To: Valuable customers

BIDV would like to express our sincerest thanks to you for your kind support and commitment to us during the years.

On 5 March 2021, Financial Conduct Authority (FCA) announced that London Interbank Offered Rate (LIBOR), which is widely used as a reference interest rate for foreign currency loans and derivatives, is expected to be discontinued according to the roadmap to 30 June 2023.

The reference interest rates chosen to replace LIBOR are the interest rates of repo transactions with collateral and are calculated based on the interest rates of the actual transactions. It is expected that alternative reference rates for the three most influential currencies will be:

Currency	Current reference rates	Alternative reference rates
USD	USD LIBOR	SOFR (Secured Overnight Financing Rate)
EUR	EUR LIBOR/ EURIBOR	€STR (Euro Short- Term Rate)
JPY	JPY LIBOR/ TIBOR	TONAR. However, there are many approaches, JPY TIBOR and TONAR can coexist.

The transition of reference interest rate will impact the contracts, agreements, or services between customers and BIDV that are using LIBOR as the reference interest rate. In order to ensure the continuity of contracts and services existing in the LIBOR transition, BIDV and customers may need to amend the contract to adjust the interest rate and/or supplement appropriate fallbacks. BIDV branches will contact customers directly to exchange specific information in the coming time.

BIDV guarantees that we will accompany and assist customers during the LIBOR transition.

If you have any concerns, please visit the nearest BIDV branches for assistance.