Pearl Oriental Oil : PROPOSED AMENDMENT TO THE BYE-LAWS

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)

PROPOSED AMENDMENT TO THE BYE-LAWS

Reference is made to the poll results of special general meeting of the Company dated 29 November 2018 and the announcement dated 30 November 2018 (the "Announcements"). Unless the context otherwise requires, capitalised terms used in this announcement shall have the same meanings as defined in the Announcements.

Pursuant to the polls result of the SGM held on 29 November 2018, the resolution to amend the Company's Bye-Laws was not passed at the SGM. As the Company's existing Bye-Laws, which directors may be removed at the general meeting by special resolution, contravenes with the requirement of paragraph 4(3) of Appendix 3.

The Company remedies the non-compliance by convening the Purported SGM to be held on 30 December 2018, which the resolution of amending the Bye-Laws to align with the Listing Rules will be tabled for voting of shareholders again on 30 December. The Company will make further announcement(s) as and when appropriate on the convening of the Special General.

By order of the Board

Pearl Oriental Oil Limited

Ms. Liu Gui Feng Chairlady and Executive Director

Hong Kong, 4 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 nonexecutive 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