HSG: Resolution of the BOD

Hoa sen Group (HSG) has informed of resolution of the BOD as follows:

Article 1: the BOD has decided to not deduct for the following funds from integrated profit after tax of 2008:

- Fund of rewarding the BOD, Supervisory Board, Consultnacy Board

- Provision of supplementing chartered capital

- ESOP

Article 2: Basing on business result in the first 6 months 2008, pay-out dividend ratio is 30%/par value. The company had paid dividend for the first time 2008 is 10%/par value under the shareholder list on the record date October 20th 2008.

- The BOD has approved of dividend payment for 2009 as 10%/par value.

Article 3: The BOD has passed the following issues:

- Setting up the financial reserve fund with ratio of 1.6% of profit after tax, equivalent to the amount of the provision of bad debt in 2008 as VND3,108,941,086.

- Setting up the reward and welfare fund with ratio of 2.6% of profit after tax, equivalent to the amount of payment to employees in 2008 as VND5,045,904,022.

Article 4: The BOD has decided to compensate the loss in Q1/2009 by the provision of inventory devaluation of 2008 as VND50,822,646,169.

Article 5: The BOD suggests to use undistributed profit of 2008 to compensate the loss of Q1/2009 and next quarters (if any).

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