Pearl Oriental Oil : VOLUNTARY ANNOUNCEMENT

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(Incorporated in Bermuda with limited liability)

(Stock Code: 632)

VOLUNTARY ANNOUNCEMENT

Reference is made to the voluntary announcement of the Company dated 30 November 2018 (the "Announcement"). Unless the context otherwise requires, capitalised terms used in this announcement shall have the same meanings as defined in the Announcement.

The Board is pleased to announce that on 6 December 2018, a loan agreement of HKD20 million was entered into with the same lender of the HKD50 million loan provided to the Company on 29 November 2018.

The interest rate of the HKD20 million is at 12% per annum and the maturity date will be 2 months commencing from the drawdown date.

The HKD20 million loan is mainly used for repayment of existing loans and general working capital.

By order of the Board

Pearl Oriental Oil Limited

Ms. Liu Gui Feng Chairlady and Executive Director

Hong Kong, 6 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