CAMAU FROZEN SEAFOOD PROCESSING

IMPORT EXPORT CORPORATION

(CAMIMEX)

October 2012

2

CONTENTS

1. SECTOR OVERVIEW

2. COMPANY DETAILS

a) Development milestone

b) Land and Location

c) Farming

d) Products

e) Markets

f) Processing Capacity

g) Shareholder structure and Management

3. INVESTMENT RATIONALE

4. PARNERSHIP OPPORTUNITY

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1. SECTOR OVERVIEW

Vietnam

Shrimp

Importers,

Jan-Jun 2012

Vietnam

Shrimp

Turnover

(VND bn)

Shrimp sector plays an important role of

Vietnam export, accounted 40% of total

seafood exporting each year;

Japan is the biggest Importer of Vietnam

shrimp. Since mid-May 2012, Japan

officially inspected Ethoxyquin residue on

30% of shrimp consignments originated

from Vietnam with maximum residue limits

(MRLs) of 0.01 ppm. This is a big challenge

with Camimex compepitors, but a chance

for Camimex to increase exporting volumn

to Japan market;

In the first half of 2012, Vietnam shrimp

sector has total more than US$1 billion of

export value. In which, Japan, US and EU

were three leading importers, representing

a proportion of 61% in total earnings.

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2. COMPANY DETAILS Development milestones

2011_ The State completed its divestment from Camimex;

Raising Chartered capital to VND 132mn;

2009 _ State reduced its stake to 43%;

Raising Chartered capital to VND 115mn;

2008 _ Invest USD 850,000 to establish a subsidiary at US

named CMX Food Inc, in charge of distributing

Camimexs products in US;

Raising Chartered capital to VND 93mn;

2007_ Raising Chartered capital to VND 82mn;

2006_ Equitization and operating as a Joint Stock Company

with Chartered capital VND 65bn. State owns 65%;

Extend factory capacity to 10,000 tons/year

2002_ Extend factory capacity to 7,000 tons/year

1996_ Sign exclusive contract worth $15mn/year with a Swiss

distributor to sell organic shrimp;

1993_ Invest in seafood processing factory with capacity 600

tons/year;

1977_ Founded in 1977 as a 100% state-owned cold storage

factory;

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2. COMPANY DETAILS Land & Location

ADVANTAGOUS LOCATION :

located in Ca Mau City where the

natural environment suits organic

and extensive shrimp farming.

Therefore, shrimp from this region

has higher quality and lower

chemicals/antibiotics than shrimp

from other areas.

LARGE LAND HOLDINGS :

Camimex has land use rights over

10,000 hectares, of which 6,000 is

water surface area suitable for

organic farming, plus another 650

hectares for extensive farming. The

company is currently operating on

just 10% of its total farmable area

and has a lot of chance to increase

that ratio.

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2. COMPANY DETAILS

Diversify Farming with exclusive Organic

ORGANIC FARMING: Using large area, about 40% for shrimp raising and

remaining 60% for tree planting. The environment becomes naturally

fertilized and no industrial food is added. Shrimp has highest quality, less

risk of disease and can be exported at high price. Camimex has 6,500ha

with raw material output 1.100 tones/year.

EXTENSIVE FARMING: A certain amount of baby shrimps is added to the

pond on regular basis . This way requires less investment and can harvest

shrimp every time during the year. Camimex has 250ha in Ca Mau..

INDUSTRIAL FARMING: High density of shrimps (120 shrimps per sqm)

with industrial food. High investment, high yield (up to 8 tons per hectare).

A pond can be harvested every 3-4 months. Camimex has 250ha in Kien

Giang (of which 50ha is used).

POST LARVAE: Camimex has their own post larvae feeding area (5ha) at

Camau which supplies baby shirmp both for their farms and contracted

farmers. Shrimp parents are caught from the sea. Now Camimex supplies

14 mn post parvae per year and expects to 60mn next year.

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2. COMPANY DETAILS Processing capacity

3 Processing lines: total capacity 10,000 tons/year. Self-

farming provide about 30% shrimp for processing. Remaining

is purchased through contracted agents or directly from

farmers. Farmers, ponds and agents are all coded for

traceability system.

An additional processing line

(focus on added value

shirmp) is being built on

company-owned land with

capacity 7,000 tons/year.

About VND 50bn has been

injected and construction for

processing area is almost

finished.

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2. COMPANY DETAILS Products

Shrimp

Gyoza

Shrimp

Wantan

Potato

Wrapped

Shrimp

Shrimp

Four

Colour

Haukau

Black

Tiger

Head-on

Shell-on

Black Tiger

Head-less

Shell-on

Black

Tiger

Peeled

Deveined

Tail-on

Nobashi

Vannamei

Head-on

Shell-on

Vannamei

Headless

Shell-on

Vannamei

Peeled

Deveined

Tail-off

Shushi

http://www.camimex.com.vn/index.php?route=product/product&path=20&product_id=53http://www.camimex.com.vn/index.php?route=product/product&path=20&product_id=71http://www.camimex.com.vn/index.php?route=product/product&path=20&product_id=55http://www.camimex.com.vn/index.php?route=product/product&path=20&product_id=52http://www.camimex.com.vn/index.php?route=product/product&path=17&product_id=84http://www.camimex.com.vn/index.php?route=product/product&path=17&product_id=85http://www.camimex.com.vn/index.php?route=product/product&path=57&product_id=61http://www.camimex.com.vn/index.php?route=product/product&path=57&product_id=62

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2. COMPANY DETAILS Markets

EXPAND JAPAN MARKET: In the

second quarter of this year, a

series of additional quality

standards have been introduced

by the Japanese government,

which have hit Vietnams

industrial shrimp exports to that

market; herein lies an

opportunity for the organic and

extensive shrimp on which this

company exclusively focuses;

EXCLUSIVE CONTRACT: worth

$15m/year (= c. VND 310bn) to

sell organic shrimps to a

distributor in Switzerland, who

pays a high price and is flexible

on shipment terms.

US

$44mn

EU

$17mn

Japan

$6mn

Others

$10mn

Vietnam

$2mn Others

$13mn

Japan

$7mn

EU

$17mn

US

$19mn

Selling Turnover

Market structure 2011

Vietnam

$6mn

US

$9mn

EU

$17mn

Japan

$4mn Vietnam

$3mn Others

$7mn

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2. COMPANY DETAILS SH structure & Management

Mr. Nguyen An Ninh BOD member - CEO

He has more than 20 years of experience in the shrimp

business, including farming, processing and exporting

Shareholder Structure

Mr. Bui Si Tuan - Chairman

He has more than 15 years of experience in the shrimp

business, and finance

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3. INVESTMENT RATIONALE

Advantageous locations

Assertive and savvy

management

Large land holdings

Vertically integrated

Strong growth potentials

in term of expand

volume, revenue and

profit

1

2

3 5

6

Exclusive contract to sell

organic shrimp

4

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4. PARNERSHIP OPPORTUNITY

Target end of 2013 nearly double processing capacity

Fund raising : VND 200bn;

Purpose:

VND 70bn for working capital;

VND 80bn for new factory; and

VND 50bn for farm expansion.

Shares are preferable. Convertible bond can be negotiated;