Prudential Vietnam Assurance Private Ltd. and Vietnam Maritime Commercial Joint Stock Bank ("MSB") have renewed their strategic bancassurance partnership for a 15-year term. The new agreement significantly expands the geographical scope to include North Vietnam, where MSB is headquartered. With this expansion, Prudential Vietnam will become MSB's single partner nationwide. Prudential Vietnam is a leading life insurance company with over 1.6 million customers and a footprint of over 350 sales offices across 63 provinces. MSB is a fast-growing bank with 62 branches and 201 transaction offices in 51 cities/provinces in Vietnam; as at end-December 2020, MSB had more than 2.36 million retail customers and 57,000 corporate clients. Prudential and MSB have been collaborating since 2013 and have built a highly successful bancassurance partnership which delivered a 34% compound annual growth rate in APE between 2014 and 2020. The expanded partnership reinforces Prudential Vietnam's strong presence in bancassurance, the fastest growing channel in Vietnam, which accounted for 30% of the overall market in 2020 compared to 13% in 2017. Prudential Vietnam is the leader in bancassurance in Vietnam with more than a 20% share of new business from this channel, reflecting its strong product proposition, relationships and customer service capabilities. The expanded alliance is also strongly aligned with MSB's own aspiration of being a partner in its customers' lives, by providing a suite of world-class insurance solutions and advanced digital services.