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Kyokuyo Stockholders General Meeting:More Focus on Aquaculture Business

June 27, 2008

The Kyokuyo held its 85th stockholders general meeting in Tokyo on June
26, 2008. One of six resolution matters: board members’ receiving bonus
payments was rejected by some stockholders; however this resolution matter
was passed. There was a vibrant question and answer session among the
roughly 100 attendees and the meeting ended up going over time and lasting one
hour and 52 minutes, much longer than usual.

Kiyokazu Fukui, President of the Kyokuyo, played the role of chairperson
for the event and took about 40 minutes, carefully going over the details of the
settlement account of the previous business term.

A question about a recently revealed unagi scandal was answered by
Yasuhisa Ishikawa, Senior Managing Director, “We have learned that Fukuoka
branch has been conducting business with Uohide in question; a brand of unagi
they have dealt with is not the one with a deceptive label.” He also added, “we
advised again that they be careful handling unagi originating from other

In response to a request for the company to develop the farm industry,
and consideration that both coastal and offshore fishing have been suffering
soaring fuel costs, “We launched tuna farming business in Kouchi last year.
There are 4,000 juveniles left out of 10,000 reaching about eight kg. We have
been attempting to shift our focus from ‘catching fish” to ‘raising fish’,” said Fukui.

Other than the above concerns and questions, there were such requests
as the delivering of important information targeting investors on the company’s
homepage; a wish to sample frozen sushi developed by the company; the
company’s needed efforts of a B to C aspect; and the displaying and sampling of
the company’s own products at the front desk.

Translated by Kiyo Hayasaka on June 26, 2008

Nippon Suisan Stockholders General Meeting:Strong Concerns About Business Development

June 27, 2008

Nippon Suisan held its stockholders general meeting of the 93rd term in
Tokyo, Japan on June 26, 2008 with full occupancy of 800 attendees.
A drastic decline in the operating profit of the previous term engendered
some to-the-point questions from stockholders. 17 executives, including three
new ones, were appointed. The meeting lasted one hour and 46 minutes.

There were questions about responsibility for Chilean salmon farming
business suffering earthquake and fish diseases, as well as profit losses in the
Indonesian shrimp farming business.NaoyaKakizoe, President and CEO,
responded, “I believe business is teamwork; therefore firing board members is
not a smart move. The business in Chile was going very well up until last year.
What happened there was beyond our control and totally unexpected. We have
been discussing the situation in Indonesia and now we are in the final stretch.”

In response to a question about operating profit being too low in the gross
sales, “We cannot simply compare the food division with other divisions; with
operating profit margin of 5% in mind, we will advance our business pursuit and
achieve higher profit margin,” explained Kakizoe.

He declined to comment on the matter of stock prices. Dividends became
10 yen, with an increase of one yen; some stockholders expressed concern,
“This raise was a result of proceeds from disposal of fixed asset, not from actual
business profit. We are apprehensive about the next year.” In response to this
worry, Yasuhisa Sato, Senior Managing Director, commented, “We have come to
this conclusion from a long-term perspective. Next year we will do our best to
raise dividends without resorting to disposal of fixed assets.”

With regard to a comment that having 17 executives on the board should
be considered too many, “We are nurturing the next generation of business
successors with the thought of generational change; by having some sort of
‘overlap width’ we will be well supported,” said Kakizoe.

Unagi Scandal: President Kakizoe Insists on Fair Business

As to a recent sandal of the deceptive labeling of unagi involving Uohide
and Maruhanichiro, one female stockholder pleaded, “I request that Nissui keep
its hands clean. Otherwise, I will be forced to sell my stocks.”
“I, as a president, am very much concerned about this issue; by carrying
out mottos: 1) never lie; 2) never deceive anyone; and 3) never escape your own
responsibility, I am convinced that we will conduct ‘fair business’,” passionately

Translated by Kiyo Hayasaka on June 26, 2008

National Federation of Fisheries Cooperative Associations:High Fuel Prices Force All Fishing Operations to Halt in Mid July

June 26, 2008

Ikuhiro Hattori, President of National Federation of Fisheries Cooperative
Associations (NFFCA), made an appeal to Wakabayashi, Minister of Agriculture,
Forestry, and Fishery, urging the minister to come up with measures to cope with
rising fuel prices on June 25, 2008.

The NFFCA has decided to completely halt fishing operations nationwide
in mid-July to convey the extremely distressed condition of the fishing industry to
the nation.

Hattori said, “Due to worldwide phenomenon of abruptly soaring crude oil
prices, a price of Bunker A necessary for fishing has tripled compared to five
years back; knowing that the rising fuel costs do not seem to stop in the
foreseeable future, fishermen have been greatly apprehensive about the future.”

“Fishermen have been making great efforts to reduce energy
consumptions and labor costs by reduction of boat speed and lower illuminating
power of squid boats; however there has been a grievous cry that their painful
voluntary efforts are hitting and going beyond the limit to the point where they
consider halting fishing or discontinuing business,” further said Hattori.

“We are appealing to the nation for the important understanding of our
extremely distressed condition and effort to supply fresh fishery products. To this
end, we are going to proceed with our decision on the ‘nationwide complete
halting of fishing operations’ in mid-July. We strongly request that the
government take action to formulate measures to keep our country’s fishing
industry alive,” concluded Hattori.

The NFFCA is scheduled to stage “National Convention of Fishery
Financial Crisis Breakthrough” in Tokyo on July 15, 2008.

Translated by Kiyo Hayasaka on June 26, 2008

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