PSG: Explanation for negative profit in 2011

Saigon Petroleum Construction and Investment JSC explained the negative profit in 2011 as follows:

- Because time for building projects was longer than expected, price of materials and labor increased higher than the Company estimated when signing Contracts.

- Some projects the Company invested in 2011, have not bring profit yet such as Hau Giang New Town; Van Phu-Hanoi Project; Light House – Nha Trang Projects; Cu Hill Nha Trang golf course Project…

- To ensure progress of the project and not to violate signed contract, the Company had to borrow capital from bank. In 2011, interest rate was high. Total borrowing interest of the Company in 2011 was VND 54,980,858,202 meanwhile that in 2010 was VND 17,980,686,175.

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>   PPS: Board Resolution (29/04/2012)

>   HHG: Board Resolution (29/04/2012)

>   HVT: Approving operation plan of 2012 (29/04/2012)

>   V15: Explanation for difference in Audited Financial Statement 2011 (29/04/2012)

>   PHS: Change in Business Registration Certificate (29/04/2012)

>   SDH: Explanation for negative profit in 2011 (29/04/2012)

>   VFR: Time and Place for Annual General Meeting of Shareholders (29/04/2012)

>   SHN: Explanation for negative profit in 2011 (29/04/2012)

>   SDB: Explanation for negative profit in 2011 (29/04/2012)

>   PSI: Explanation for negative profit in 2011 (29/04/2012)