NOBASHI
NOBASHI VANNAMEI
RAW
HO CENTRAL PEELED BT
COOKED
COOKED PDTO VANNAMEI
PRE-FRIED SHRIMP
FRITTER VANNAMEI
VEGETABLES
GINGER
VEGETABLES
BÍ NHẬT
NOBASHI
NOBASHI VANNAMEI

CONTENTS OF ADMINISTRATION BOARD‘S MEETING - THE THIRD MEETING/2008

Time          :        Jul 15th, 2008

Participants:       6/7 members of Administration Board.

I/ Judgements on the situation in the first 6 months of 2008 :

-         The bad effects of global economic crisis and domestic inflation development weren’t anticipated, so the Company was in a passive status while exchange rate changed for the worse (down to VND15,500/USD) in late first quarter and beginning second one, and shrimp consumption price in world market constantly decreased, customers had more interest in vannamei shrimp which was not a strong point of Vietnam.

-         However, the Company’s Board of Directors have made best efforts to overcome the difficulties as the first one who developed vannamei farming in the province, sourced for procuring the raw material (vannamei shrimps) from central-southern provinces backwards to meet customers’ demand and keep business relationship with them; searched for new customers; mobilized thrift in production; flexibly used capital in late second quarter of 2008.

II. Production and Business Outcome :

- Produced Final products      :   2,530           tons equal to 99 % from that of the first 6 months of 2007

- Consumed Final Products    :   2,410           tons equal to 98 % from that of the first 6 months of 2007

- Consumption Value                   :   VND 359 billion equal to 84 % from that of the first 6 months of 2007

- Profit                         :   VND 6 billion equal to 76 % from that of the first 6 months of 2007

The reason of decreased turnover is due to low export unit price and decreased profit is due to decreased turnover and basically due to appropriate stock price adjustment in late second quarter of 2008.

-         Over VND 15 billion of ground clearance from rental land in Cai Con Industrial Zone, but the Company haven’t known when the land will be transferred as provincial authorized agency is facing difficulties in clearing the ground.

-         60% of vegetable processing factory building has been completed and agricultural products cultivation has been developed in Vinh Chau, Cu Lao Dung, ke Sach. Consumption contracts have been concluded with foreign customers.

III. Direction of the last 6 months of the year and onwards :

-         Constantly review exchange rate development to propose favorable solutions.

-         Focus to complete vegetable processing factory, early pave tiles on walls and build ceiling, try to put in operation in the year to timely treat the volumn of cultivated sweet potatoes. If procurement and processing aren’t effected timely, it will cause the loss of farmer’s trust and difficulties in next investment. Temporarily stop the project of fish processing factory in limited period due to difficulties in ground, capital and consumption market.

-         Focus to consume shrimps in main season in order to inhance turnover and profit to compensate for unattainable ones in the first 6 months of the year.

-         Pay high attention against the investment to avoid abuse from the invested that may creates a bad habit for others.

-         Follow up, timely recover debts to use borrowed capital effectively.

-         Timely upload information on FMC’s website so that shareholders can know clearly the Company’s situation and to be secure in investment.

                                                                                                                        FIMEX VN