HCMC, November 20th, 2024 - No Va Land Investment Group Corporation (HoSE: NVL, “Novaland” or the “Group”) discloses information on auditor rotation for its financial statements for the year 2024.

Following work process to date, Novaland assesses that the auditing service rendered by PwC (Vietnam) Company Limited (“PwC”) in their engagements so far does not meet the essential requirements for the timely execution and progress in auditing and reviewing financial statements as mandated by regulations governing information disclosure for listed companies. This inadequacy has directly led to Novaland’s delays in performing its information disclosure responsibilities at various milestones during 2023 and 2024. Furthermore, Novaland and PwC have yet to reach an agreement regarding the timeline for the issuance of the audit financial statements for the year 2024 in compliance with legal requirements. Consequently, the Company’s Board of Directors has issued Resolution No. 45/2024-NQ.HĐQT-NVLG dated November 19th, 2024 to terminate the audit contract with PwC, thereby facilitating the auditor rotation. The auditor rotation is a policy that Novaland’s Board of Directors has advocated since the beginning of this year, forming part of the Group’s strategic plan to uphold the objectivity of the independent auditor.

Concurrently, in the aforementioned Resolution, Novaland’s Board of Directors appointed Moore AISC Auditing and Informatics Services Company Limited (“Moore AISC”) as the auditor for the Group’s financial statements for the year 2024. This selection was based on several criteria: the firm’s reputation as a reliable auditor; its capacity and experience in providing auditing services to real estate companies; absence of any conflict of interest in relation to the Group. Moore AISC is an independent member of Moore Global Network Limited, a global network of independent consultants and and auditors headquartered in London, which is recognized by the International Accounting Bulletin as one of the largest accounting and auditing networks globally. The auditor rotation is expected to yield numerous advantages for Shareholders, Investors, and Stakeholders, including improved objectivity, independence, and quality of auditing practices; continued assurance of accuracy and reasonableness; and enhanced transparency of financial information presented in the Group’s financial statements.

In the near future, Novaland will persist in its endeavors to restructure its business operations. The Group will strengthen and continue to implement transparent and timely information disclosure, particularly in the review and disclosure of financial statements, to safeguard the interests of Shareholders, Investors, and Stakeholders.