PVR: Board Resolution

PetroVietnam Premier Recreation JSC announces the Board Resolution dated 5/8/2010 approved on the investment project CT10-11 in Van Phu New urban area, Ha Dong District, Hanoi City as follows:

1. Name of the Project: CT10-11

2. Project Proprietor: PetroVietnam Premier Recreation JSC (After signing the transfer contract from Van Phu Invest)

3. Site of the project: Van Phu New urban area, Ha Dong District, Hanoi City

4. Total investment value: VND 1,454,542,839,700

5. Maximum transfer price: VND 390 bil

6. Source of fund: owners’ equity (16.88%), legal fund raising (63.23%), bank loans (19.89%)

7. Timeline:

- Completion of the transfer: From August to 15/9/2010

- Commence date: end of September, 2010

- Completion of work: 36 months after the commence date.

hnx

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