Dear Hanoi Branch,

Regarding the case PHU BINH QN TRANSPORTATION SERVICE CO.,LTD, CCD has some
comments as bellows:

- Regarding the financial situation: The financial statements of 2018, 2019 and the
sub-books of account details accurately reflect the actual situation of the business.
Specifically:

+ At the financial statements (audited) in 2018: The historical cost of fixed assets
increased, but depreciation of fixed assets decreased (There is no information on asset
liquidation at financial statements)

+ At the 6/2019 Financial Statement (Tax Report), there are many unreasonable figures
such as:

• Long-term trade payables ~ VND 27.4 billion at the beginning of the period,
VND 25.6 billion at the end of the period not included in the 2018 Financial Statements.

• Interest expense of ~ 0 billion VND in 2019 is unreasonable

+ Why is the account 131 in 2019, Kim Ngan Company's item recorded “ Debit” ~ VND
381 billion at the end of 2018 but in the beginning of 2019 recorded “ Credit” ~ VND 50
billion?

- As for AF:

+ Content Over view has not reflected:

• Competitive advantage compared to other taxi firms in Quang Ninh province

• Business strategy of the company in the future if there is the appearance of

ride-hailing apps such as "Grab" appearing in the area

 Provide more information about why Phu Binh ( the guarantor) has to establish
a subsidiary and rent the asset from subsidiary to avoid the BOT fee?
+ Content of the "Project plan" sheet:

• Not yet reflect the cash flow generated from new business activities;

• Not mention the loan interest expense in the project plan;

 • Some of estimated costs don’t have reference to evaluate ( Provide more
information to compare with other transportation’s companies).

Based on the analyzed contents mentioned above, CCD assumed that the
approval of Phu Binh case to submit to CC is insufficient and inaccurate to evaluate. CCD
decides to return this case and requests the Branch to negotiate with the customer and
complete the case, especially about Phu Binh Co.,ltd ( the guarantor).

Kind regards!