Table Of Contents. Message from PV Gas Leadership. Business scope and area. Milestones during 22 years of establishment and development

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2 VISION Maintaining the decisive role in Vietnam gas industry, integrating into international market, becoming one of the powerful gas trade names in ASEAN and Asia. MISSION Investing, constructing and operating safely and efficiently the whole system of gathering, importing, transporting, processing, storing, distributing of gas and gas products; connecting with regional gas pipeline system; ensuring gas, gas products, services supply to customers nationwide and integrating into international market; contributing to national energy security.

3 Table Of Contents Message from PV Gas Leadership Business scope and area Milestones during 22 years of establishment and development Organizational chart Leader in Vietnam gas industry Board of leadership Report of Board of Management Report of Board of Supervisors Report of Board of Directors Financial Indicators Shareholders Partners Constantly evolving for better service Dry gas gathering and distribution LPG trade Investment and construction 100% owned companies, subsidiaries and affiliates Innovation and Reorganization Commitment to conducting a safe and effective business Risk management Safety Quality Health Environment Human resources and corporation Human resources Community activities Award Development, improvement, innovation Development Orientation Business production plan of 2013 Audited consolidated financial statements

4 MESSAGE FROM PV GAS LEADERSHIP Dear valued Shareholders! The year 2012 has seen difficulties of the world economy, with global growth lower than anticipated at beginning of the year. This has caused domino effects upon the Vietnam economy, resulting in tightened credit conditions, declined market, forcing many enterprises to reduce or even cease businesses; accordingly, the direct impacts on PV Gas include slow growth in gas demand of power plants - main customers; the world s LPG average price (Contract Price) increasing by 8% as compared to 2011, experiencing continuous fluctuations with wider margins, Actively aware of and assessing these obstacles, the Leadership and all personnel of PV Gas have taken appropriate measures to promptly handle difficulties in management and administration, dedicated and creative in production and trading. After 2 years of operation under PV Gas Join Stock Corporation so far, we all Leadership, personnel and all the shareholders of PV Gas feel excited to see PV Gas firmly overcome difficulties, achieving not only for its growth but sustainable development also. This is reflected in figures, significant events achieved by PV Gas, as follows: Fulfilling and exceeding the 2012 plan approved by the Shareholders Committee and achieving growth as compared to 2011; reaching the profit and budget contribution targets 4 months ahead of schedule, revenues and LPG output targets 2 months; Achieving record revenue (68,420 billion ) and profit (pretax 12,350 billion, net tax 10,102 billion ), the highest since its foundation; maintaining the position as one of the leaders of PetroVietnam and the stock exchange in profit; ranked 12 th in the Top 500 largest enterprises of Vietnam VNR500; making significant contributions to the national budget, together with PVN contributing to the stabilization of the country s macro - economy; Supplying the 70 billionth m 3 of gas to power plants, fertilizer plants and low pressure gas consumers on 25/09/2012; ensuring the sources of fuels and feedstock to produce 40% of electricity and 70% of urea fertilizer output throughout the country; Producing and trading the 6.8 millionth ton of LPG in the domestic and foreign markets; accounting for over 70% of national LPG market share, maintaining the position as the leading LPG producer and trader in Vietnam; Recording over 6 million hours of safety work in all gas works; Completing maintenance in the phase of complete halt of Cuu Long gas system 129 hours ahead of schedule and in the phase of complete halt of PM3 - Ca Mau gas system 3 days ahead of schedule. (These figures are really impressive given the fact that business activities of PV Gas are in progress 24 hours a day, 7 days a week and 365 days a year); Successfully carrying out the listing and first trading day of PV Gas share on the Ho Chi Minh City Stock Exchange on 21/05/2012; the trading volume of PV Gas share has always remained at high level and trading price higher than the listed price on the Ho Chi Minh City Stock Exchange (over 40,000 /share compared, to 36,000 /share at the time of listing). Successfully applying scientific initiatives in operation to increase LPG output at Dinh Co Gas Processing Plant; Actively implementing construction works, regularly reviewing, updating, re-evaluating projects, promptly adjusting investment plans in accordance with actual situation in order to maintain and improve the economic efficiency of projects. Works of refrigerated LPG storage, LNG storage, Block B - O Mon, Nam Con Son 2, Ham Rong - Thai Binh, Thang Long - Dong Do, Planning Division Mrs. Nguyen Thi Lan (Chairwoman of Board of Management) Mr. Do Khang Ninh (Member of Board of Management, President)

5 Rong gas pipelines... are taking shape each day on engineering drawings, at construction sites; Completing and putting into operation the first Oil and Gas Steel Pipe Plant in Vietnam (belonging to PV Pipe); Pipe coating for Bien Dong, Su Tu Trang, Hai Su Trang, Hai Su Den and Dua projects; Inspiring the spirit of dedicated working, overcoming difficulties, promoting initiatives, technical innovation, and rationalization of production in each PV Gas employee. As an old proverb says "Fire proves gold, adversity proves men". In difficulties, PV Gas has demonstrated its internal strength. storage project at Thi Vai for LNG import; Completing and putting into operation the 60,000 ton refrigerated LPG storage at Thi Vai - the unique, most modern and largest LPG storage in Vietnam at present, contributing to increase the LPG storage capacity of PV Gas to 50% of the total LPG storage capacity of the country, which gives PV Gas solutions for LPG storage in large amount and long-term, constituting advantages in LPG trading; Completing and putting into operation the project to supply Nam Con Son gas for Dinh Co Gas Processing Plant in order to increase LPG output and value of gas utilization;... Gas industry is one of the five core business lines in PVN s development strategy. The year 2013 is approaching; many advantages as well as difficulties ahead might affect the operation of PV Gas which cannot be fully anticipated. But, we believe that the advantages on human resources, facilities, property, finance, experience, brand,... PV Gas will keep achieving new successes because: Customer demand for gas remains high; PV Gas activities for investment expansion to supplement gas and gas products supply to the domestic market are implemented according to the plan, with the events in the year including: Receiving new gas resources from Hai Thach, Moc Tinh fields (Nam Con Son basin), resulting in an increase of gas output by nearly 2 billion m 3 of gas/year for customers in Southeast area; Completing and putting into operation the Ca Mau gas compressor to increase the right to receive PM3 gas and gas output to customers in Southwest area to 6.2 million m 3 /day; Starting the 1MMTPA LNG However, not subjective, self-complacent, in each precious hour of work, each leader of PV Gas will not stop striving with the highest sense of responsibility for improving capability of modern professional management, sensitive to actual occurences, possessing longterm strategic vision, promptly making reasonable decisions; and each employee of PV Gas will work with creativity and the highest sense of discipline so that PV Gas will achieve the development goals not only in 2013 but also in the long term, always being a leading Corporation in Vietnam gas industry, soon reaching out to the region and the world, satisfying shareholders expectation. On behalf of more than 3,000 PV Gas employees, we would like to express our deep gratitude to all the shareholders trusting and co-operating with PV Gas over the years. PV Gas looks forward to receiving your precious support and companion in the sustainable development journey in the coming years. CHAIRWOMAN PRESIDENT Nguyen Thi Lan Do Khang Ninh 5

6 BUSINESS SCOPE AND AREA Concentrating on gathering, transporting, processing, storing, and trading gas and gas products. After 22 years of establishment and development, PV Gas has developed a relatively complete gas industry till now, mainly focusing on gathering, importing, transporting, processing, storing, and trading gas and gas products, becoming the only gas supplier in Vietnam and the leading LPG producer and trader in Vietnam, continuously being on the top list of PVN s subsidiaries as well as on the Stock Exchange in term of profit, contributing over 2% of national GDP. BUSINESS SCOPE Gathering, transporting, processing, storing, trading, importing and exporting dry gas, LNG, CNG, LPG, Condensate; trading materials, equipments in gas and gas products processing and using; trading terminal, storing services. Investing in a fully constituted infrastructure of gas and gas products distribution, from supply to wholesale, retail nationwide. Being a dealer consuming all LPG produced by domestic refineries and other sources of PVN. Engineering consulting, making F/S, constructing, managing, operating and maintaining gas and gas related projects. Applied research on gas industry, engineering and improving gas projects. Providing services in gas fields, improving, maintaining and repairing engine, installing conversion equipment for transportation vehicles, agriculture, forestry, fisheries using gas fuel; transporting vehicles using gas fuel. Investing in upstream projects to gain more initiatives and efficiency in gas products processing and trading. Investing in other enterprises; buying, selling, transfering, negotiating gas projects, assets. 6

7 INFRASTRUCTURE, BUSINESS AREA, PRODUCTS 3 basins: Cuu Long, Nam Con Son, Malay Tho Chu 3 gas systems: - Cuu Long gas system (Southeast): ): 370 km - Nam Con Son gas system (Southeast): 400 km - PM3 Ca Mau gas system (Southwest): 325 km 2 gas processing plants: Dinh Co, Nam Con Son LPG storage system nationwide 4 products: dry gas, LPG, Condensate, CNG 3 regions: North, Central, South. LPG LPG LPG Hai Phong LPG warehouse LPG Vung Ang LPG warehouse Paracel Islands LPG Dung Quat LPG warehouse LPG Dong Nai LPG warehouse Nam Con Son GPP LPG Hiep Phuoc Phu My GPP LPG GPP LPG LPG Go Dau LPG warehouse Thi Vai LPG depot Dinh Co GPP Spartly Islands Can Tho LPG warehouse LPG Vung Tau Cuu Long gas pipeline system P Cuu Long basin Ca Mau P P PM3 - Ca Mau gas pipeline system Nam Con Son gas pipeline system Nam Con Son basin Malay - Tho Chu basin

8 MILESTONES DURING 22 YEARS OF ESTABLISHMENT AND DEVELOPMENT

9 09/1990: Established Gas Company to gather, transport, process, store and trade gas and gas products. 04/1995: Transported first gas from Cuu Long basin ashore and supplied to Southeast customers. 10/1998: Firstly produced LPG & Condensate in Vietnam. 12/2002: Transported first gas from Nam Con Son basin ashore and supplied to Southeast customers. 11/2003: Completed first low pressure gas pipeline network. 05/2007: Transported first gas from PM3 46 Cai Nuoc ashore and supplied to Southwest customers. 07/2007: Becomed PetroVietnam Gas Corporation, organizational structure of parent company subsidiary company. 05/2011: Becomed PetroVietnam Gas Joint Stock Corporation, charter capital: 18,950 billion. 05/2012: Listed and first trading day on the Ho Chi Minh City Stock Exchange.

10 ORGANIZATIONAL CHART SHAREHOLDERS COMMITEE BOARD OF MANAGEMENT BOARD OF SUPERVISORS BOARD OF DIRECTORS 1. HEAD QUARTERS ADMINISTRATION SAFETY HEALTH ENVIRONMENT DIVISION HUMAN RESOURCE DIVISION PLANNING DIVISION COMMERCE AND BIDDING MANAGEMENT DIVISION CONSTRUCTION DIVISION TECHNIQUES PRODUCTION DIVISION GAS SUPPLY AND MARKET DEVELOPMENT DIVISION % OWNED COMPANIES VUNG TAU GAS PROCESSING COMPANY SOUTHEAST GAS TRANSMISSION COMPANY CA MAU GAS COMPANY GAS SERVICES COMPANY GAS PROJECT MANAGEMENT AND CONSULTANCY COMPANY 3. SUBSIDIARIES PETROVIETNAM SOUTHERN GAS JSC PETROVIETNAM NORTHERN GAS JSC PETROVIENAM GAS INVESTMENT & CONSTRUCTION JSC PETROVIETNAM GAS CITY INVESTMENT AND DEVELOPMENT JSC 4. AFFILIATES CUU LONG PETRO GAS TRANSPORTATION JSC SOUTHEAST ASIA JOINT STOCK COMMERCIAL BANK

11 FINANCE DIVISION ACCOUNTING & AUDIT DIVISION GAS CONTRACT DIVISION LNG IMPORT DIVISION GAS RESEARCH AND DEVELOPMENT DIVISION GAS DISPATCHING DIVISION INFORMATION TECHNOLOGY DIVISION GAS TRADING COMPANY NAM CON SON GAS PIPELINE COMPANY BLOCK B O MON GAS PIPELINE MANAGEMENT COMPANY SOUTHEAST GAS PROJECT MANAGEMENT BOARD CA MAU GPP PROJECT MANAGEMENT BOARD PETROVIETNAM LOW PRESSURE GAS JSC PETROVIETNAM SPORT AND CULTURE JSC PETROVIETNAM GAS CYLINDER JSC PETROVIETNAM STEEL PIPE JSC

12 LEADER IN VIETNAM GAS INDUSTRY

13 YEAR 2012 REVENUE: 68,420 BILLION PROFIT BEFORE TAX: 12,350 BILLION SUPPLYING 9,173 MILLION M 3 OF GAS FOR POWER PLANTS, FERTILIZER PLANTS AND LOW PRESSURE GAS CUSTOMERS PRODUCING AND TRADING NEARLY 1.3 MILLION TONS OF LPG

14 BOARD OF LEADERSHIP PRESENTATION Mrs. Nguyen Thi Lan (Chairwoman of Board of Management) Working experience: : Fisheries Company, Ministry of Fisheries in Ho Chi Minh City : Planning and Investment Department, Treasury Department HCMC. 11/ : Study in Australia. 8/ /2006: Officer, Deputy General Manager, Finance - Accounting Division, Chief Accountant, PV Gas. 12/2006-8/2007: Member of Member Council and Chief Accountant, PV Gas. 9/2007-1/2009: Member of Member Council and Vice President, PV Gas. 2/2009-7/2010: Member of Member Council and Chief Supervisor, PV Gas. 8/ /2010: Member of Member Council, PV Gas. 1/2011-4/2011: Chairwoman of Member Council, PV Gas. 4/ Now: Chairwoman of Board of Management, PV Gas. Qualification: Bachelor of Finance and Accounting. Bachelor of Business Administration (graduated in Australia). Mr. Vu Dinh Chien (Vice Chairman of Board of Management) Working experience: 9/1977-9/1982: Engineer, Department of Basic Construction, Vietnam Oil and Gas General Department. 10/1982-5/1987: Deputy Head of Department, Department of Basic Construction, Vietnam Oil and Gas General Department. 6/1987-8/1989: Deputy Head of Department, Joint Venture Vietsovpetro, Vietnam Oil and Gas General Department. 9/1989-5/1991: Trainee, Nguyen Ai Quoc National Academy of Politics. 5/1991-5/1993: Head of Basic Construction Department, Vietnam Oil and Gas General Department. 5/1993-6/1998: Deputy Head of Gas Transporting - Processing - Distributing Department, Vietnam Oil and Gas Corporation. 7/ : Managing Director, PV Gas. 1/2008-4/2011: Vice Chairman of Member Council, PV Gas. 4/ Now: Vice Chairman of Board of Management, PV Gas. Qualification: Mechanical Engineer degree, Russian State University of Oil and Gas, Russia. Mr. Do Khang Ninh (Member of Board of Management, President) Working experience: : Petroleum Construction Unions Company : Deputy Head of Technology and Building Mines Department, Scientific Research and Engineering Institute, Vietsovpetro : Deputy Managing Director, Gas Project Management Board (predecessor of PV Gas) : Deputy Managing Director, PV Gas /2007: Managing Director, PV Gas. 7/2007-3/2008: Member of Member Council, President, PV Gas. 4/2008-1/2010: Chairman of Member Council, PV Gas. 1/2010-4/2011: Member of Member Council, President, PV Gas. 4/ Now: Member of Board of Management, President, PV Gas. Qualification: Engineer of Petroleum Pipeline and Tank Engineering, graduated in Russia. Master degree of Science and Technology (graduated in Russia). Mr. Nguyen Trung Dan (Member of Board of Management) Working experience: : Vung Tau Petroleum Zone Development Board : Officer, Planning Department, Assistant Head of Vung Tau Petroleum Project Management Board (predecessor of PV Gas) : Head of Price - Estimation Team, Vung Tau Petroleum Project Management Division : Deputy Head of Engineering - Estimation Verification Department, Vung Tau Petroleum Project Management Board : Deputy Head of Planning Department, PV Gas : Head of Planning Department, PV Gas /2011: Vice President, PV Gas. 4/ Now: Member of Board of Management, PV Gas. Qualification: Bachelor of Mathematics - major in Theoretical Mechanics in Belarus University. Mr. Phan Quoc Nghia (Member of Board of Management) Working experience: 6/1990-4/1999: Joint Venture Coats Total Phong Phú. 4/ /2000: Study at the Asian Institute of Technology, Thailand (Vietnam Oil and Gas Corporation Scholarship). 4/ /2007: Engineer; Deputy Head; Head of NCS Department, PV Gas. 11/2007-2/2009: General Manager of Market Economics Division, PV Gas. 2/2009-4/2011: Member of Member Council, PV Gas. 4/ Now: Member of Board of Management, PV Gas. Qualification: Mechanical Engineer degree. BA degree in English. Master degree of Industrial Engineering in Thailand. Master degree of Business Administration. BOARD OF MANAGEMENT

15 Mr. Nguyen Anh Tuan (Head of Board of Supervisors) Working experience: 9/1997-9/1999: Officer, Department of state capital and property Management in Ba Ria-Vung Tau. 10/1999-5/2006: General Accountant, Deputy Head of Finance and Accounting Department, 1-5 Le Duan Tower Project Management Board, PVN. 6/ /2006: Officer, Accounting Department, Gas Processing Company, PV Gas. 11/ /2008: Head of Accounting Department, Phu My - HCMC Gas Pipeline Project Management Board. 7/2008-8/2010: Chief Accountant, Gas Project Management and Consultancy Company, PV Gas. 8/2010-4/2011: Chief Supervisor, PV Gas. 4/ Now: Head of Board of Supervisors, PV Gas. Qualification: Bachelor of Finance and Accounting. Mr. Pham Dinh Dat (Member of Board of Supervisors) Working experience: 9/1984-5/1985: Learning Russian, Joint Venture Vietsovpetro staff training school. 5/1985-9/1990: Officer, Planning Department, Vung Tau Petroleum Project Management Board (predecessor of PV Gas). 9/1990-6/1993: Officer, Planning Department, PV Gas. 6/ /2004: Officer; Deputy Head of Planning Department, Gas Project Management Board, PV Gas. 12/2004-9/2007: Officer, Planning Department, PV Gas. 9/2007-4/2011: Supervisor, PV Gas. 4/ Now: Member of Board of Supervisors, PV Gas. Qualification: Bachelor of Economics in Planning. Ms. Ho Thi Ai Thanh (Member of Board of Supervisors) Working experience: 4/1999-8/2007: Officer, Finance - Accounting Department, PV Gas. 9/2007-4/2011: Supervisor, PV Gas. 4/ Now: Member of Board of Supervisors, PV Gas. Qualification: Bachelor degree of Business Finance. Master degree of Business Administration. BOARD OF SUPERVISORS

16 Mr. Do Khang Ninh (Member of Board of Management, President) (See the introduction of Board of Management) BOARD OF DIRECTORS Mr. Duong Manh Son (Vice President) Working experience: 5/1992-3/1994: Pha Rung Ship repair factory, Hai Phong. 3/1994-5/1995: Petroleum Construction Unions Company. 5/1995-6/1999: PVC. 6/1999-4/2002: Lloyd s Register of Shipping, UK. 4/ /2006: Deputy Head of Department, Head of Technical and Production Department, PV Gas. 10/2006-6/2007: Managing Director, Low Pressure Gas Company, PV Gas. 10/2007-2/2009: General Manager, Construction Division, PV Gas. 2/ Now: Vice President, PV Gas. Qualification: Engineer degree of Manufacturing Engineering - Welding Technology. Master degree of Business Administration. Mr. Tran Hung Hien (Vice President) Working experience: 3/1982-4/1984: Engineer, Technical Department, Vung Tau Petroleum Project Management Board (predecessor of PV Gas). 5/1984-3/1994: Engineer, Head of Planning - Techniques Department, Deputy Managing Director, Steel Structure Company (Belonging to Petroleum Construction Unions Company). 4/1994-4/1998: Deputy Head, Head of Economics and Techniques Department, PVC. 5/1998-2/2004: Deputy General Manager, Project Management Board; Head of Investment Project Management Department, Petechim. 3/2004-9/2006: General Manager, Phu My - HCMC Gas Pipeline Project Management Board, PVN. 10/ /2007: Vice President, PV Gas and General Manger, Phu My - HCMC Gas Pipeline Project Management Board. 12/ Now: Vice President, PV Gas. Qualification: Bachelor of Industrial Management. Master degree of Petroleum Pipeline and Tank Engineering in Russia. Mr. Ho Tung Vu (Vice President) Working experience: 7/1983-3/1994: Officer; Deputy Head of Department, Petechim. 4/ /1994: Head of Department, Petechim. 11/1994-6/2001: Head of Department, Petechim. 7/2001-6/2008: Vice President, Petechim. 6/ /2010: Vice President, PV Oil. 1/ Now: Vice President, PV Gas. Qualification: Bachelor degree of Economics in Petroleum. Master degree of Business Administration. Mr. Bui Ngoc Quang (Vice President) Working experience: 3/1983-7/1989: Drilling Engineer, Thai Binh I Oil and Gas Company. 8/ /1991: Technical Department, DMC Ha Noi. 11/ /1995: Head of Contract Department, ADF Vietnam. 11/1995-8/2006: First Deputy Managing Director, Chairman and First Deputy Managing Director, M-I Vietnam. 9/2006-4/2009: President and Chairman of Board of Management, DMC. 4/2009-8/2009: Deputy General Manager, Planning Division, PVN. 8/ /2010: General Manager, Southeast Gas Management Project Board, PVN. 1/ Now: Vice President, PV Gas and General Manager, Southeast Gas Management Project Board. Qualification: Engineer degree of Oil and Gas Drilling and Exploitation. Mr. Nguyen Quoc Huy (Vice President) Working experience: 9/1994-1/1997: Officer, Gas Technology Department and Gas Operating Center, PV Gas. 1/ /2001: Head of Technical Department - Gas Operating Center, PV Gas. 12/2001-8/2002: Head of Technical Department - Gas Operating Center and Deputy Head of Thi Vai Terminal, PV Gas. 8/ /2002: Deputy Managing Director, Gas Operating Center and Deputy Head of Thi Vai Terminal, PV Gas. 10/ /2006: Deputy Managing Director, Gas Processing Company and Head of Thi Vai Terminal, PV Gas. 10/2006-3/2008: Deputy Mananing Director, Vung Tau Gas Processing Company, PV Gas. 3/2008-1/2010: Managing Director, Vung Tau Gas Processing Company, PV Gas. 1/ Now: Vice President, PV Gas. Qualification: Bachelor of Science in Computing.

17 Mr. Nguyen Thanh Nghi (Vice President) Working experience: 12/1979-3/1980: Training School, Air Force Reserve Command. 3/1980-4/1982: Trainee, Economical Secondary School, Ministry of Mechanics and Metallurgy. 4/1982-7/1993: A41 AirForce Factory, Tan Son Nhat airport. 7/1993-5/1996: Ba Ria - Vung Tau Insurance Company, VietNam Insurance Corporation (Bao Viet). 5/1996-6/2008: Some companies, PVI. 6/2008-7/2009: Vice President, PVI. 7/ Now: Vice President, PV Gas. Qualification: Bachelor degree of Economics in Planning. Master degree of Business Administration. Mr. Pham Hong Linh (Vice President) Working experience: : Deputy Managing Director, Supplies and Transport Company; Deputy Managing Director, Construction Company N 0 1; Deputy Head of Equipment Supplies Department; Head of Economics and Techniques Department, Petroleum Construction Unions Company : Deputy Managing Director, Petrosetco : Deputy Managing Director, PVE : General Manager, 1-5 Le Duan Tower Project Management Board, PVN /2009: Vice President, PV Gas and General Manager, Southwest Gas Project Management Board. 2/2009-3/2010: General Manager, Southwest Gas Project Management Division, PVN. 4/ /2011: Vice President, PV Gas and Managing Director, Block B - Omon Gas Pipelines Management Company. 11/ Now: Vice President, PV Gas. Qualification: Construction Engineer Degree. Master degree of Business Administration. Mr. Nguyen Mau Dung (Vice President) Working experience: 12/ /1994: Petroleum Construction Unions Company. 1/1995-1/2005: PVC. 1/ : Master trainee, Ho Chi Minh City University of Economics. 1/ /2007: Head of Technical Department, PVC. 1/2008-2/2009: Member of Member Council and Vice President, PVC Ha Noi Ltd. 3/2009-4/2011: Member of Board of Management and Managing Director, PVID. 4/2011-5/2011: Chairman, PVID; Managing Director, PV Pipe. 5/2011-4/2012: Vice President, PV Gas; Chairman of Board of Management, PVID and Managing Director, PV Pipe. 5/201 - Now: Vice President, PV Gas. Qualification: Mechanical Engineer. Master degree of Business Administration Mr. Mai Huu Ngan (Chief Accountant) Working experience: 05/ /1991: General Accountant, Mechanical Construction Company, PVC. 11/ /2002: General Accountant, in charge of Accounting, Services and Goods Supplies Company, Petrosetco. 12/ /2007: Head of Accounting Department, Gas Transmission Company (predecessor of Southeast Gas transmission Company), PV Gas. 08/ Now: Chief Accountant, PV Gas. Qualification: Bachelor in Accounting. CHIEF ACCOUNTANT

18 REPORT OF BOARD OF MANAGEMENT Brief information on business results of PV Gas in 2012 In 2012, the world economy continued experiencing many difficulties, global growth was lower than forecast at the beginning of the year. The influence from the world economy has caused remarkable impacts on Vietnam economy, which made domestic demand plummet, interest rate rise. This has caused substantial disadvantages to business activities of domestic enterprises, including PV Gas. Well aware of objective difficulties of the economy, at the beginning of 2012, PV Gas has focused its resources, efforts to carry out business activities. As a result, PV Gas has completed and exceeded most of 2012 business targets as approved by the Shareholders Committee with higher growth rate as compared to Especially, PV Gas has reached the targets ahead of schedule, 4 months with respect to profit and budget contribution; and 2 months in revenue and LPG ouput. This was also the year Board of Management in which PV Gas reached the highest record in revenue and profit since establishment, maintaining the position as one of the leading corporations in term of profit among PVN subsidiaries as well as on the Stock Exchange, in specific: Order Target Unit Done 2012 Done 2012/Plan 2012 (%) Done 2012/Done 2011 (%) 1 Dry gas (*) Billion M LPG (**) 1000 Tons 1, Condensate 1000 Tons Revenue Of which parent company Trillion Contribution to budget Trillion Profit before tax Of which parent company 7 Profit after tax Of which parent company 8 Profit after tax/charter Capital 60.1 Trillion Trillion % (*) Supplying input fuels and feedstock to produce 40% of electricity and 70% of urea fertilizer output throughout the country. (**) If including the LPG output of subsidiaries (excluding internal transactions), in 2012 PV Gas has supplied to domestic and foreign markets approximately 1.3 million tons, accounting for over 70% of domestic market share.

19 Apart from safely operating gas works, completing major maintenance and putting gas systems into operation ahead of schedule, fulfilling business goals, PV Gas has actively carried out many key investment projects, contributing to PV Gas reputation (Block B - O Mon, Nam Con Son 2, Ham Rong - Thai Binh (started in 1/2013) gas pipeline projects, 1MMTPA LNG storage at Thi Vai (the F/S has been approved, with expected completion in 2016), Ca Mau Gas Processing Plant, refrigerated LPG storage at Thi Vai (completed in 1/2013), gas gathering in Rong field (to be completed in quarter IV/2013), 3-6 MMTPA LNG storage at Son My (approved in principle by the Prime Minister ). For investors, PV Gas business activities always win the trust of domestic and foreign investors. This is reflected through the trading volume and share price of PV Gas on the trading floor. The trading volume of PV Gas share, has remained high and since listed on the Ho Chi Minh City Stock Exchange till now, PV Gas share price has always been higher than the listed price (over 40,000 /share compared to 36,000 /share when listed). Activities of Board of Management in 2012 Board of Management (BOM) consists of 5 members, including 4 dedicated members and 1 member concurrently being President, holding PV Gas share, as follows: Order Full name Position Share Of which Private owned 1 Mrs. Nguyen Thi Lan Chairwoman 506, 435, ,000 2 Mr. Vu Dinh Chien Vice Chairman 379, 103, ,200 3 Mr. Do Khang Ninh Member of BOM and President 379, 182, ,600 4 Mr. Nguyen Trung Dan Member of BOM 284, 302,900 52,900 5 Mr. Phan Quoc Nghia Member of BOM 284, 280,900 30,900 In 2012, BOM has well fulfilled its functions and duties in instructing and supervising activities of the Board of Directors (BOD) through regulations, resolutions/decisions and meetings with the BOD. Apart from regular BOM meetings, the Board has attended all periodic briefings of the BOD and chaired/co-chaired many important meetings regarding the implementation of key projects, restructuring work, preliminary/final review of the PV Gas business activities, etc. The Board has aimed at governance standards of joint stock company, satisfying requirements prescribed in the Charter of PV Gas, Regulations on BOM s operation and provisions of law. BOM s supervision, urging and inspection have helped the BOD in implementing the BOM s resolutions and decisions promptly and efficiently, enabling PV Gas to achieve excellent business results in 2012.

20 The BOM has issued over 165 resolutions/decisions/action plans in management and administration, in specific: The BOM has issued/amended and re-issued: Financial Regulation, Technical and Economic Norms in operation and maintenance of gas works, Management Regulation on loss of liquid products, Dinh Co LPG Auction Process, Regulation on salary and bonus of PV Gas,... to adapt to actual situations. Regarding to the corporate restructuring and listing shares: The BOM has instructed establishment of four branches in compliance with regulations, dissolution of PetroVietnam Sport and Culture JSC, selling the entire capital share of PV Gas in PetroVietnam Gas Cylinder JSC, listing PV Gas share on the Ho Chi Minh City Stock Exchange on 21/05/2012. Regarding to construction invesment and business activities: The BOM has heavily implemented decentralization to the President and companies, while enhancing the inspection and supervision through Board of Supervisors (BOS). In 2012, on the basis of the plan approved by the BOM, the BOS has inspected, supervised the investment and business activities in 12 companies (100% - owned companies and subsidiaries). From such inspection results, PV Gas Leadership has issued prompt remedial instructions for each company. Concerning construction investment, the BOM has approved the F/S of Ham Rong - Thai Binh gas pipeline project, and issued many other directions through resolutions/decisions/meetings with project management Boards of Block B - O Mon, Nam Con Son 2, Ca Mau Gas Processing Plant, Rong field gas gathering, steel pipe production plant, LPG refrigerated storage at Thi Vai, etc. As a result, the business activities and construction investment of PV Gas have been implemented in strict compliance with orientation, current regulations, and progress of the projects has been guaranteed. With respect to investment cooperation and long-term agreements: in support of long-term, stable development strategy, locating and cooperation with potential customers in gas and gas-related fields are very important and essential. Accordingly, in 2012, some relevant cooperation with foreign partners (Tokyo Gas on LNG, Gazprom on LNG, Steel Flower and Busan City on petroleum steel pipe production) have been reviewed and approved by the BOM as the basis for the BOD to proceed further. Action plan of Board of Management in 2013 According to the forecast, the world economy in 2013 is still gloomy with low growth. The general difficulties of the world economy will keep affecting the Vietnam economy and business activities of Vietnamese enterprises. For PV Gas, the assigned tasks are extremely heavy and difficult. That is, in addition to ensuring safe operation, gas supply with maximum output for customers, PV Gas shall continue implementing some important projects requiring large capital and involving multiple parties in Given the particulars of situation home and abroad as well as of PV Gas, in order to ensure fulfillment of the plan in 2013, the BOM needs to carry out some main contents as follows: To keep organizing the BOM mechanism to work professionally with a high sense of responsibility, satisfactorily directing and supervising activities of the Executive Board; To keep holding extraordinary meetings when necessary to resolve any matters arising under the BOM authority, and attending all meetings of the BOD as regulated/invited, together with the BOD to promptly handle any works; To urge, closely monitor the implementation of measures to achieve sustainable growth of PV Gas as approved by the BOM; To direct preparation and implementation of PV Gas restructure to 2015 in the direction of lean structure and focus on effective and core business lines; To direct review of investment projects, with priority to focus resources on key investment projects; To direct expansion and introduction of PV Gas Corporate Culture, ensuring PV Gas activities to be carried out professionally and with reputation; To direct promotion of research, exploration of more gas sources oversea, in addition to the domestic limited gas sources to ensure sustainable development of PV Gas. The targets of PV Gas in 2013 include: - Safely and effectively operating existing gas facilities, ensuring progress of projects expected to put into operation in Supplying over 9 billion m 3 of dry gas for customers. - Ensuring LPG output to represent over 70% market share nationwide. - PV Gas revenues to reach over 55 trillion and pre-tax profit approximately 11 trillion. Deserving to be a key subsidiary of PetroVietnam and achieving expectations of PV Gas shareholders. 20

21 REPORT OF BOARD OF SUPERVISORS Operation results of Board of Supervisors in 2012 Implementing functions and duties of BOS prescribed in the Charter of PV Gas and Regulations on BOS operation, in 2012, the BOS has carried out the supervision of PV Gas activities, in specific: Inspection and auditing - Building the plan of inspection and supervision for 2012 approved by the BOM, inspecting, supervising at 12 companies (100%-owned companies and subsidiaries) and supervising, evaluating investment for 4 projects; reflecting achievements as well as remaining shortcomings in business activities of companies; raising petitions, providing solutions; reporting to the BOM after each inspection in order to issue the BOM s instructions to each company; - Supervising through periodic and irregular reports from member companies, and through inspection and audit results from the State management and superior agencies including: State Auditing, Government Inspectorate, Inspectorate of the Ministry of Finance, PVN inspection. - Reporting quarterly/annually on inspection and supervision of PV Gas business activities and financial management, and submitting to the superior agencies. Verification of PV Gas Financial Report in 2012 The BOS has carried out quarterly and annually verification of financial statements, ensuring rightness and transparency of reports, in specific: - Recording, opening accounting books, classifying economy contents of PV Gas complied with Accounting Standards issued by the Ministry of Finance; preparing and submitting reports in accordance with State regulations, reflecting rightness and overall of PV Gas financial operation. - PV Gas 2012 Financial Report has reflected faithfully and reasonably financial situation of PV Gas as of December 31, 2012 as well as its business results in PV Gas has managed, archived accounting records and documents in accordance with the regulations. - PV Gas has reported and proclaimed information to the State Securities Commission and the Ho Chi Minh City Stock Exchange under the regulations of the Ministry of Finance on information disclosure on the securities market Financial indicators have shown sound financial standing, ensuring solvency, capital preservation and growth of PV Gas. Board of Supervisors - PV Gas 2012 Financial Report was audited by Deloitte Vietnam Company Limited as prescribed in the Charter of PV Gas and Shareholder Committee Resolution in Supervision results on management and administration activities of the Board of Management and the Board of Directors Activities of the Board of Management - On the basis of business development strategy, the BOM has submitted to the Shareholders Committee for approval of PV Gas 2012 business plan; approval of implementation solutions of 2012 and coming years for a sustainable development, including: Solutions on gas sources and consumer markets; Solutions on science and technology and production; Solutions on business; Solutions on construction and investment; Solutions on personnel organization, training, labor and wages; and solutions on management. - The BOM has issued 165 resolutions/decisions/action plans relating to business, construction investment activities and personnel organization in accordance with applicable regulations and PV Gas Charter. The BOM has well fulfilled its role to direct, supervise and support the BOM and other functional divisions, companies of PV Gas, well operated business activities, and exceeded business targets approved by the Shareholders Committee. - The BOM has strictly arranged, stabilized PV Gas activities as a joint stock corporation along with successfully carried out official trading on the Ho Chi Minh City Stock Exchange on 21/05/2012; ensuring continuity of business activities and restructuring PV Gas. - The BOM has speeded up cooperation activities, seeking investment opportunities at domestic market and abroad for additional gas sources, business partners (Tokyo Gas on LNG, Gazprom on LNG, Steel Flower and Busan City on petroleum steel pipe production). 21

22 - On the basis of cooperative agreements signed, PV Gas has maintained relationship with partners to seek investment opportunities. Activities of the Board of Directors - Implementing, directing companies in collaboration with divisions to strictly implement the BOM s resolutions/decisions/directives, striving to overcome difficulties, having close operating measures and excellently surpassing the 2012 business plan. - Reviewing and re-evaluating efficiency of investment projects, especially key projects, making decisions on accelerating/ceasing or extending schedule and only carrying out effective investment projects; concurrently handling difficulties in implementation of other projects to ensure the schedule. - Regularly working with companies to promptly adjust business activities under general orientations, promptly handle difficulties in business and investment of each company. - Ensuring recruitment activities in compliance with procedures and regulations on recruitment, satisfying working needs. With positive changes, the activities of training and human resources development have been grasped thoroughly to each 100% owned company, subsidiary, ensuring efficiency and saving. - Regarding to wages and policies: The BOD has promptly raised/adjusted salary for PV Gas employee as scheduled, ensuring the payment in strict compliance with applicable regulations and stable income for the employees. Evaluation on operation coordination among the Board of Supervisors, Board of Management and Board of Directors - There is always a close coordination among the BOS, BOD and BOM. The BOS has received the coordination and favorable facility from the BOM and the BOD in the BOS implementation such as providing information and documents, nominating taskforces to work with the BOS when required. All of the BOS summary reports on the inspection and control tasks have been regularly submitted to the BOM and the BOD. Inspection and supervision plan of the Board of Supervisors in 2013 To well implement control activities in compliance with Enterprise Law and PV Gas Charter, the BOS has built the 2013 working plan as follows: - To monitor the observance of the law provisions and PV Gas Charter, implementation of resolutions, decisions of the Shareholders Committee, BOM; - To keep carrying out inspection and supervision on operating activities and business management by functions and duties prescribed in the Enterprise Law and PV Gas Charter; - To supervise the observance of Charters, regulations and internal management process; - To monitor plans and progress on business and investment activities; - To review and verify quarterly and annually financial reports; - To enhance the close coordination among BOS members at companies and internal control units in implementation of inspection and supervision; - To send the BOS members to participate in advanced training courses, and all specialized conferences relating to control activities. 22

23 REPORT OF BOARD OF DIRECTORS Brief information on business activities in 2012 The economy has undergone many difficulties, tightened credit conditions, and declined consumption forcing many enterprises to reduce or even cease businesses; accordingly, the direct impacts on PV Gas including slow growth in gas demand of power plants main customers of PV Gas, the LPG contract price increased by 8% as compared to 2011, experiencing continuous fluctuations with wider margins, were prominent obstacles for PV Gas in Actively aware of and assessing these obstacles, the Leadership and all personnel of PV Gas have drastically carried out solutions in management, administration, more dedicated and creative in production and trading to minimize negative impacts of these obstacles, kept promoting internal strength not only for its growth but sustainable development also. As a result, PV Gas has fulfilled and exceeded the 2012 plan approved by the Shareholders Committee, achieved growth compared to 2011; reached the profit and budget contribution targets 4 months ahead of schedule, revenues and LPG output targets 2 months ahead of schedule; achieved the record revenue and profit, the highest since foundation; maintained the position as one of the leaders of Vietnam National Oil and Gas Group and the Stock Exchange in term of profit; ranked 12 th in the Top 500 largest enterprises of Vietnam VNR500. Safety, quality, health, environment and Security activities have become more professional, satisfying more international standards, not only within PV Gas but also in awareness and practices of households and fishermen living near gas works. Thus, in 2012, PV Gas has reached over 6 million hours of safe works, operated the gas system stably and continuously, contributed to produce and supply 9,173 million m 3 of gas to power plants, fertilizer plants, and low-pressure gas consumers, representing 104% of the plan, up by 8% compared to 2011, satisfied the sources of fuels and feedstock to produce 40% of electricity output, 70% of urea fertilizer output nationwide. LPG business activities remained high and effective, reached nearly 1.3 million tons of LPG, accounting for over 70% of national LPG market share, affirming PV Gas position as the leading producer and trader of Vietnam LPG market. Construction investment activities have been actively deployed through regular review, update and re-evaluation of projects, promptly adjusted investment projects in accordance with actual situation in order to maintain and enhance economic efficiency of projects. Projects such as refrigerated LPG storage, LNG storage, Block B - O Mon, Nam Con Son 2, Ham Rong - Thai Binh, Thang Long - Dong Do, Rong gas pipelines... are taking shape each day on engineering drawings, at construction sites, as the prerequisite for PV Gas to continue expanding its production and business activities and improving PV Gas position in Vietnam gas industry. The spirit of dedicated working, overcoming difficulties, promoting initiatives, technical innovation, and rationalization of production has inspired each PV Gas employee to join hands and contribute to bulid brand for firmly penetrating the regional and global gas markets. Outstanding achievements Board of Directors Safety, quality, health, environment, and Security activities Gas industry is a sector with advanced engineering and technology, requiring strict requirements on safety and fire & explosion prevention and fighting. Therefore, safety, quality, health, environment, and security activities are always top concerns of PV Gas with the motto "Production must be safe, safety for production". Accordingly, in 2012, PV Gas has recorded over 6 million of safe working hours with a lot of regular professional programs and activities about Safety-Quality-Health- Environment-Security such as: continuously applying and maintaining the management system integrated with Safety-Quality-Health-Environment under OHSAS 18001:2007, ISO 9001:2008, ISO 14001:2004 in each division throughout PV Gas; maintaining the internal and external training on Safety-Quality-Health-Environment- Security for staff, especially the labor forces directly y involved in production, and training for all employees o f contractor s an d visitors ; 100 % o f ga s project s have applie d Securit y - Safet y - Fir e Preventio n - Protectio n methods, granted with Certificate of satisfying condition s o n fir e preventio n an d fightin g an d securit y issue d b y Stat e managemen t agencies ; modernize d th e Offic e o f Emergency Response, maintaining 24/24h contact mode, regularl y monitore d an d update d informatio n fo r th e Steering Committee of Emergency Response of PVN, th e State management agencies, authorities of the location s where gas works are based; held the drill on Processin g information on oil spill response of Bach Ho offshore ga s pipeline with th e participatio n o f forces in B a Ria Vun g Ta u provinc e suc h as : Departmen t o f Agricultur e an d Rura l Development, Departmen t o f Natura l Resource s and Environment, Military Command, Border Guard C- ommand, Provincia l Police, Maritim e Searc h an d Rescu e Cente r Regio n III, Vun g Ta u Por t Servic e Division, PV N and PV Gas Emergency Response Office; held large-scal e contest s o n Security-Safety-Health-Environment-Fir e Preventio n an d Fightin g with contents more diversified 23

24 difficult and practical than previous years, such as firefighting at high elevation, rescuing victims in closed space, handled complicated rescue situations using breathing apparatus, fire resistant clothes, which won high evaluation from Fire Prevention and Fighting Police Department the Ministry of Public Security with respect to propaganda and practice activities, ensured each employee as a fire fighter; nominated the grassroots-level firefighting teams to join in fire prevention and fighting contests held by Ba Ria Vung Tau province s Fire Prevention and Fighting Police, and won the second and third team prizes; signed regulations on collaboration with police, border guards of Ba Ria Vung Tau province, Ca Mau province, Dong Nai province, Ho Chi Minh city where gas pipelines run across in order to work with local governments in ensuring security, safety, and fire prevention for gas works; distributed 750 propaganda leaflets, signed the commitment with 200 households and organized communication events for 2,900 people living around the onshore gas works, up by over 14% compared to 2011, delivered 23,300 leaflets and held communication events for 10,910 fishermen of 12 Western and Central provinces with fishing activities near pipelines, a rise of 11% compared to 2011; etc. In 2012, PV Gas and many PV Gas individuals and units were proud of the Merit Certificate conferred by Public Security Ministry for their 10-year outstanding achievements on Fire Prevention and Fighting Law implementation, and the Merit Certificate by Ministry of Industry and Trade for their excellent accomplishments on safetywork sanitation-fire prevention activities. Production and Business Operating gas systems safely, stably and constantly, producing and supplying 9,173 million m 3 of gas, representing 104% of the plan, up by 8% compared to Maintaining and repairing satisfactory to production and business requirements. In 2012, although there was much rains and floods, which was more favorable for EVN s hydroelectric generation, reduced the gas demand of power plants (gas-fired); concurrently, Bach Ho field gas output has kept decreasing over time; several upstream fields have stopped supplying gas for their maintenance, repair, and troubleshooting which affected the gas output to the shore, PV Gas has attempted to flexibly apply the optimal operation mode, reasonably nominating and dispatching gas in order to operate the gas system safely, stably, and continuously, to produce and supply 9,173 million m 3 gas, representing 104% of the plan, up by 8% compared to 2011, including 6,215 million m 3 of Nam Con Son gas, 1,056 million m 3 of Cuu Long gas, and 1,902 million m 3 of PM3 gas distributed to power plants, fertilizer plants, and low pressure gas consumers, satisfied the sources of fuels and feedstock to produce 40% of electricity output and 70% of fertilizer output. The Nam Con Son gas and Condensate transportation services have met customer requirements, including transportation of 6,215 million m 3 gas and the entire Condensate of Nam Con Son, surpassing transportation revenue plan. The production and business of liquid products remained effective and at high level. Production: With the innovation initiatives in operation of Dinh Co gas processing plant, PV Gas has optimized its output of liquid products, reached 266,712 tons of LPG, representing 126% of the plan, and 60,393 tons of Condensate, or 121% of the plan. Business: LPG demand of Vietnam market was much affected by the decline of industrial production activities in particular and Vietnam economy in general; the average contract price was higher than 2011 by 8%, constantly fluctuating with larger margins (the highest contract price in March increased to 1,205 USD/ton, the lowest contract price in July dropped to 598 USD/ton), which had negative impact on the consumption behavior, some consumers even turned to other alternative fuels; Dung Quat oil refinery ceased supplying LPG during May and early June, unexpectedly in August; the LPG import and international trading activities encountered many challenges due to remarkable price fluctuations. The above factors have seen Vietnam LPG market in a turbulent year. However, thanks to good implementation of price and market forecasts, the extensive system of storages, as well as reasonable sales policies, LPG business activities remained high and effective, provided domestic and foreign markets with 1,027,044 tons of LPG, or 118% of the plan, reached nearly 1.3 million tons including LPG output of PV Gas South and PV Gas North after subtracting the internal transactions, accounting for over 70% of national LPG market share. For Condensate, the entire 61,439 tons of Condensate produced by Dinh Co gas processing plant have been supplied to gasoline producers. Investment and Construction Actively carrying out construction investment activities, regularly reviewing, updating, re-evaluating projects, promptly adjusting investment projects to reflect actual situation in order to maintain and enhance economic efficiency of projects. Further construction investment of new gas projects is a prerequisite for PV Gas to continue expanding its production and business activities and to improve PV Gas position in Vietnam gas industry. Therefore, in line with 24/24 operation, production, and business, new gas projects keep taking form from new ideas to F/S, specialized engineering, and urgent activities of construction and installation at sites. In 2012, PV Gas has drastically and synchronously carried out multiple solutions to prepare for investment and to implement 13 investment projects of groups A and B by clearly assigning tasks to units, scheduling specific progress, organizing regular briefings at site, closely working with contractors, promptly arranging capital in line with project progress, etc. Accordingly, the construction progress and quality of most projects were ensured, etc; with disbursement reaching 3,044 billion, which included basic completion of refrigerated LPG storage; implementation of EPC contract for Ham Rong - Thai Binh gas gathering system; completion of the FEED of 1MMTPA LNG storage at Thi Vai; continuing compensation, site clearance, survey, FEED, cost estimates, etc. of Nam Con Son 2 gas pipeline, Block B - O Mon gas pipeline, Ca Mau gas processing plant; approving the F/S of Thang Long - Dong Do, Rong gas gathering system, phase 1; completing preparation of the F/S of 3-6 MMTPA LNG storage 24

25 at Son My and the investment capital settlement reports for 7 constructions. Science research and technical initiatives Activities of science research and technical innovations are more and more practical, yielding practical and instant economic benefits, as well as preparing for PV Gas new business production activities in the coming years. To prepare for PV Gas new business production activities in the coming years, PV Gas is currently conducting research and has completed three out of six scientific research topics on applying new methods to gather gas from small fields; producing and distributing gas and gas products from Ca Voi Xanh gas field; metering standards for urban household gas systems; etc. During the year, many movements on promoting initiatives, technical innovation, and production optimization were actively supported and yielded benefit results, as indicated by the following figures: 93 initiatives recognized by PV Gas and PV Gas Trade Union, including 82 initiatives put into practice, bringing PV Gas over 16.6 million USD and 5.8 billion in profit. Personnel organization Maintaining organizational structure and effectively using the existing human resources for business production activities. Approaching the second year of operation as a joint stock company, PV Gas has still maintained its organization structure including Shareholders Meeting, BOM, BOS, BOD, 15 divisions; % owned-companies involved in direct production, business, and implementation of investment projects; and 8 subsidiaries, 2 affiliates on the related sectors because PV Gas has rearranged its organizational structure when transformed into a joint stock corporation in 2011 in the direction of specializing in gas industry, operational sector, business market partition, and this structure is still consistent with PV Gas current activities. PV Gas also has made no change to personnel such as: Members of the BOM, BOS, BOD, and Chief Accountant. As of December 31, 2012, total number of employees in parent company and subsidiaries were 3,386; including 1,274 employees in the parent company, only up by 29 people compared to 2011, but PV Gas still managed and operated with higher labor productivity, yielding superior profits for PV Gas. Thus, PV Gas employees deserved stable salary and income, and other fringe benefits. Remunerations, wages and bonuses of the BOM and BOS as actually paid in 2012 were in compliance with the resolution of the Shareholders Commitee. Finance PV Gas has achieved the highest revenue and profit since establishment, recording sound financial standing, and robust growth; successfully listed shares on the Ho Chi Minh City Stock Exchange. Parent Company Revenue: Reached 60,109 billion, representing 115% of the plan and an increase of 5% compared to The revenue of dry gas kept increasing compared to 2011, in line with the roadmap of increasing domestic gas selling price, gradually reaching the world price. Although Vietnam LPG market has experienced a turbulent year, many enterprises have suffered loss in LPG business when CP continuously experienced wide fluctuations, PV Gas LPG average selling price has increased faster than the rising rate of CP and also higher than Revenues of other services also recorded steady growth. Profit: Beyond all expectations of the Shareholders Committee (6,196 billion in pretax profit, 5,093 billion for profit after tax), the year 2012 has seen record profit since establishment: 12,007 billion in pretax profit, 9,901 billion in net profit, representing 194% of the plan, increasing by 72% compared to These figures have shown that PV Gas production and business activities are in a very stable stage, the benefits of PV Gas and shareholders are more guaranteed with the roadmap of raising domestic gas selling prices, gradually approaching the world price. PV Gas has maintained a relatively stable level of operating expenses, and even further has saved over 16.6 million USD and 5.8 billion from the promotion of initiatives, technical innovation, and production optimization. Besides, in 2012, PV Gas recorded nearly no losses in exchange rate differences. Those factors coupled with the increase of output as compared to the 2012 plan and the implemented figures in 2011 have explained reasons of its high profit achievement in figures. In addition, another important reason is the human factor, including leadership and workforce of PV Gas. Other financial indicators such as: ROA, ROE, EPS, P/E, total assets, owners equity, pay-out ratio, etc were in good growth. Capital arrangement: In spite of difficult economic conditions and tightening credit conditions, capital arrangements have been deployed positively, sticking to the progress of each project, and yielding good results thanks to PV Gas reputation and economic efficiency of investment projects involving loans. Accordingly, PV Gas has already arranged capital for Ham Rong Thai Binh gas gathering system project; and will arrange capital for 1MMTPA LNG storage project at Thi Vai in the first quarter of 2013 and two projects of Nam Con Son gas pipeline 2 and Block B O Mon gas pipeline in Financial investment: The operation of joint stock companies invested by PV Gas has been more or less affected by economic difficulties. However, thanks to their solid business basis, these companies still managed to maintain profitable. PV Gas D, PV Gas South, PV Gas North still attracted interest of investors on the listed market. Therefore, the financial investment activities have still yielded profits for PV Gas. Besides, PV Gas has raised its shareholding in PV Pipe from 85% to 94%. PV Gas consolidation: Although the consumption market has been shrunk due to impacts of the gloomy economy, PV Gas subsidiaries and affliates have managed to maintain profitable, along with the parent company to achieve outstanding financial results, with consolidated revenue of 68,420 billion, 12,350 billion in consolidated pretax profit, and 10,102 billion in consolidated profit after tax. 25

26 FINANCIAL INDICATORS Total assets Total assets in 2012 achieved 45,146 billion, slightly decreased compared to As company with total assets at high level, an increase of total assets of 7%/year in average from 2010 to 2012 was considered high. Long - term assets decreased compared to Ratio Long-term assets/ Short - term assets was controlled at a safe level (>1) and proper with PV Gas business activities - producing and trading gas and gas products. Total assets (Billion ) 7% CAGR 45,611 45,146 39,679 Asset structure: Short - term assets/total assets Long - term assets/total assets Equity capital Equity capital in 2012 was 27,191 billion, 3,711 billion (15,8%) higher than the prior year. Charter capital at 18,950 billion. Equity capital grew in average 11%/year from 2010 to In spite of the fact that PV Gas is a manufacturing company with high investment cost of infrastructure, Equity capital accounted more than 50% of the total capital and had tendency to augment, reached 60% in Equity capital (Billion ) 11% CAGR 23,480 22,046 27,191 -> High profit for re-investment of PV Gas, Good capacity of self - fund. Capital structure Debt/Capital Equity capital/ Capital

27 Net revenue Net revenue in 2012 achieved 68,301 billion, increased by 6.3% compared to Net revenue grew in average 19%/year from 2010 to Net revenue (Billion ) 19% CAGR 64,224 68,301 47, Profit before tax Profit before tax in 2012 was 12,350 billion, 4,665 billion (60.7%) higher than Profit before tax increased in average 47%/year from 2010 to Strong growth of Profit before tax in 2012 was due to the increase of 669 million m 3 gas exploration compared to 2011, the increase of gas selling price compared to Profit before tax (Billion ) 47% CAGR 12,350 7,686 5,

28 Profitability capacity Yearly good performance and strong growth even if Vietnam economic difficulties in 2011 and Equity capital and assets were effectively used, which was seen clearly through the higher profitability ratio compared to 2010 and Profit before tax/total revenue 12% 12% 18% Profit after tax/total reve nue 10% 10% 15% ROA 16% 15% 22% ROE 33% 28% 40% EPS () 5,167 P/E 7.47 Solvency capacity Good and higher Current ratio and Quick ratio in 2012 compared to 2010 and 2011 were due to the fact that in 2012, liabilities decreased, meanwhile profit increased, leading to short-term assets increased Current ratio: Short-term assets/short-term debt Quick ratio: (short-term asset - stock)/short-term debt Good financial capacity, good ability to pay debts and had no financial difficulties when debt went term. Receivable turnover, Inventory turnover Receivables turnover Days Sales Outstanding Inventory turnover Inventory turnover in days 8,55 8, ,69 40, ,27 55, ,06 6,

29 Receivable turnover in 2012 reached (equivalent to 33 days/cycle). This rate was consistent with PV Gas sales policy as well as better with the fact that number of days of a cycle has decreased over the years. To achieve efficiency in debt recovery, PV Gas always enhances debt recovery, classification and selection of clients in order to minimize bad debt. Inventory turnover in 2012 was (equivalent to 9 days/cycle), slightly down compared to In the period, Inventory turnover didn t fluctuate following a given trend due to characteristics of LPG business. In case of importing LPG at the end of the financial year, the LPG inventory balance at the end of the year will be higher (because PV Gas has not managed to make more LPG sales in time), in the other hand while importing LPG before ending the year days, the LPG inventory balance will be lower. When trading LPG, PV Gas has established one working group to regularly monitor LPG prices as well as monthly market offer and demand to ensure the import and consumption of LPG to be effective, avoiding unsold inventory. Other financial indicator EPS in 2012 attained 5,167 /share, ratio P/E was EPS () 5,167 P/E

30 30

31 SHAREHOLDERS The 21/05/2012 marked the presence of PV Gas share - GAS on the Ho Chi Minh City Stock Exchange a milestone of PV Gas, improving the ability to raise capital, financial ability, and technological innovation of the gas industry in particular and Vietnam Oil and Gas industry in general. Since equitization and listing on the Stock Exchange, GAS has becomed one of the good shares, attracting attention of numerous domestic and foreign investors. Share price Market capitalization more than 70,000 billion on 28/12/2012, member of VN Index and PVN Index index in operation since 07/2012 (a measure of business activity of PVN and PVN member companies listed on the Stock Exchange), GAS is now one of the biggest share in PetroVietnam and on the Stock Exchange in term of market capitalization. PV Gas closing share prices compared to other members of PVN from 21/05/2012 to 28/12/ GAS PVD PVS PGS 31

32 Average, highest, lowest monthly closing share prices GAS VN INDEX / / / / / / / /2012 Highest Average Lowest During the last 6 months, GAS prices have fluctuated around 39,000 /share. From 31/05/2012 to 28/12/2012, GAS value rose by 3.76%, while VN Index fell by 3.6% and kept at high level compared to other subsidiaries of PVN. Global financial change, macroeconomic instability have influenced Vietnamese stock market, but haven t much affected GAS. Well-functioned business, Sustainable competition, PV Gas future are decisive factors maintaining the attractiveness of GAS on the Vietnamese Stock Exchange.

33 Dividend and pay-out ratio Unit (period 16/05/ /12/2011) Minority interests Billion Equity holders of the Holding Company Billion EPS Pay-out ratio % 254 4,334 2, ,807 5, Shareholders structure GAS attracted the attention of many domestic and foreign investors. Some professional investors are mentioned as below: 1.1% Southern Bank 0.2% JF VietNam Opportunities Fund 0.1% Wareham Group Limited 0.1% KITMC Worldwide VietNam Rsp Balance Fund 0.1% VietNam Enterprise Investment Limited 0.1% Royal Bank Of Scotland Plc 0.1% Pheim Aizwa Trust 1.39% 1.27% 0.6% PetroVietnam Foreign Professional Investors Vietnamese Professional Investors Other Investors Investor relationship and communication After 2 years of operation in form of joint stock company, PV Gas has gradually carried out the investor relationship and communication professionally and variously. In specific: - Organized administrative department in charge of PV Gas website infrastructure, technology application and information content, ensured website to operate continuously, fast and updated regularly and accurately information about PV Gas business activities; - Created Investor Relationship part on website a connection between shareholders and PV Gas; - Organized/Participated seminars, meetings between PV Gas and Vietnamese, Foreign investors for more direct relationship; - Realized Investor communication legally through website of State Securities Commission of Vietnam, Ho Chi Minh City Securities and Exchange, PV Gas; - Participated in periodic conference organized by PVN; - Adjusted timely misinformation about PV Gas, avoided causing damage to PV Gas and shareholders.

34 PARTNERS PV Gas has cooperated with reliable partners in Vietnam, abroad, specifically member companies of PVN, partners in the Asia Pacific, Europe, Australia and Middle East. Reputable partnership has contributed to the development of the gas industry in Vietnam as well as empowered PV Gas position on the domestic and international market. Strengthen cooperation with local partners PV Gas has established and maintained for many years cooperation with domestic and foreign partners in order to exploit gas fields offshore Vietnam (ConocoPhillips, TNK, Chevron, MOECO, PTTEP, Vietsovpetro, JVPC, HLJOC, Thang Long JOC, ), sell dry gas (EVN, PV Power, PVFCCo, PVCFC), import LPG (Adnoc, Tasweeq, Saudi Aramco, ), sell LPG (SaigonPetro, Petrolimex, ). In 2012, PV Gas continued to expand its cooperation with Tokyo Gas, Gazprom on investment, import and trading LNG, Steel Flower and Busan City, Korea on oil and gas pipeline production. These prestigious partners always remain to be the practical fellow, together with PV Gas to develop Vietnam gas industry. TNK RUSSIA Gazprom USA ConocoPhillips Chevron SAUDI ARABIA Saudi Aramco QATAR Adnoc U.A.E Tasweeq KOREA Steel Flower THAILAND PTTEP JAPAN Tokyo Gas MOECO AUSTRALIA Queensland Expand relationship with foreign partners

35 Ceremony of signing MOU between Tokyo Gas (Japan) and PV Gas

36 CONSTANTLY EVOLVING FOR BETTER SERVICE

37 YEAR 2012 ENSURING THE SOURCES OF FUELS, FEEDSTOCK TO PRODUCE 40% OF ELECTRICITY OUTPUT THROUGHOUT THE COUNTRY 70% OF UREA FERTILIZER OUTPUT THROUGHOUT THE COUNTRY ACCOUNTING FOR OVER 70% OF NATIONAL LPG MARKET SHARE

38 DRY GAS GATHERING AND DISTRIBUTION Gas gathering In 2012, gas from Cuu Long, Nam Con Son basins (Southeast) and Malay Tho Chu basin (Southwest) was stably gathered, reached 9.3 billion m 3 gas ashore output, increased by 8% in comparison with Dry gas production and trade account for the biggest proportion of PV Gas sales and profit structure. Therefore, dry gas production and trade are ensured to be consistent with each other for the best use of the country s natural resource and PV Gas maximum profit gas source structure (million m 3 ) 6,215 1,902 Nam Con Son PM3 Cuu Long 1,056 Associated gas resources from Cuu Long basin (Bach Ho, Vom Bac, Rang Dong, Phuong Dong, Rong, Doi Moi, Su Tu Den, Su Tu Vang, Su Tu Trang, Te Giac Trang, Ca Ngu Vang fields) have gone down over time exploitation, decreased about 30 million m 3 compared to 2011; not had a big reservation/field, depended on oil exploitation. However, in respect of PV Gas existing operation chain, Cuu Long gas system has the advantage of dry gas, LPG and Condensate production. Natural gas resources from Nam Con Son basin (block 06.1, 11.2, Chim Sao) still outperformed those from Cuu Long basin and PM3 gas in output, achieved 6,215 million m 3, 67% of total gas volume, increased by 6% compared to The abundant natural gas from Nam Con Son basin helped PV Gas gain more initiatives in exploiting and transporting gas ashore to meet demand. In 2013, Nam Con Son gas system will receive and transport new gas from Hai Thach - Moc Tinh; strongly affirming the important role of Nam Con Son gas system among the whole gas systems of PV Gas. Although being smaller than Nam Con Son basin gas in output, in 2012, PM3 gas from Malay - Tho Chu basin got the highest growth rate, an increase of 23% compared to 2011, reached 1,902 million m 3 due to Ca Mau fertilizer s consumption in 12 months. Concerning PM3 gas operation, PV Gas has always striven for the maximum gas volume exploited and transported ashore, taking best right of Vietnam in the overlapping area as agreed with Malaysia. In 2013, in spite of only one new gas source from Hai Thach - Moc Tinh but PV Gas will meet domestic demand and above all PV Gas will properly nominate, dispatch different gas sources at all times for the best use of the country s natural resources and PV Gas maximum profit. Offshore gas gathering will make great advances in volume when Nam Con Son 2, Block B - O Mon and Ham Rong - Thai Binh gas pipeline investments are finished in the coming years. Besides, gas demand will be higher than supply in future if there is only domestic gas source. So, not only promoting gas gathering in Vietnam continental shelf, PV Gas will also import LNG for a more supply to market through 2 projects: 1 MMTPA LNG at Thi Vai and 3-6 MMTPA LNG at Son My; the first LNG will be launched into Vietnam market in Gas distribution Gas distribution is divided into 3 customer groups: power plant, fertilizer plant and low pressure gas customer; all available in Southeast, not having low pressure gas customer yet in Southwest.

39 Because it was much rainy in 2012, creating favorable conditions for hydroelectric plants, EVN mobilized more hydroelectric plants to the maximum capacity, resulting in smaller gas consumption in comparison with 2010 when it was droughty. Nevertheless, gas ouput in 2012 increased by over 100 million m 3 compared to 2011 and reached 7,580 million m was also the second year of implementing the process of increasing gas selling price approved by the Government. Meanwhile, there war a remarkble rise in gas supply to fertilizer plants achieved 982 million m 3 due to Ca Mau fertilizer s stable consumption in 12 months. In spite of economic difficulties, temporary production stop, reduction of some manufacturer, resulting in a drop of low pressure gas consumption, because of more pipelines to industrial zones in Ba Ria Vung Tau, Dong Nai, Ho Chi Minh city, gas supplied to low pressure gas customers still kept a high growth of 15%, reached over 610 million m 3 in 2012, matching with the policy of increasing sale of low pressure gas in PV Gas sale structure, making more initiatives in gas distribution, limiting dependence on one big group of customer. Imminent customers will be in Thai Binh and neighboring provinces when Ham Rong Thai Binh pipeline is put into operation for first gas in 2013, Customer structure (Million m 3 ) ,580 Power plant Fertilizer plant Low pressure gas customer

40 LPG TRADE Overview of international LPG market In 2012, international LPG market continued to show an upward tendency of price, average CP - key LPG price in Middle East market increased by 7.8% compared to This impacted LPG price in Vietnam market in particular and Asian market in general, because 80-85% of LPG imported to Asia were from the Middle East. In the situation that world economy has coped with a low growth, many countries have been burdened with an economic recession; LPG supply has met all world demand, LPG price - CP is assessed to be rather higher than crude oil price in 2012 as the latter made a raise only of 0.7% against Advantages in LPG infrastructure, supply, labor force and partner maintain PV Gas as the leading LPG producer and trader in Vietnam. PV Gas not only fulfills the mission, assigned by the Government and PVN, of ensuring a LPG reserve and a stable supply for domestic market by selling all domestically produced LPG source and regulating market supply - demand with imported LPG source, but also trades LPG efficiently. Overview of Vietnam LPG market In 2012, both Dinh Co GPP and Dung Quat refinery put up their LPG production, not much but enough to cover 50% of domestic demand. Even though there was an increase in domestically produced source, Vietnam LPG market was still affected by international LPG market because 50% of remaining demand was met by import which has been always available. 560,000 tons of LPG were statistically imported to Vietnam, of which 40% from Middle East and 60% from neighboring countries such as China, Malaysia, Taiwan, Singapore, etc. Meanwhile, manufacturing reduction in particular and Vietnam economic difficulties much impacted on LPG demand which was estimated to be only 1.2 million tons, cutting down 2.7% compared to LPG trade Decrease in Vietnam LPG demand, increase in average CP (7.8% compared to 2011, continuously fluctuation in a wider amplitude of variation (maximum in March 1,205 USD/ton, minimum in July 598 USD/ton) had badly influenced on consumption, even some changing to another fuel. Dung Quat refinery stopped its LPG supply in May, early June and suddenly in August. Wide fluctuation of price really challenged LPG import and international trade. Vietnam LPG market experienced a year of up and down because of these factors. However, thanks to good implementation of price forecast, market forecast, nationwide store system and proper business policy, PV Gas LPG trade still remained and achieved highly efficient results with a sale of 1,027,044 tons to foreign and domestic markets, equally 118% of plan and a consolidated sale of 1.3 million tons (excluding internal transactions), covering 70% of national market share. Being the biggest LPG wholesale enterprise in Vietnam, PV Gas has always tried its best for a stable LPG supply by consuming all domestically produced LPG source and regulating market supply demand with imported LPG source. As being the only one in Vietnam who can trade refrigerated LPG in big quantity imported from Middle East, PV Gas has ensured an LPG reserve, as assigned by the Government, at any time, even when the domestically produced LPG source is limited. To strengthen LPG infrastructure, PV Gas has invested and will put into operation in the first quarter/2013 the tons of refrigerated LPG storage in Thi Vai the biggest and mordernest LPG storage in Vietnam, increasing PV Gas LPG storage capacity to 50% of the country total storage capacity, giving a storage solution in big quality and long term for more business advantage. Along with LPG wholesale, PV Gas has continued to develop its LPG retail through 2 subsidiaries PV Gas South and PV Gas North. PETROVIETNAM GAS cylinder trade-name has been well-known nationwide and was appreciated as one of the leading LPG retail tradename in Vietnam. Additionally, other LPG retail tradenames owned by PV Gas South and PV Gas North has also becomed more popular and occupied an increasing market share. In 2012, 6 trade-names of PV Gas South and PV Gas North attained a retail sale of nearly 190,000 tons, maintaining the biggest retail market share of 28%, a raise of 4% against 2011.

41 INVESTMENT AND CONSTRUCTION Investment and construction of new gas projects lay foundation to develop PV Gas business and enhance PV Gas position in Vietnam gas industry. Therefore, together with 24/24h operation and trade, PV Gas new gas projects are continuously taken shape in new ideas, F/S, professional engineering at site. After early years of investment and construction of first gas projects for a basic establishment of Vietnam gas industry, PV Gas investment and construction are now concentrated on developing infrastructure to gather gas from neighboring fields and new ones; to import LNG; and to strengthen gas, gas products processing and storing. In 2012, to prepare and execute simultaneously 13 projects of group A, B, PV Gas took drastic and comprehensive measures by clear assignment, detail plan, regular meeting/discussion at site, close contact with contractors, financial arrangement as schedule, etc. So, most of projects progress and quality were strictly followed; disbursing 3,044 billion. Key gas projects under investment preparation and execution Gathering gas from neighboring fields - Purpose: Gathering gas from neighboring fields, connecting with Cuu Long gas system to maintain Cuu Long basin gas volume transported ashore. - Project: Gas gathering of Rong (first stage) and Thang Long Dong Do fields: F/S approval, EPC contract execution, completion successively in fourth quarter/2013 and 2015 as planned. Gathering gas from new fields - Purpose: constructing new gas pipelines to gather and transport gas of new fields ashore for an additional supply. - Project: Nam Con Son 2 (Southeast), block B O Mon (Southwest) and Ham Rong Thai Binh (North) gas pipelines. Nam Con Son 2 and block B O Mon: big in investment capital and capacity; to be completed in 2016 as planned (a part of Nam Con Son 2 gas will be transported ashore in the middle of 2013). Ham Rong Thai Binh: smaller than Nam Con Son 2 and block B O Mon in scale and capacity, but the PV Gas first project in North, laying foundation to penetrate into new market and execute other following projects. Importing LNG - Purpose: gas demand will be higher than supply in future if there is only domestic gas source. So, LNG import need to be made for a more gas supply to market. - Project: LNG imported in 2 stages, including: 1 MMTPA LNG at Thi Vai and 3-6 MMTPA LNG at Son My. 1 MMTPA LNG at Thi Vai: FEED completed, ground breaking to be in 2013 and put into operation in 2015 as planned to launch the first LNG into Vietnam market. 3-6 MMPTA LNG at Son My: an important part of the national Gas Power Complex at Son My, Binh Thuan province; F/S already finished and submitted to PVN and Ministry of Industry and Trade for approval. Strengthening gas product processing and storing - Purpose: investing in GPP and LPG storage to strengthen gas, gas products processing and storing. - Project: refrigerated LPG storage at Thi Vai and Ca Mau GPP ton refrigerated LPG storage at Thi Vai: to be completed in first quarter/2013, the biggest, mordernest and unique LPG storage in Vietnam, increasing PV Gas LPG storage capacity to 50% of national LPG storage, giving a storage solution in big quality and long term for more business advantage. Ca Mau GPP: using existing PM3 gas and block B O Mon gas to produce gas, LPG and Condensate, increasing gas product value, to be completed in 2016 as planned and the PV Gas third GPP.

42 100% OWNED COMPANIES, SUBSIDIARIES AND AFFILIATES Important role of 100% owned companies and good coordination among subsidiaries and affiliates with wide market create synergy for PV Gas in operating and exploiting safely, continuously and efficiently the whole gas systems. 100% owned companies Southeast Gas Transmission Company Southeast Gas Transmission Company is in charge of operating the 370 km gas pipeline from Cuu Long basin (Bach Ho Vom Bac, Rang Dong, Phuong Dong, Rong, Doi Moi, Su Tu Den, Su Tu Vang, Su Tu Trang, Te Giac Trang, Ca Ngu Vang) to Ba Ria - Phu My - Nhon Trach - Hiep Phuoc and Phu My Gas Distrubution Center - the biggest and modernest one in Vietnam. With much experience gained from PV Gas first gas to now, the Company has safely and continuously operated gas pipeline and Phu My GDC, properly and efficiently distributed Cuu Long and Nam Con Son basin gas to gas turbined power plants, fertilizer plants and low pressure gas customers in Southeast. Nam Con Son Gas Pipeline Company Nam Con Son Gas Pipeline Company is in charge of operating 400 km gas pipeline from Nam Con Son basin (block 06.1, 11.2, Chim Sao) to Phu My and Nam Con Son GPP (dry gas and LPG products). With advantage of being an organization jointed by leading petroleum corporations in the world, the Company has created and applied an advanced administration helping to safely, continuously and effectively operate the biggest capacity pipline, an average of 20 million m 3 of gas/day, annually supplied over 6 billion m 3 of gas to gas turbined power plants, fertilizer plants and low pressure gas customers in Southeast. In 2013, the Company will receive and transport new gas from Hai Thach - Moc Tinh fields, affirming the important role of Nam Con Son gas system among the whole gas systems of PV Gas. 100% owned companies are regarded as pillars bringing PV Gas home vitality, together experiencing many new things in the early days to establish Vietnam gas industry, overcoming obstacles to survive and develop, sharing happiness in first gas receiving, gas project inauguration, etc. Ca Mau Gas Company Ca Mau Gas Company - PV Gas representative in Ca Mau gas - power - fertilizer complex is in charge of operating 325 km PM3 - Ca Mau gas pipeline. Young labor but full of creativeness, enthusiasm and determination in work and study is prominent. Therefore, the Company has safely, continuously supplied nearly 2 billion m 3 of gas annually to Ca Mau 1, Ca Mau 2 power plants and Ca Mau fertilizer plant, contributing to Southwest economic development. The youth Company are ready to operate Ca Mau Gas Compressor in the 3 rd quarter/2013 for more PM3 gas supply.

43 Vung Tau Gas Processing Company Different from other companies which directly operate gas pipeline, the Company s assets are Dinh Co GPP (dry gas, LPG and Condensate products) and LPG, Condensate storage and terminal system nationwide (Thi Vai, Go Dau, Dung Quat, Hai Phong and floating Maple storage). Operating the first gas processing plant and the biggest LPG and Condensate storage in Vietnam in 1988, the Company labor quickly had a thorough grasp of advanced technology to operate gas projects without any strict incident harmful to assets and people. The Company s activities not only bring PV Gas more value added products, sales and profit but also smoothly coordinate with Gas Trading Company in LPG trade to cover a dominant market share in Vietnam LPG market. Thanks to the Company capability and experience, at the beginning of 2013, the Company will operate the ton refrigerated LPG storage in Thi Vai - the biggest and mordernest LPG storage in Vietnam, increasing PV Gas LPG storage capacity to 50% of the national LPG storage capacity. Gas Services Company Human resource is PV Gas most valuableness that is clearly proven in Gas Services Company which has a professional labor force good at maintenance of PV Gas gas projects. All PV Gas gas systems are well and timely fulfilled scheduled and unscheduled maintenance for a smooth operation by the Company s labor force. In 2012, the Company not only completed 100% of maintenance work but also finished its work before deadline 129 hours and 3 days during the whole Cuu Long and PM3 - Ca Mau gas system stop for maintenance respectively. These figures are impressive in the context of operating 24/24h, all days in year. The time saving helps PV Gas to cut down sales and profit decrease during gas system stop as well as power and fertilizer plants to be quickly supplied gas for their business. In 2012, the Company is honorably granted the third class Labor Medal by the President for its good performance. In next year, the Company determines to remain and develop its professional labor force to do all maintenance of PV Gas gas systems by itself. Gas Trading Company One special feature of Gas Trading Company is that the Company trades not only LPG produced in PV Gas Dinh Co GPP but also in Dung Quat refinery and imported from abroad, at world price, mainly for domestic and partly for neighbor market. Therefore, the Company business is under market pressure of LPG supply, price, cost and trading efficiency. However, the Company outdo any rivals in Vietnam market in abundant LPG supply from Dinh Co GPP, Dung Quat refinery and Middle East; in storage and terminal system nationwide (Thi Vai, Go Dau, Dung Quat, Hai Phong and floating Maple storage); in PV Gas trade name; in staff well-informed about the world wide and Vietnam LPG market. Consequently, for the past years, the Company has been regarded as the leading LPG producer and trader in Vietnam with an annual sale of 1 million tons of LPG in the world and Vietnam market. The position will be consolidated when the ton refrigerated LPG storage in Thi Vai - the biggest and mordernest LPG storage in Vietnam is put into operation at the beginning of 2013, increasing PV Gas LPG storage capacity to 50% of the national LPG storage capacity, giving a storage solution in big quality and long-term for more business advantage.

44 Gas Project Management and Consultancy Company To build important and big gas projects, PV Gas staff in investment and construction units were pioneers working in deserted swamps for geological survey, site clearance; forgetting themselves in engineering, working work day after day, experiencing hard climate at construction site for contractor supervision. It is not unfamiliar but not difficult to the Company staff because of their important contribution to PV Gas gas systems development. In spite of investment change, in 2012, the Company completed much work: refrigerated LPG storage (in principal), FEED of 1 MMTPA LNG, F/S of 3-6 MMTPA LNG storage at Son My - projects first time invested in Vietnam; EPC contract performance of Ham Rong - Thai Binh gas pipeline, F/S of Thang Long - Dong Do and Rong (first stage) gas pipeline. In 2013, the Company will continue to implement ongoing projects as well as do research on new gas projects for PV Gas solid foundation. Block B O Mon Gas Pipeline Management Company To implement the block B - O Mon gas pipeline BCC signed by PV Gas, Chevron, MOECO and PTTEP, Block B - O Mon Gas Pipeline Management Company was established to be responsible for the project preparation and execution of over 1.1 billion USD investment capital, 7 billion m 3 of gas/year, gathering and transporting gas from block B to Southwest. So, the Company staffs are experts in project jointed by foreign partners. The Company has almost completed survey, detail engineering for construction, site clearance, etc in accordance with related projects progress in up, mid and downstream. Together with PV Gas, the Company strives for as much success in gas project investment cooperation with foreign partners as in Nam Con Son Gas pipeline Project. Southeast Gas Project Management Board As Block B - O Mon Gas Pipeline Management Company, Southeast Gas Project Management Board was established to be in charge of preparation and execution of Nam Con Son 2 pipeline, East - West pipeline network projects for more gas supply, East and West pipeline connection for a national network in future. Due to the projects importance and large scale, the Board staff are veterans experienced of another petroleum projects, successfully dealing with any change during investment. All Board staff now do their best for the projects. Ca Mau GPP Project Management Board Being one of the two youngest 100% owned companies, set up to prepare and execute for Ca Mau GPP (dry gas, LPG, Condensate products) to increase gas product value; together with Ca Mau Gas and Block B - O Mon Gas Pipeline Management Companies, building first gas projects in Southwest. In 2012, the young labor force creatively found out the initiative of optimal technical engineering solutions, helping decrease the project s investment capital and increase economic efficiency. From the success in 2012, the Board believes that its youth s ability will be continuously promoted for new investment successes in the coming years, favorably initiating the Ca Mau GPP into operation.

45 SUBSIDIARIES AND AFFILIATES While 100% owned companies are pillars bringing PV Gas home vitality, subsidiaries and affiliates joint stock companies are kind and helpful friends. Therefore, PV Gas has always supported and coordinated timely and properly with subsidiaries and affiliates in business for PV Gas interest in financial investment and good coordination between PV Gas - subsidiaries and affiliates in the whole gas system operation and gas business. Business, charter capital, PV Gas share Order Company Business Charter capital I Subsidiaries 1 PetroVietnam Southern Gas JSC - PV Gas South Import, export and trade LPG Produce and trade CNG (Billion ) PV Gas share (%) PetroVietnam Northern Gas JSC - PV Gas North Import, export and trade LPG PetroVietnam Low Pressure Gas JSC - PV Gas D Trade and transport low pressure gas by pipeline PetroVietnam Gas Investment and Construction JSC - PVID 5 PetroVietnam Steel Pipe JSC - PV Pipe 6 PetroVietnam Gas Cylinder JSC - PV Gas Cylinder Coat pipe and construct Produce steel pipe 1, Produce gas cylinder PetroVietnam Sport and Culture JSC - PSCC II Affiliates 1 PetroVietnam Gas City Investment and Development JSC - Gas City Organnize sports and culture events Trade gas by pipeline; install gas supply system in buildings III Other investment 1 Cuu Long Petro Gas Transportation - PCT 2 Southeast Asia Joint Stock Commercial Bank - SeAbank Passenger Transport by taxi Bank services 5,

46 Businessresults in 2012 In spite of economic difficulties, most of subsidiaries and affiliates remain good business results. Order Company Charter capital (Billion ) Net Sales (Billion ) Profit before tax (Billion ) Profit before tax/charter capital(%) I Subsidiaries 1 PetroVietnam Southern Gas JSC , PetroVietnam Northern Gas , PetroVietnam Low Pressure Gas JSC , PetroVietnam Gas Investment and Construction JSC PetroVietnam Steel Pipe JSC 1,300.0 PV Pipe has just completed construction of Steel pipe plant and is in progress of personnel, production certificate arrangement,... for official operation 6 PetroVietnam Gas Cylinder JSC PetroVietnam Sport and Culture JSC II Affiliates 1 PetroVietnam Gas City Investment and Development JSC - Gas City III Other investment 1 Cuu Long Petro Gas Transportation - PCT , Southeast Asia Joint Stock Commercial Bank - SeAbank 5, (planning) 3.4

47 INNOVATION AND REORGANIZATION In respect of PV Gas - parent company, PV Gas share - GAS was traded on the first trading day - 21/05/2012 according to HOSE s letter 470/2012/TB-SGDHCM of 04/05/2013, completing PV Gas equitization. Moreover, in order to fulfill legal procedure of business line registration as stipulated in Decree 43/2010/NĐ-CP of 15/04/2010 and 107/2009/NĐ-CP on 26/11/2009 issued by Goverment, PV Gas supplemented the business of filling LPG into cylinder and tank and set up 4 branches in Dong Nai, Quang Ngai and Hai Phong. In respect of subsidiaries, PV Gas has also developed the share listing plan of PVID and PV Gas Cylinder on the Stock Exchange; however, because the stock market situation was not favorable, this plan should temporarily not be implemented. Besides, PV Gas also increased its share in PV Pipe from 85% to 94%. (PV Pipe produces petroleum pipeline instead of importing from abroad). Following up the reorganization, PV Gas will also consider to transfer its share in PV Gas Cylinder, PCT, SeAbank if there are stock exchange advantages and achieve reasonable transfer deals as well as dissolve PSCC. In 2012, PV Gas has continued the reorganization to properly adjust PV Gas organization and business for a more concentration on main business line.

48 COMMITMENT TO CONDUCTING A SAFE AND EFFECTIVE BUSINESS

49 YEAR 2012 COMPLIANCE WITH THE SAFETY QUALITY ENVIRONMENT MANAGEMENT PROCESS TO INTERNATIONAL STANDARDS SUCH AS OHSAS 18001:2007, ISO 9001:2008, ISO 14001:2004 OVER 6 MILLION HOURS OF SAFE WORK

50 RISK MANAGEMENT On the basis of a developing economy, along with trading and finance open to the international market, Vietnam welcomes more and more new chances as well as challenges, requiring Vietnamese enterprises to undergo renovation, improving their corporate management capabilities, in which risk management plays the important role for eliminating incidents, losses, enabling enterprises to achieve more satisfactory business results as well as more efficient corporate management work. In dealing with such trend, PV Gas leadership is well aware of the importance of risk management more than ever, and has identified and assessed the risk factors affecting business operation of PV Gas, set up and improved the risk management system, prepared plans and solutions for eliminating, overcoming these risks. Risk factors Business operation risk: Gas and gas products are inflammable products and potential cause for human, property, environmental damage, which may interrupt PV Gas business operation. Human resources: Large and powerful labor force with high quality and capacity is such a neccessary factor for the development of PV Gas, as the gas industry specifically requires high technology and engineering. Solutions for risk control Placing objectives of safe, qualified and eco-friendly operation in highest priority, frequently checking the compliance with the Safety - Quality - Environment management process to international standards such as OHSAS 18001:2007, ISO 9001:2008, ISO 14001:2004, carrying out regular check and periodical maintenance for the operation system, buying insurance coverage for all PV Gas property: gas works, warehouse, goods, inventory of finished goods, goods transported on road, human insurance with high responsibility. Always facilitating employees in promoting their personal capacities. Preparing and applying proper employee policies. Information Technology: As a joint stock company, PV Gas has paid more attention to information technology, which is the important bridge helping to improve effectiveness of business operation, establish relations with clients, investors, partners and shareholders. Market Interest rate risk: PV Gas is exposed to interest rate risk mainly stemming from loans at committed interest rates. Interest rate risk arises when PV Gas borrows loans at floating interest rates and fixed interest rates. Exchange rate risk: Currently, some activities of PV Gas are influenced by exchange rate fluctuations: 1) Trading activities in natural gas and liquid products; 2) Loans in foreign currency for project investments. LPG price fluctuation risk: The price of LPG imported by PV Gas fluctuates according to the CP price in Middle-East market. Improving the information technology system in support of PV Gas business operation: Applying the ERP management system in financial and accounting management; expanding Maximo software in maintenance, repair; setting up KPoint Online Project Collaboration software in project management, etc. Gradually improving PV Gas website, strengthening relations with shareholders. Maintaining loans at fixed interest rate and floating interest rate to a reasonable extent. For trading activities of natural gas and liquid products, PV Gas signs contracts to sell gas and LPG to clients at current exchange rate. For long-term foreign currency loans, PV Gas has actively worked with commercial banks to locate sources of foreign currency at the most competitive price, avoiding additional expenses in exchange rate variance. Building the LPG storage system to increase the storage capacity. Setting up a specialized team to monitor the market and forecast LPG price to effectively prepare LPG business plans.

51 Liquidity: PV Gas business operations have been maintained at a stable level and in a continuous growth over the past years. Thus, liquidity indices are reasonable, ensuring capital sources to meet the financial obligations of PV Gas. Frequently monitoring the current and future requirements on liquidity to ensure cash reserve, loans and adequate capital committed by the owners in order to meet requirements on short-term and long-term liquidity. Credit: Credit risk occurs when a client or partner fails to fulfill the payment obligation in the contract, resulting in financial loss to PV Gas. At present, PV Gas has no major credit risk with its clients or partners, as receivables come from the large number of clients operating in various fields and allocated in various geographical regions. Maintaining the suitable credit policy and monitoring the situation from time to time to assess whether PV Gas bears any credit risk or not. Legislation: As a joint stock company in oil and gas, the operation of PV Gas is governed by Enterprises Law, Securities Law, Petroleum Law and stock market law, etc. Any changes in Laws, Sub-law documents and fluctuations in stock market more or less affect the PV Gas business. Frequently updating the Law and Sub-law documents.

52 SAFETY QUALITY HEALTH - ENVIRONMENT Organization, personnel in charge of Safety - Quality - Health - Environment Safety - Quality - Health - Environment management system of PV Gas is under the joint management from the leadership to divisions and companies. The Safety - Health - Environment division is responsible for forming, promulgating and directly checking, supervising the implementation of policies, regulations, process of the System, as well as providing consultancy to PV Gas leadership about the development orientation of the integrated Safety - Quality - Health - Environment management system. The Safety - Environment Department take responsibility for deploying PV Gas policies, regulations, process, as well as advising, supporting production department/unit to check and supervise the compliance and promptly reflect any issues needed to be supplemented and adjusted in order to assure the validity and effectiveness of the System in practice. In addition, labor protection council, emergency response steering committee and safe sanitarians network are also involved in the Safety - Quality - Health - Environment management organism. Safety - Quality - Health - Environment management system The Safety - Quality - Health - Environment management system applied throughout PV Gas, basically includes regulations of the law and integrated management system according to OHSAS 18001:2007, ISO 9001:2008, ISO 14001:2004. This helps PV Gas not only strictly comply with law and regulations in Vietnam but also study advances in the world for application in Safety - Quality - Health - Environment management. Safety policy implementation Preparing, issuing and frequently updating the safety policy to improve the safety regulations, process. Carrying out and controlling safety on 24/24h operation. Regularly and extraordinarily checking, supervising and assessing the implementation of safety in details. Fully and methodically investigating, collecting and recording accidents, problems and violations of safety and security; promptly rectifying, preventing, learning by experience and publicly propagandizing such events. Maintaining and improving the effectiveness of safety training, carrying out labor protection, STOP and other safety programs. Preparing for readiness and promptly, reasonably responding to emergencies. Closely cooperating with the public security, border patrol, local authorities and people in the field of safety and security. Health care for employees Health check-up: once a year for 100% employees. Keep fit, stay healthy: organizing many sporting and cultural training and competitive activities. Health care at work: arranging the health unit to work permanently in every production business units for on site examination and treatment for employees. Health care in hospital: Acquiring medical insurance, human

53 PV Gas believes that the Safety - Quality - Health - Environment management system meets Vietnam s and the world s standards, and the PV Gas implementation of Safety - Quality - Health - Environment has been and will be creating products, services satisfactory to clients demand; ensuring the safety of PV Gas property, employees and neighboring residents; keeping the green for the surrounding living environment. insurance with high liability for 100% employees, helping them with payment support and high quality health care services. Health recovery: regularly organizing recuperation vacations. Health control: preparing and operating the employee health care and control software system. Environment preservation and protection - Using state-of-the-art machinery, equipment, technique and technology. - Ensuring production, business and construction activities to conform to law regulations. - Strictly managing and treating wastes. - Keeping the working environment green - clean - clear.

54 HUMAN RESOURCES AND CORPORATION

55 YEAR 2012 TOTAL EMPLOYEES: 1,274 PERSONS EMPLOYEES HOLDING COLLEGE AND UNIVERSITY DEGREES ACCOUNT FOR OVER 77%. THE EMPLOYEE POLICY WAS IN LINE WITH THE LABOR MARKET TREND AND CURRENT STATUS OF PV GAS CORPORATE CULTURE IS ONE OF KEY FACTORS AS THE FOUNDATION FOR SUCCESS AND SUSTAINABLE DEVELOPMENT OF PV GAS IN THE ERA OF GLOBAL INTEGRATION AND DEVELOPMENT CONTRIBUTING 150 BILLION FOR COMMUNITY ACTIVITIES

56 HUMAN RESOURCES Employee classification by profession Employees have high professional skills, meeting increasing requirements of the gas industry 9% 23% 15% 53% The gas industry requires the innovative techniques and technology and it has high requirements on working disciplines for gathering, transporting, processing, storing, distributing gas and gas products safely from upstream, mid-stream to downstream; moreover, as PV Gas engages in both direct production and sales of gas and gas products, PV Gas labor force is of high professional skills, high disciplinary awareness, with technical experts (electricity, mechanics, oil refinery and petrochemicals) representing the majority, followed by economic and financial - accounting specialists. Employees holding college and university degrees account for over 77%. Employee classification by qualifications 8% 4% Technique (electricity, mechanics, oil refinery and petrochemicals) Economics Finance - Accounting Others 14% 1% 1% 8% 64% As a result, during 22 years of operation, PV Gas has tolerated no serious accidents which may cause unsafety; the products and services meet client s demand; good results in business are obtained; the labor force has replaced and taken charge of the positions previously held by foreign experts. It is the employees that bring to PV Gas such precious property - high qualified human resources, creating further standing and power to PV Gas. Employee policy The employee policy of PV Gas was prepared right at the time of foundation and has been amended and supplemented from time to time on the basis of updated regulations of the law in line with the labor market trend and current status of PV Gas. The employee policy is considered as the bridge connecting PV Gas with its employees, even their relatives in some cases; it clearly and completely defines the benefits and obligations of employees working for PV Gas, including: salary, bonus, allowance, benefit, training, working environment, insurance, accomodation, health check-up and monitoring, activities of sports, culture, tourism, convalescence, and other benefits for employees and their families. Advantages and positive effects of the employee policy are demonstrated in practice where PV Gas employees are paid with proper salary, bonus and other welfares according to their capabilities and individual work performance, generating stable income for individuals and their families; entitled to training for professional skill improvement, physical and mental care for recovery of labor strength, assured with full benefits when retired. This helps encourage qualified and experienced employees to dedicate to PV Gas in long term, working with high and effective sense of responsibility. Doctor of Philosophy Master University College Intermediate level Technical workers Unskilled workers TOTAL EMPLOYEES ON 31/12/2012: 1,274 PERSONS

57 Building and promoting corporate culture as the foundation for PV Gas success With PV Gas, corporate culture is one of key factors as the foundation for success and sustainable development of the Company in the era of global integration and development. Therefore, PV Gas leadership is well aware of the importance of human factor, viewing human resources as the valuable asset to create values, successes and effectivenesses to PV Gas. PV Gas employees come from three regions: the North, the Central and the South with high capabilities and qualifications, meeting requirements of the assigned works with highest spirit and responsibility. The mixing of capability, points of view, diversified methods of working and thinking are the factors creating the spiritual value of PV Gas. In PV Gas, employees are always facilitated to work in such professional and friendly environment. The enthusiasm, dedication, responsibility to work and professional behaviors are considered as guidelines for every thinking and action of PV Gas employees. PV Gas leadership frequently pays attention to and cares for the employees lives, committing training for improvement of professional skills, knowledge, capabilities of employees, creating the fair, open and transparent working environment.

58 COMMUNITY ACTIVITIES As another advanced enterprises, while doing business, PV Gas not only concentrates on its economic interests but also pays attention to society and community development. It has been consciousness and responsibility of PV Gas and our staff for years. PV Gas participation in social security and community activities has been taken in 2 ways: charity relief to timely and partly share with disadvantaged people and support as a long term investment to develop community health and young generation. Active participation in social security and community activities are PV Gas consciousness and responsibility to society and community. Namely in 2012, PV Gas contributed 150 billion to construct Great Unity houses, schools, medical stations, to donate medical equipments, to sponsor programs to medically examine and treat poor people, to finance Study Encouragement, Children Patronization Funds in many provinces nationwide (Ca Mau, Kien Giang, Quang Binh, Nghe An, Ha Tinh, Thanh Hoa, Ninh Binh, Ha Nam, Hai Phong, Hung Yen, Yen Bai, ) and to support soldiers who have defended our country, etc. With all of our hearts, PV Gas has voluntarily given practical aid in the hope of fulfilling Ho Chi Minh President's desire "Our community no longer suffer from a dearth of food, clothes and education" and consolidating national position.

59 AWARD Vietnam Top 500 company VNR 500 voted by Vietnam Report JSC, Vietnamnet.vn; Top 10 well-known trademark prized by Vietnam Intellectual Property Association; Golden trademark - Impressive Logo and Slogan awarded by Anti - Counterfeit and Trademark Protection Association, Ministry of Industry and Trade; TrustPro Brand 2012 presented by Institute of Economic Development Research and Brand Bank System for products and services quality conforming to international standards and responsibility to environment and community; The highest ranked award granted by Vietnam General Federation of Labour for great achievements in good working emulation movement and Labor Union consolidation.

60 DEVELOPMENT, IMPROVEMENT, INNOVATION

61 DEVELOP PV GAS TOWARDS TARGETS OF ACCELERATION, INNOVATION, SAFETY, QUALITY, EFFICIENCY AND SUSTAINABILITY BASED ON THE MOST ADVANCED TECHNOLOGY; COMMON BENEFITS OF SOCIETY; DEVELOP GAS INDUSTRY TO BECOME AN IMPORTANT ECONOMIC AND TECHNICAL INDUSTRY, TO MEET MARKET DEMAND ON THE BASIS OF ADDING VALUE TO DOMESTIC GAS, UTILIZING GAS FROM THE COUNTRIES IN THE REGION AND THE WORLD

62 DEVELOPMENT ORIENTATION Development viewpoint - Develop PV Gas towards targets of acceleration, innovation, safety, quality, efficiency and sustainability based on the most advanced technology, common benefits of society; to contribute to energy security for the country and ensure stable long-term supply of gas and gas products; in such development, safety and effectiveness constitute a principle throughout the whole process. - Develop gas industry to become an important economic and technical industry, to meet market demand on the basis of adding value to domestic gas, utilizing gas from the countries in the region and the world; help PV Gas become a strong tradename in the region and the world. - Develop towards product diversification, deeply processing to add gas value; utilize internal resources, strengthen cooperation with domestic and foreign partners, to fully exploit the advantage of a PVN s member. - Take the people as key elements, form a labor force with advanced level, industrial working style, strict discipline; gradually acquire technology transfer, master technology to dominate the domestic market and to expand overseas. Overall objectives Develop PV Gas based on sustainability, safety, quality, efficiency and modernity, with a range of activities in all stages of collection, transportation, processing, storing, trading, services and importation; diversify gas supply source and gas products; accelerate search for additional domestic and abroad sources; promote product diversification, focus on development of deeply processing projects to add gas value ; play a leading role in the national gas industry and expand to international market, help Vietnamese gas industry become an important technical and economic sector in the national economy; achieve revenue growth rate of 18-20%, in which gas accounts for 61%, gas products 17% and services 22% Specific objectives Maximize gas collection, invest in LNG import system, ensure continuous gas supply for customers; achieve gas consumption from 9 billion m 3 in 2013 to 12.5 billion m 3 in 2015; expect to import 0.5 million tons of LNG in Invest in developing onshore pipeline network, connecting the Southeast and the Southwest, ensure efficient gas consumption. - Invest in the storage system to maintain at least 50% of the national LPG wholesale market and develop an agent system to acquire 30% share of national LPG retail market. - Develop towards the leading service provider in gas field, particularly transport services, pipe manufacturing, pipe coating, storing; achieve average annual growth rate of 20%. - Continue to improve the science and technological potential, quality and performance of scientific and technological research, keep close contact among research centers, universities and other production business units of PV Gas; invest in research and development of new gas products, exploiting and processing technology with high CO 2 content gas; build staff/ employees with qualified capability of research and application, master modern/ advanced technology at the regional and international level. REVENUE STRUCTURE % 17% 61% Gas Gas Products Services

63 BUSINESS PRODUCTION PLAN OF 2013 Current situation According to the forecast, in the near future, Vietnamese economy as well as the world are to face with many difficulties, especially in consuming products, raising capital Gas production of Bach Ho significantly is decreasing over exploitation period. Hai Thach-Moc Tinh field which has just come into operation might be unstable. Many projects (Block B - O Mon, Nam Con Son 2, Ham Rong - Thai Binh, 1MMTPA LNG storage at Thi Vai.) have been simultaneously deployed, calling for large capital and labor force to ensure being on schedule. Scenarios/schedules of several of PV Gas projects may need change. Continue to promote the achievements gained in 2012, to overcome the difficulties in production and business activities in order to fulfill and over-fulfill the plan of Target Unit Plan 2013 Volume target Dry gas Cuu Long Nam Con Son PM3 Condensate LPG (parent company) Financial target Revenue Of w hich parent company Profit before tax Of which parent company (*) Profit after tax Of which parent company (*) Profit after tax/charter capital Dividend payout Contribution to budget Of which parent company Million m3 Million m3 Million m3 Million m3 Ton Ton Billion Billion Billion Billion Billion Billion % % Billion Billion 9,010 1,079 6,231 1,700 51, ,000 55,751 50,137 9,453 9,365 7,693 7, ,583 3,493 (*): In 2013, PV Gas strives to achieve 10,625 billion in Profit before tax and 8,594 billion in profit after tax (parent company). Implementation solutions Production and business - Enhance the protection, security and safety in gas projects; continuously modify, supplement and improve the rules on safety, maintenance and repair as well as seriously implement these rules. - Work closely with the parties in gas system, minimize downtime to perform maintenance, maximize capacity of gas system. - Balance LPG supply, set specific plans and implement LPG import at competitive prices, ensure efficiency in business and maintain being the largest LPG producer, trader and supplier in Vietnamese market. - Develop the gas and gas products retail market (low-pressure gas, CNG, LPG) to add gas value and prepare for the development of LNG import projects in the next years.

64 - Strengthen corporate governance; well organize the forecast for accurate and timely adjustment, bring efficiency to production and business activities. - Revise, supplement, modify the technical and economic targets in relation to consumption of raw materials, fuels, materials, and energy; exploitation and use of machinery and equipment; labor force wage for a strict management to lower production costs, increase productivity, improve the competitiveness of products in the market. - Strengthen management, control of output cost, input cost of goods, products and services as well as innovative business management, to ensure product quality and price of goods and services competitive and reasonable. - Regularly inspect and monitor to adjust timely reasonable expenditure; regularly cut costs, procure supplies, raw materials, fuels, and materials and use qualified service. Investment and construction - Focus on implementing important projects namely the Nam Con Son 2 gas pipeline, Block B - O Mon, Ham Rong-Thai Binh gas pipeline 1 MMTPA LNG storage at Thi Vai for additional gas supplies and gas products, improve the efficient usage of capital. - Closely control and continuously review the progress of the project in order to achieve the objectives of the plan; ensure adequate arrangements of capital for projects on schedule. - Based on the nature of project and degree of decentralization, regularly inspect and supervise on site, maintain weekly/monthly report to remove obstacles, build and apply clear reward and punishment mechanism. Capital mobilization, management and usage - Utilize credit funds of domestic and foreign financial institutions; flexibly and efficiently manage capital of PV Gas and other companies, create financial strength throughout PV Gas. - Balance revenues and expenditures on foreign currency, actively coordinate with banks in implementing the policy of foreign currency exchange when necessary, provide timely service for business and investment; arrange sufficient capital on time of project schedule; utilize loans in to minimize the exchange rate risk. - Strictly manage, control cash flow, resources to increase business capital turnover, minimize cost of capital, as well as output cost, cost of goods, products and services, as well as reform corporate governance in order to ensure quality and competitive price of goods and services. Science and Technology To maintain science and technology cooperation in the field of gas processing with domestic and foreign organizations; promote research capability, scientific innovations of PV Gas staff; enhance technological applications in all activities in order to constantly innovate and apply advanced technologies in gas industry. Human Resources - Arrange labor force based on their knowledge and experience; implement staff rotation to increase leadership skills and work completion. - Assess, strengthen authority and capacity of PV Gas representatives at subsidiaries to enhance the role and responsibilities of the representative. - Implement training in line with purpose and re-training if necessary. - Apply and timely adjust policy of salaries, bonuses, benefits to attract and develop human resources with high quality and long-term work experience at PV Gas. - Develop, modify and supplement the charter, regulations and management more clearly, specifically, transparently and in accordance with the provisions of law.

65 AUDITED CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF THE BOARD OF GENERAL DIRECTORS The Board of General Directors of PetroVietnam Gas Corporation - Joint Stock Company ( the Corporation ) presents this report together with the Corporation s consolidated financial statements for the year ended 31 December The members of the Boards of Management and General Directors of the Corporation who held office during the year and to the date of this consolidated financial statements are as follows: Board of Management Ms. Nguyen Thi Lan Mr. Vu Dinh Chien Mr. Do Khang Ninh Mr. Phan Quoc Nghia Mr. Nguyen Trung Dan Chairman Vice Chairman Member Member Member Board of General Directors Mr. Do Khang Ninh Mr. Tran Hung Hien Mr. Pham Hong Linh Mr. Nguyen Thanh Nghi Mr. Duong Manh Son Mr. Bui Ngoc Quang Mr. Nguyen Quoc Huy Mr. Ho Tung Vu Mr. Nguyen Mau Dung General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director Deputy General Director The Board of General Directors of the Corporation is responsible for preparing the consolidated financial statements of each year, which give a true and fair view of the consolidated financial position of the Corporation and of its consolidated results of operations and consolidated cash flows for the year. In preparing these consolidated financial statements, the Board of General Directors is required to: Select suitable accounting policies and then apply them consistently; Make judgments and estimates that are reasonable and prudent; State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the consolidated financial statements; Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to presume that the Corporation will continue in business; and Design and implement an effective internal control system for the purpose of properly preparing and presenting the consolidated financial statements so as to minimize errors and frauds. The Board of General Directors is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Corporation and that the consolidated financial statements comply with Vietnamese Accounting Standards, Vietnamese Accounting System and prevailing relevant regulations in Vietnam. The Board of General Directors is also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities. The Board of General Directors confirms that the Corporation has complied with the above requirements in preparing these consolidated financial statements. For and on behalf of the Board of General Directors, Do Khang Ninh General Director 14 March 2013

66 INDEPENDENT AUDITORS REPORT No.: 615/Deloitte -AUDHN-RE To: The Shareholders The Boards of Management and General Directors PetroVietnam Gas Corporation - Joint Stock Company We have audited the accompanying consolidated balance sheet of PetroVietnam Gas Corporation - Joint Stock Company ("the Corporation") as at 31 December 2012, the related consolidated statements of income and consolidated cash flows for the year then ended, and the notes thereto (collectively referred to as "the consolidated financial statements") prepared on 14 March 2013, as set out from page 8 to page 42. The accompanying consolidated financial statements are not intended to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions other than Vietnam. Respective Responsibilities of the Board of General Directors and Auditors As stated in the Statement of the Board of General Directors on pages 1 and 2, these consolidated financial statements are the responsibility of the Corporation's Board of General Directors. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. Basis of Opinion We have conducted our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Opinion In our opinion, the accompanying consolidated financial statements give a true and fair view of, in all material respects, the financial position of the Corporation as at 31 December 2012 and the results of its operations and its cash flows for the year then ended in accordance with Vietnamese Accounting Standards, Vietnamese Accounting System and prevailing relevant regulations in Vietnam. We draw attention to the following issues: As presented in Note 32 of the Notes to the consolidated financial statements, revenue from selling and transporting Nam Con Son gas is recognized at the issue date of value added tax invoices in accordance with Official Letter No TC/TCT dated 16 May 2003 issued by the Ministry of Finance. Accordingly, revenue and cost of sold and transported Nam Con Son gas incurred in November and December 2012 have not been recorded in the consolidated income statement for the year ended 31 December 2012 with the amounts of 4,380 billion and 3,376 billion respectively (those incurred in November and December 2011 were recorded in the consolidated income statement for the year ended 31 December 2012 of the Corporation with the amounts of 3,137 billion and 2,699 billion respectively). Khuc Thi Lan Anh Deputy General Director CPA Certificate No. D.0036/KTV Tran Huy Cong Auditor CPA Certificate No. 0891/KTV For and on behalf of DELOITTE VIETNAM COMPANY LIMITED 14 March 2013 Hanoi, S.R. Vietnam

67 FORM B 01-DN/HN Unit: CONSOLIDATED BALANCE SHEET As at 31December 2012 ASSETS Codes Notes 31/12/ /12/2011 A. CURRENT ASSETS ,371,923,851,895 19,228,454,339,267 (100= ) I. Cash and cash equivalents ,753,084,518,890 10,045,200,208, Cash 111 2,863,132,509,023 2,469,909,918, Cash equivalents 112 9,889,952,009,867 7,575,290,289,313 II. Short-term financial investments ,900,000, ,329,590, Short-term investments ,900,000, ,329,590,057 III. Short-term receivables 130 5,373,621,264,496 6,950,175,738, Trade accounts receivable 131 4,685,347,490,903 5,848,359,560, Advances to suppliers ,284,434, ,350,611, Other receivables ,275,558, ,915,982, Provision for short-term doubtful debts 139 (53,286,220,190) (7,450,415,895) IV. Inventories ,613,861,504,515 1,058,438,475, Inventories 141 1,697,933,795,824 1,116,531,431, Provision for devaluation of inventories 149 (84,072,291,309) (58,092,956,046) V. Other short-term assets ,456,563, ,310,327, Short-term prepayments ,864,897,395 84,694,771, Value added tax deductibles ,263,975, ,658,682, Taxes and other receivables from the State Budget ,260,576 35,267,267, Other short-term assets ,581,430, ,689,606,708 B. NON-CURRENT ASSETS ,154,899,329,132 25,690,247,699,060 (200= ) I. Long-term receivables 210-4,271,313, Other long-term receivables 218-4,271,313,000 II. Fixed assets ,995,219,488,496 21,690,932,957, Tangible fixed assets ,322,431,154,651 16,880,391,593,443 - Cost ,892,920,270,805 27,455,376,602,037 - Accumulated depreciation 223 (13,570,489,116,154) (10,574,985,008,594) 2. Finance lease assets ,444,164, ,309,123,704 - Cost ,414,964, ,362,226,977 - Accumulated depreciation 226 (61,970,800,018) (16,053,103,273) 3. Intangible fixed assets ,498,531, ,163,593,071 - Cost ,265,638, ,339,154,931 - Accumulated amortisation 229 (20,767,107,642) (11,175,561,860) 4. Construction in progress ,156,845,638,756 4,327,068,647,598 III. Investment properties ,243, Cost 241 5,653,026, Accumulated depreciation 242 (4,890,783,543) - IV. Long-term financial investments ,827,381, ,464,441, Investments in joint-ventures ,635,750, ,325,626, Other long-term investments ,600,283, ,138,815, Provision for diminution in value of long-term financial investments 259 (55,408,652,845) (25,000,000,000) V. Other long-term assets 260 2,291,090,216,440 3,004,578,986, Long-term prepayments ,265,490,285,995 2,982,084,940, Deferred tax assets 262 3,521,287,287 3,696,280, Other long-term assets ,078,643,158 18,797,765,218 C. GOODWILL ,357,443, ,064,922,695 TOTAL ASSETS (270= ) ,146,180,624,914 45,610,766,961,022 The notes set out on pages 71 to 99 are an integral part of these financial mistatements 67

68 CONSOLIDATED BALANCE SHEET (Continued) As at 31 December 2012 FORM B 01-DN/HN Unit: RESOURCES Codes Notes 31/12/ /12/2011 A. LIABILITIES ,310,931,351,123 20,591,723,900,161 (300 = ) I. Current liabilities 310 8,056,204,626,148 10,348,754,186, Short-term loans and liabilities ,041,859,621,480 2,866,904,584, Trade accounts payable 312 2,374,444,302,083 4,215,277,931, Advances from customers ,632,553,842 20,504,283, Taxes and amounts payable to the State budget ,635,752, ,751,265, Payables to employees ,803,747, ,882,685, Accrued expenses ,191,150,294,664 1,042,983,577, Inter-company payables ,631,637,351 45,128,506, Other current payables ,754,972,429 1,280,701,753, Bonus and welfare funds ,291,743, ,619,598,350 II. Long-term liabilities 330 8,254,726,724,975 10,242,969,713, Long-term inter-company liabilities ,264,383,269 44,264,383, Other long-term payable ,061,016, ,905,529, Long-term loans and liabilities ,188,759,149,207 8,149,810,808, Provision for severance allowance 336-3,137,375, Long-term provisions 337 1,261,561, Unearned revenue ,715,164, ,140,614, Scientific and technological development fund 339 1,153,665,449,992 1,146,711,002,353 B. EQUITY (400= ) ,192,763,424,095 23,482,279,466,687 I. Owner's equity ,191,199,379,241 23,480,353,215, Owner s contributed capital ,950,000,000,000 18,950,000,000, Other owner's capital ,010,841,083 30,966,515, Foreign exchange reserve (71,056,425,755) 4. Investment and development fund 417 1,548,073,253, ,653,653, Financial reserve fund 418 1,456,619,605, ,640,566, Other owner s funds ,687,747, ,429,579, Retained earnings 420 5,071,807,931,521 3,541,719,326,186 II. Other resources and funds 430 1,564,044,854 1,926,251, Funds for fixed assets acquisition 433 1,564,044,854 1,926,251,500 C. NON CONTROLLING INTERESTS ,642,485,849,696 1,536,763,594,174 TOTAL RESOURCES (440 = ) ,146,180,624,914 45,610,766,961,022 OFF BALANCE SHEET ITEMS 31/12/ /12/2011 Unit 1. Goods hold for others (LPG) kg 1,108, Bad debts written off () 3,394,214, Foreign currencies USD EUR 4,596,527 1,638 4,234, Dang Thi Hong Yen Mai Huu Ngan Do Khang Ninh Preparer Chief Accountant General Director 14 March The notes set out on pages 71 to 99 are an integral part of these financial mistatements

69 FORM B 02-DN/HN Unit: CONSOLIDATED INCOME STATEMENT For the year ended 31 December 2012 ITEMS Codes Notes Gross sales ,419,862,408,855 64,299,749,211, Deductions ,503,607,859 75,249,571, Net sales (10=01-02) ,301,358,800,996 64,224,499,639, Cost of sales ,394,663,454,298 53,659,795,476, Gross profit from sales (20 = 10-11) 20 14,906,695,346,698 10,564,704,162, Financial income ,143,873,657,044 1,340,655,103, Financial expenses ,776,193,436 1,711,071,240,942 - In which: Interest expense ,624,014, ,580,913, Selling expenses 24 1,272,656,622,780 1,233,654,667, General and administration expenses 25 1,926,596,892,273 1,611,467,625, Operating profit 30 12,294,539,295,253 7,349,165,732,471 (30 = 20+(21-22)-(24+25) 11. Other income ,534,302, ,901,889, Other expenses ,121,818,982 61,863,897, Profit from other activities 40 53,412,483, ,037,992,415 (40=31-32) 14. Share of associates net profit 45 2,349,765,728 3,494,842, Accounting profit before tax (50= ) 50 12,350,301,544,544 7,685,698,567, Current corporate income tax expense ,247,551,651,441 1,265,060,723, Deferred corporate income tax ,039, ,259, Net profit after corporate income tax (60= ) 60 10,101,958,853,640 6,420,493,585, Minority interests ,622,980, ,805,284, Equity holders of the Holding Company 62 9,807,335,873,363 5,912,688,300, Basic earnings per share ,167 2,285 Dang Thi Hong Yen Mai Huu Ngan Do Khang Ninh Preparer Chief Accountant General Director 14 March 2013 The notes set out on pages 71 to 99 are an integral part of these financial mistatements 69

70 CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2012 FORM B 03-DN/HN Unit: ITEMS Codes I. CASH FLOWS FROM OPERATING ACTIVITIES 1. Profit before tax 01 12,350,301,544,544 7,685,698,567, Adjustments for: Depreciation and amortization 02 3,088,796,474,370 2,798,656,500,751 Provisions ,223,792,403 72,119,982,228 Unrealized foreign exchange (gain)/loss 04 (5,685,400,262) 543,234,837,703 (Gain) from investing activities 05 (1,067,698,147,746) (1,226,713,315,909) Interest expense ,624,014, ,580,913, Operating profit before movements in working 08 14,917,562,277,933 10,668,577,485,935 capital Change in receivables 09 1,479,228,476,613 1,314,786,561,964 Change in inventories 10 (581,402,364,408) (166,744,194,873) Change in accounts payable (not including accrued interest 11 (2,553,346,982,591) (818,000,681,519) and corporate income tax payable) Change in prepaid expenses and other assets 12 1,081,050,011, ,028,257,928 Interest paid 13 (529,185,270,206) (507,098,901,033) Corporate income tax paid 14 (1,981,984,302,115) (1,038,210,312,525) Other cash inflows 15 37,810,180, ,502,324,383 Other cash outflows 16 (331,728,721,290) (324,922,805,167) Net cash from operating activities 20 11,538,003,306,111 9,796,917,735,093 II. CASH FLOWS FROM INVESTING ACTIVITIES 1. Acquisition and construction of fixed assets 21 (2,414,704,980,096) (5,154,669,623,329) 2. Proceeds from sales, disposal of fixed assets 22 20,531,843,742 16,225,586, Cash outflow for lending, buying debt instruments 23 (176,151,837,380) (1,768,111,030,057) of other entities 3. Cash recovered from lending, selling debt ,081,695,453 3,266,051,386,124 instruments of other entities 5. Investments in other entities 25 - (276,097,502,000) 6. Cash recovered from investments in other entities ,347,745, Interest earned, dividends and profits received 27 1,120,730,933, ,032,796,800 Net cash (used in) investing activities 30 (905,512,344,823) (2,938,220,640,854) III. CASH FLOWS FROM FINANCING ACTIVITIES 1. Proceeds from borrowings 33 2,337,623,086,925 7,574,198,062, Repayments of borrowings 34 (4,183,039,332,825) (4,839,431,427,553) 3. Repayments of obligations under finance lease 35 (40,014,456,444) (35,841,449,861) 4. Dividends and profits paid 36 (6,043,425,480,000) (4,441,026,146,645) Net cash (used in) financing activities 40 (7,928,856,182,344) (1,742,100,961,310) Net increase in cash 50 2,703,634,778,944 5,116,596,132,929 Cash and cash equivalents at the beginning of the 60 10,045,200,208,018 4,927,167,508,497 period Effect of changes in foreign exchange rates 61 4,249,531,928 1,436,566,592 Cash and cash equivalents at the end of the period 70 12,753,084,518,890 10,045,200,208, Dang Thi Hong Yen Mai Huu Ngan Do Khang Ninh Preparer Chief Accountant General Director 14 March 2013 The notes set out on pages 71 to 99 are an integral part of these financial mistatements