PXL: Resolution of the BOD

On February 09, 2011, the Board of Directors of Petrovietnam – Idico Long Son Industrial Park Investment Joint Stock Company (HOSE: PXL) unanimously approved:

1. To transfer the Company’s capital in Phu Dat Investment and Construction Joint Stock Company (Phu Dat PVC) to PetroVietnam Construction Corporation (PVC) and PVC-Duyen Hai, as follows:

• Transfer of 15,000,000 Phu Dat PVC shares to PVC. Total transferred value: VND150 billion.

• Transfer of 5,000,000 Phu Dat PVC shares to PVC-Duyen Hai. Total transferred value: VND50 billion.

2. To merge Phu Dat PVC into PetroVietnam Construction Corporation (PVC) according to the closing time of financial and accounting figures as of December 31, 2010.

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