At the 12th meeting of the 5th Board of Directors and the 7th meeting of the 5th Board of Supervisors on 31 Dec 2008, the following were resolved after discussion:

1. electing Zhu Jianzhong as the new Chairman of the 5th Board;
   
2. approved the resignation of the company CEO, Qi Zhigang and Board Secretary, Zhao Xiaobing, and appointed Xu Ye as Board Secretary;
   
3. the proposal to change the major accounting policies and accounting estimation.
   
4. the proposal that its wholly-owned subsidiary Shanghai Kai Chuang Deep Sea Fisheries Co., Ltd. (Shanghai Kai Chuang) takes up a loan from a related party;
   
5. the proposal of planning to purchase an Ocean Going Tuna Seiner on active duty (second-hand) from COBRECAF S.A. in France through Shanghai Kai Chuang's oversea wholly-owned subsidiary Pan Pacific Fisheries (Marshall Islands) Co., Ltd. (under preparation); the two parties signed the letter of intent on ship purchase, and the purchase price is fixed at approximately US$9.8 mln (excluding taxes for cash payment) after negotiation, based on the valuation in the relevant report. The ship is to be delivered in February 2009;
   
6. electing Tang Qiqing as the new Chairman of the 5th Board of Supervisors.

The Board will the 1st Extraordinary Meeting of Shareholders of 2009 on 20 Jan 2009 to discuss the above resolutions.

Board of Directors
4 Jan 2008

Source: Shanghai Stock Exchange

Date: 5 Jan 2008

CN01/VW/JW