Pearl Oriental Oil : UPDATE ON WINDING UP PETITION AND APPOINTMENT OF PROVISIONAL LIQUIDATORS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Bermuda with limited liability)

(Stock Code: 632)

UPDATE ON WINDING UP PETITION AND APPOINTMENT OF

PROVISIONAL LIQUIDATORS

Reference is made to the announcements of the Company dated 29 August 2018, 22 October 2018, 5

November 2018, 16 November 2018 and 3 December 2018 (the "Announcements") in relation to the Petition and Summon from the Bermuda Court. Terms used herein shall bear the same meanings as in the Announcements, unless otherwise stated.

The Board of directors (the "Board") of the Company would like to inform Shareholders and potential investors that the Company has sufficient cash for the settlement of the entire amount in relation to the Petition. The Company is going to settle the entire amount in relation to the Petition and so the winding up order will not be made and as a result, the validation order from court will not be required.

Further announcement will be made as and when appropriate.

By order of the Board

Pearl Oriental Oil Limited

Ms. Liu Gui Feng Chairlady and Executive Director

Hong Kong, 7 December 2018

As at the date hereof, the Board comprises six executive Directors, namely Ms. Liu Gui Feng, Ms.

Fan Amy Lizhen, Ms. Xiao Li, Mr. Cheung Kam Shing, Terry, Mr. Tang Yau Sing and Mr. Lin Qing Yu; and nine independent non-executive Directors, namely Mr. Xing Yong, Mr. Shi Wen Jiang, Mr.

Chen Zhong Min, Mr. Jiang Cai Yi, Mr. Zhang Yue Yang, Mr. He Jun, Ms. Chen Xue Hui, Ms. Hu Jing and Ms. Lyu Jia Lian.

* For identification purposes only