10,000 billion VND, not to mention other companies in the top 10. Even after increasing capital twice, our charter capital is only 2,300 billion VND, which is quite modest compared to many other companies. Therefore, we must focus our resources and try to increase capital as quickly as possible to have sufficient financial resources and create competitive products in the market. Additionally, another reason is that most of us who receive cash dividends at this time will likely not generate the same level of profit that the company is currently generating. With current deposit interest rates slightly above 7%, it is very difficult to generate profits over 30% as the company is doing for its shareholders. Therefore, dividend payments in shares will continue in the coming years. When the company reaches a capital scale relatively comparable to the general market, cash dividend payments will certainly occur. We understand that in Q1 2023, the company achieved a profit of 20 billion VND, while the plan was 100 billion VND. So, what was the profit for Q2? Will the private placement, as approved in the plan, continue to be implemented? Mr. Tran Minh Tuan: I think that in the first two quarters of the year, we must achieve at least over 50% of the profit plan. In the following months, if the market improves further, we have the potential to exceed the plan. Not to mention, after successful capital mobilization, the new capital put into operation will generate new, even higher profits. Regarding the private placement of shares, it was approved along with the 2021 dividend payment. Now, in August, the 2021 dividend payment has just been completed, and then another 15% dividend for 2022 will be issued, so it is difficult to implement the private placement immediately in 2023. Therefore, we request to postpone this plan until a more favorable time, perhaps in 2024. The Board of Directors and the Board of Management will negotiate with strategic shareholders to choose the appropriate time. It must be successful; if the issuance is not successful, it will affect the company’s reputation. Ms. Ngo Thi Thuy Linh, Chairwoman of the Board of Directors, SmartInvest Securities Joint Stock Company: SmartInvest Securities Company’s investments are mostly in company shares for long-term goals. In the technology sector, the company will partner with a wealth management company and strive to be one of the first companies to deploy wealth management services for individual clients. To expand its individual client base, in addition to technology, the company is expanding its office network in various provinces and cities. There will also be products such as robot-advisers, and after the capital increase, derivative market products will be developed. Regarding business development strategy, the company will focus on developing diverse products for individual clients because the goal is for the individual client market share to increase to diversify income and achieve sustainable development. Previously, the company’s income mainly came from bonds, but after the capital increase, income from margin and other diverse financial services and products provided to individual clients will increase. I find the individual client development strategy very sound; I have traded accounts at your company, so I suggest continuing to improve some points for better service quality? Ms. Ngo Thi Thuy Linh: We acknowledge the shareholder’s feedback. The Board of Directors has just approved changing the core (software) for securities trading; the issues raised by shareholders stem from the current trading software not being adequate. The company will sign a contract with a leading software provider in Vietnam to develop new trading software, integrating and deploying diverse financial products on a single platform. The company’s criteria for competition, besides fees and margin policies, include systematizing the investment advisory system to operate with robots to create differentiation from other companies.Source: Tinnhanhchungkhoan.vn