PVL: Respond the Official Document No 401/SGDHN \u2013 QLNY issued on 23.03.2015

On 28/03/2016, Petroleum Real Estate Joint Stock Company announced the Respond the Official Document No 401/SGDHN – QLNY issued on 23.03.2015 as follows:

PVL is a company operating in major of real estate business and investment. In the recent period, the projects of PVL were in progress of completion, so according to the accounting regime, the company could not record the revenue. Therefore, PVL did not have revenue in the main business operation. In recent years, the main revenue was from liquidating assets, it was the reason why PVL did not have profit. Besides, the crisis of leaders and the weakness of management of previous years (2012 – 2014) leading to the deadlock of business, the company lost prestige, influencing on the business investment operation of the company.

Remedy plan: PVL is determined to complete the constructions to hand over and recover capital, so the company can invest in other projects, bringing maximum profit to the company.

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