SHC annual sharehoders' meeting

On April 20th 2007, SHC's Annual Shareholders’ Meeting was successfully held at Rex Hotel in Ho Chi Minh city. RESOLUTION OF ANNUAL SHAREHOLDERS' MEETING Annual of shareholders’ meeting of Saigon Maritime PLC was held on 20th April, 2007 at meeting hall no.1, Rex Hotel, 141 Nguyen Hue Street. District 1, HCMC. 165 shareholders and authorised representatives of 1,908,250 shares equivalent to 75.84% on total amount 2,516,000 shares registered in list of 21st Mar., 2007, have attended the meeting. After hearing and discussing the report, the conference has unanimously passed with voting rate 100% the following issues: 1. Pass the report of Committee of management , Board of supervisor and the report results in business operations achieved in 2006 with fundamental norms: - Turnover: 78,165,170,048 VND - Profit before tax: 4,967,651,766 VND - Profit after tax: 3,567,145,523 VND 2 Approve the plan of business operations of the year 2007 with scheduled norms: - Turnover: 110 billion - Profit before tax: 10 billion - Profit after tax: 8.6 billion - Ratio of dividend gained: 12% 3 Pass the plan of investment of the year 2007 - After buying the first ship, SHC is going on setting forth the project of issuing 5 - 6 million shares and purchasing two more similar ships by the end of 2007 and in the beginning of 2008 increase prescribed registered capital by 100-120 billion. Authorized Management Board choosing appropriate time submitting the file to State Securities Committee Carry on cooperating with Public interest services and People Committee of dist. 4 in completing formalities in construction of Building 422 Nguyen Tat Thanh Street. Build two more container ships 26 teus, buy generators to meet the transport demand of Mekong river delta - HCMC- Cai Mep, Thi Vai deep port. Seek land to construct warehouses, storages, branch offices in the area of Cai mep, Thi vai. 4. Approve the project distributing profits and set up funds for the year 2006 - Profit after tax: 3,567,145,523 VND - Set apart :for investing in developing business operations : 908,795,523 VND - Set apart for finance reserved stock: 178,350,000 VND - Set aside for reward and welfare: 450,000,000 VND - Dividends distribution session 1:980,000,000 VND Dividends distribution 2nd session: (3.5%) 1,050,000,000 VND will be added with advance dividends of 6 first months of the year 2007 (4.5%). Total is 8% 5. Approve chairman of Management board and also as executive general director of company 6. Accepting remuneration and bonus for board of management, board of supervisor and board of directors as follows: - the year 2006 :take out 100 million used as bonus to management board, supervisor board and board of general directors of company - the year 2007 : + attain 100% interests, bonus rate: 100 million + attain 101-105%, bonus rate: 150 million + attain above106% bonus rate: 250-300 million Raise allowance to members of Management board: 2 million/month 7. Pass the modifications of the articles to conform with the decision 15/2007/QD-BTC dated 19/3/2007 promulgate standard regulation applied to post up company 8. Elect additional member for Management board The conference unanimously votes Mr. Christian Philip Kamm, American nationality – President of First Vietnam Capital Company – as member of Management board by 1,852,770 votes with ratio 97.09% of total votes On behalf of Management board: Chairman: LUU TIEN AI