PNC: Explanation for elimination suggestions of the audit firm in the financial statements of quarter 2/2009

Phuong Nam Cultural Joint Stock Corporation (PNC) has explained elimination suggestions in the financial statements of quarter 2/2009 as follows:

* Bonus and welfare fund in balance sheet was (VND1,146,795,863) because PNC often pay bonus and welfare every three months and the payment is covered by profit of the current year.

* The investments in joint-venture or associate companies were recorded on original cost: PNC did not allot to financial provision because the loss of an associate company was defined in an investment plan before investing.

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