5^TH of FEBRUARY 2000

 Agenda:

The chairman apologised for the missing of documents ahead of the meeting. The Board approved the agenda, and the items on the agenda were handled as follows:

1. PRELIMINARY ANNUAL REPORT 1999

The annual report will have the following headlines: Background, The Board, Staff, Activities, Financial position and Environment ( if the activities pollute the environment).

Hans Kolbein will complete the annual report after getting some lines regarding:

• preparation for a breeders conference, from Oda

• FHI-visit to Belgium and Germany, from Oda

• Equitana 99, from Erhard

• Sale activities, from Erhard

• International Judge Conference from Oda

• Organised tour for USA-people, from Erhard

• Breeders conference in Essen, from Oda

Decision: The official annual report shall be written in Norwegian language according to the legislation in Norway. For the purpose of The General Assembly it will be translated into English. It will be distributed to all shareholders at least 30 days ahead of The General Assembly.

2. FUTURE EVENTS IN 2000

The following future events were mentioned:

• Stallion Show, Nordfjordeid, Norway, 4^th –6^th May

• A Pony Show, Schønbach in Hessen, Germany, 3^rd –4^th June

• Norwegian Championship for Fjord Horses, Ekeberg, Oslo, Norway, 8^th-11^th July

• Nordic Championship for Fjord Horses, Ekeberg, Oslo, Norway, 12^th –15^th July

• Mare Show, Denmark, 29. July

• 45^th Anniversary, Fjord Horse, Holland, 5^th-6^th August

• Horse 2000, Hellerud, Norway, 12^th –13^th August

• Stallion Show, Vilhelmsborg, Denmark, 9^th-10^th . September

• 25^th Anniversary, Fjord Horse, Switzerland, 16^th –17^th September

• 25^th Anniversary, Fjord Horse, Belgium, 30^th September-01^st October

These dates are just mentioned for the sake of information to the board.

3. FINANCIAL POSITION, FEBRUARY 2000

The accounts 1999 show the following main figures in NOK:

In addition, the bank deposit has increased with NOK 300 000 as a result of money from The State Agriculture Bank. This is the 2000 part of the salary intended for Ove Natland, who has got another job.

The situation is critical for the FHI, because the share capital is reduced from NOK 720 000 to NOK 87 827, which is far below the half of the total. According to the legislation regarding stock companies, the board has to advice the general assembly when such happens.

The discussion was focused about two scenarios;

• either to prepare the general assembly to change from a stock company to an international organisation based on memberships, or

• advice the general assembly to decide reduction of the value of each share from

NOK 10 000 to NOK 1 500, i.e. to reduce the total share capital from NOK 720 000 to NOK 114 000.

The Board got the understanding, that the last scenario was easier to operate within the limits of the legislation, compared to the situation of to day, because the half of the total capital would be much lower then it is now. It means also that new shares can be bought for NOK

1 500, and that new shareholders also will have one vote for each new share.

Decision: The Board will advice The General Assembly to reduce the value of each share to NOK 1 500, i.e. to reduce the registered total capital to NOK 114 000. The Board will ask The General Assembly for permission to sell up to 10 new shares in the period until the next General Assembly.

4. ACCOUNTS 1999

The preliminary accounts for the year 1999 were presented by Morten. He emphasised that they were preliminary, and that the auditor had not examined them yet. Questions from the board members were answered by Morten.

Decision: The Board will forward the examined accounts for 1999 to the General Assembly.

5. FINANCIAL BUDGET 2000

A proposed financial budget for the year 2000 was presented by Hans Kolbein. During the discussion the incomes were reduced with NOK 18 000, coming from the sale of articles. Then the budget figures like this:

Decision: The financial budget for the year 2000 was approved.

6. FHI INTERNET HOME PAGE – NEW DESIGN

Hans Kolbein gave information about the work with a new design for the FHI Internet Home Page. Ingvild Nygaard Sveen, a member of the Norsk Fjordhestlag, is working with the project, and she is in contact with Erhard and Hans Kolbein for discussions. Probably the new design will be ready in about a month from now. FHI has the intention to pay her something for the job. The businessplan in the present version shall be taken out immediately.

There was no decision to this item.

7. THE STALLION SHOW AT NORDFJORDEID – FHI HOST DUTIES

FHI has to be active during the days at Nordfjoreid, which includes the main happenings for FHI this year.

FHI has booked 2 cabins at Norsk Fjordhestsenter for guests. We will book rooms in the Hotel for those who ask for it. Erhard is booking manager.

FHI will push the organising committee to promote the happenings more international than earlier. Erhard and Hans Kolbein push.

FHI will organise a Breeders Conference on Wednesday afternoon, 3^rd of May. Knut Tunheim and Oda give introductions, Hans Kolbein acts as chairman. This will be on Norsk Fjordhestsenter.

FHI will have The General Assembly in the Hotel on Friday, 5^th of May at 1600.

There was no decision to this item.

8. ORGANISING THE GENERAL ASSEMBLY AT NORDFJORDEID IN MAY

The date is Friday 5^th of May, and the time is 1600. The call for The General Assembly shall be sent to all shareholders 1 month ahead of the 5^th of May. The Agenda was decided to be the following:

1. Opening, registration of share holders and votes by proxy

2. Election of chairman, secretary and to persons to sign the minutes

3. Annual report and annual accounts for the year 1999

4. Reduction of the value of the shares and reduction of the total capital

5. Permission to sell up to 10 shares in the period until the next GA

6. Appointment of the fee for board members and for the auditor

7. Elections of chairman to the company, 2 board members and 3 deputy board members

In the letter to the share holders, 1 month ahead of the GA, the share holders will be invited to participate in a open meeting for shareholders and others, immediately after the GA. In that meeting, items like budget, activities and other business can be discussed friendly. However, there will be no voting in such a meeting.

Hans Kolbein writes to the voting committee and ask them to prepare the elections for the GA.

Decision: The procedure for the GA shall be as decided above.

9. ORGANISED JOURNEY TO NORWAY – SUMMER 2000

A proposal from Oda was raised, if FHI could set a frame for a tour to Norway for those who want to visit some Fjord Horse Events in Norway during the summer. The week in which the Norwegian and the Nordic championships is held would be preferable.

The decision was that Ann Kristin takes contact to a Hotel in Oslo and searches for some to operate a minibus or other bus. She will also point out a person to stand by with the group during the stay and propose which of the days will be best suited for own tourism. A travelling agent should be contacted for setting up a complete tour. Oda announces the tour in the fjord horse journal in Germany, and how to contact the travelling agent. The announcement should take place within a week.

10. OTHER BUSINESS

No items were presented under this headline.