Part 1

Business Operation

1.  Policy and overall business operations.

The company is a manufacturer and exporter of canned pineapple,
pineapple juice and juice concentrate and other processed tropical
fruits. It operates a multi-fruit processing factory in Chonburi
Province and exports its produce under the brand of the company’s
customers.

Eastern Seaboard Industrial Estate (Rayong) Co., Ltd, is a joint venture
company between Siam Food Products PCL. and Hemaraj Land and Development
PCL. Eastern Seaboard Industrial Estate (Rayong) Co., Ltd. was set up on
3 November 1994. The company has a registered and paid up capital of
Baht 358 million, 40% of which is owned by Siam Food Products PCL. Its
business is to develop an industrial estate in Rayong, and to build and
sell public utilities to both Thai and foreign investors.

On 27 October 2010, the company established a subsidiary company under
the name of Quality Pineapple Products Co., Ltd., or QPP, whose office
is located at 1 Empire Tower, 43rd Floor, South Sathorn Road, Yannawa
Sub-district, Sathorn District, Bangkok 10120. QPP was established in
order to support the expansion of the company’s business which purchased
a canned pineapple and concentrated pineapple juice factory in Hua Hin
District, Prachuab Kirikhan Province.

In December 2013 the company invested in 6.88 percent of the paid-up
registered capital of 4,700 million Baht of the Real Estate Investment
Trust and lease rights in Ratcha Industrial “HPF” which invested in some
assets of Hemaraj Industrial Estate Public Company Limited and Eastern
Seaboard Industrial Estate (Rayong) Co., Ltd.

On 26 August 2015, a subsidiary company was established under the name
of Siam Food (2513) Co., Ltd. with a registered capital of 1 million
Baht and using the company abbreviation “SF (2513)” with its head office
located at No. 1, Empire Tower, 43^(rd) Floor, South Sathon Road,
Yannawa Sub-District, Sathon District, Bangkok 10120. The affiliate was
set up to accommodate the business expansion of the company and to
operate commercial and investment business such as manufacturing,
supplying raw materials and expanding the investment in AEC.

The Annual General Meeting of the Shareholders No. Bor Mor Jor 24 for
the year 2016 held on 22 April 2016 had considered and unanimously
resolved to change ending date of Annual Accounting Period of the
Company from 31^(st) December to be 30^(th) September of each year,
starting fiscal year 2016 which will be the first year nine-month period
from January to September 2016, after that a period of 12 months
starting October – September for each year.

1.1 Vision, Mission and Common Definitions

The Board of Directors' Meeting No. 7/2018 held on September 27, 2018
has reviewed and approved the vision, mission, shared core values and
short-term and long-term strategies. To guide and establish clear goals
for the business of the company as follows：

The company has the following vision, mission and shared core values.

Vision

Our overriding goal is to be a modern, innovative food processing
company with at least five main product groups and branded, added-value
retail products that sell directly to consumers in Thailand and around
the world.

We will be the 4th largest pineapple processor in the world, achieved by
expansion of our growing area and processing sites. We are vertically
integrated growing at least 20% of our fruit on our own plantations.

Whilst canned pineapple remains our core business it will contribute no
more than 50% of our revenue. We will diversify our business and move up
the value chain with new products, new packaging formats and using new
process technologies

Mission

Siam Foods processes packaged fruit and has a high reputation for its
long history as a founder of the pineapple industry in Thailand with
consistently good service and quality. We are principled, ethical and
loyal, following the way of our owners. We want to make the Thai
pineapple industry sustainable for farmers in the long run where we can
both make reasonable profits in every year.

We don’t stand still and are always looking for new ways to innovate,
grow and improve. We are socially responsible and provide an environment
that is fair, fun and challenging with long term rewards for those that
grow with us.

Our customers are from export markets all over the world. They always
see Siam Foods as a reliable partner. They trust us for our quality and
we develop loyalty over years so that product price alone is not always
the most important factor.

Shared Core Values

Deliver Results

Get the right things done. Make things happen. Establish a track record
of results and accomplishments. Be on time and be correct the first
time. Quality is our priority.

Get Better

Continuously Improve. Have a ‘’can do’’ attitude and find creative ways
to do new things.

Be innovative. Take responsibility. Never accept that what we do today
is just enough.

Give Trust

Demonstrate trust to others. Care for others is to treat them with
respect. Be open and genuine. Make things right when you are wrong. Give
credit to others.

Have Integrity

Be honest. Keep to ethical principals. Be loyal. Act with the best
intentions.

1.2 Significant developments in the preceding year

The company is committed to developing new products as per the vision of
company. In the year 2018, the company developed such new products, as
canned Young Jackfruit in brine. This targets the growing trend for
vegetarian foods in expert markets around the world.

1.3 Shareholding structures of Siam Food Products Public Co., Ltd.

Subsidiary Affiliate

99.99% 99.99% 40%

2.  
3.  

2.  Nature of Business

The Company produces and exports such products as canned pineapple,
pineapple juice and juice concentrate and other processed tropical
fruits under our customers’ own brand and under the Company’s trade mark
“SIAM FOOD” that has been known and recognized for over 48 years. The
Company owns a pineapple field and plant in Chonburi.

The company has revised its long-term business plan by investment in an
industrial estate since 1995 and the establishment of Eastern Seaboard
Industrial Estate (Rayong), which is a 60:40 joint venture between
Hemaraj and Siam Food Products Plc. This has become a fully integrated
industrial center and one of the largest automotive clusters.

Two subsidiaries were established; Quality Pineapple Products Co., Ltd.
and Siam Food (2513) Co., Ltd. In order to supply raw materials and
enhance long-term sustainable growth.

Business operation goal

The Company has a goal to continuously grow the pineapple business. In
the year 2017, the Company planned to process more pineapple than the
previous year by expanding the manufacturing base and increasing the
production of the affiliate company as well as expanding the cultivation
area by supporting contract farmers through the Siam Food Project Model
in order to encourage farmers to cultivate high quality pineapple with a
higher productivity per rai.

In the year 2018, the Company together with its subsidiary had market
share of raw materials for production of 11.41% of the whole country,
the Company had a market share of 6% of the world market and had a
customer satisfaction level of 82.59%, rising from the year 2017 with a
satisfaction level of 80.64%

On marketing, the company continued to apply a strategy to focus on the
maintenance of the existing customer base and increase for customer in
the new market by offering the products in good quality and good service
as well as delivery of the products as being required to cause maximum
satisfaction of the customer as well as trying to bay new products to
increase the revenue base of the company.

Export Sales in the year 2018 (Oct’17 – Sep’18) to each territory as
below:

-   Europe: 55%

-   USA: 20%

-   Asia: 15%

-   Oceania: 5%

-   Middle East: 3%

-   Africa: 2%

Industrial trend and circumstance of competition in the future

During the current financial year 2018, the market price of our key
products has fallen significantly. This is due to higher levels of
supply from competing nations and generally weak demand in the market.
This has raised inventory levels of the Thai industry. Despite lower
volume of fruit supply the fruit price has fallen to reflect the weak
demand. This trend is expected to continue for some time into 2019

Competition in the market with major competitors such as Indonesia and
the Philippines. Thailand

remains unfavorable in import duty because Europe has canceled
Generalized System of Preferences (GSP) for Thailand, lead to European
importers who import products from the United States tax increase of
about 3.50%, Indonesia and Philippines are also exempt from GSP+.
Moreover, Trade barriers with different specifications and import duty
are still obstacles to the export of products for Thailand.

Income Structure (Consolidated Financial Statement)

Unit : 1,000 Baht

+------------------+--------+-------+--------+------+--------+------+
| Product          | Consol |       |        |      |        |      |
|                  | idated |       |        |      |        |      |
|                  | fin    |       |        |      |        |      |
|                  | ancial |       |        |      |        |      |
|                  | stat   |       |        |      |        |      |
|                  | ements |       |        |      |        |      |
+------------------+--------+-------+--------+------+--------+------+
|                  | 2018   |       | 2017   |      | 2016   |      |
|                  | (12    |       | (12    |      | (9     |      |
|                  | m      |       | m      |      | m      |      |
|                  | onths) |       | onths) |      | onths) |      |
+------------------+--------+-------+--------+------+--------+------+
|                  | Amount | %     | Amount | %    | Amount | %    |
+------------------+--------+-------+--------+------+--------+------+
| Pineapple and    | 2,3    | 97.40 | 3,4    | 9    | 3,0    | 9    |
| other fruits     | 67,600 |       | 81,605 | 7.08 | 51,274 | 5.30 |
|                  |        | 0.35  |        |      |        |      |
| Other            | 8,465  |       | 28,923 | 0.81 | 26,159 | 0.82 |
+------------------+--------+-------+--------+------+--------+------+
| Total sales      | 2,3    | 97.75 | 3,5    | 9    | 3,0    | 9    |
|                  | 76,065 |       | 10,528 | 7.89 | 77,433 | 6.12 |
| Investment       |        | 1.02  |        |      |        |      |
| income           | 24,879 |       | 22,729 | 0.63 | 22,040 | 0.69 |
|                  |        | 1.23  |        |      |        |      |
| Other income     | 29,818 |       | 52,925 | 1.48 | 1      | 3.19 |
|                  |        |       |        |      | 02,125 |      |
+------------------+--------+-------+--------+------+--------+------+
| Total Revenue    | 2,4    | 1     | 3,5    | 10   | 3,2    | 10   |
|                  | 30,762 | 00.00 | 86,182 | 0.00 | 01,598 | 0.00 |
+------------------+--------+-------+--------+------+--------+------+

2.1 Business Operation of each product line

Siam Food Products Public Co., Ltd., is engaged in the business of fruit
processing using agricultural products, such as, pineapple and other
tropical fruits. Most products are export for sale abroad. The products
of the company are as follows: -

(1) Canned and pineapple packed in Pouch bag. Pineapple packed in cans
and hermetically sealed packaging.

(2) Concentrated pineapple juice in aseptic bag

(3) Canned tropical fruits

2.2 Marketing and competitiveness

a.  Marketing

All of the company’s product were exported to global countries where the
important market are Europe, North America, Asia, Middle East and others
respectively, by selling directly through the importer and local agent.
Most product were manufactured under the customers’ trademark while some
was manufactured and sold under SIAM FOOD BRAND.

All products of the company were manufactured under the international
standards, high quality and accepted by global customers as the company
has manufactured and exported for more than 46 years. All products of
the company were accredited by several standards, such as, GMP, HACCP,
BRC, ISO 9001, ISO 14001, OHSAS 18001, and Thai Labor Standard
8001-2553.

b.  Competitiveness

(1) Whilst Thailand has 22 pineapple canneries, the cost of production
    is higher than that of its competitors in the Philippines and
    Indonesia which both only have two pineapple canneries. Furthermore,
    those countries also enjoy more favourable GSP tax benefits.
    However, Thailand still has the largest planted area and
    consequently the largest market share due to the good quality of
    fruit for canning and constant export quantity, appropriate
    technology and manufacturing skill.

  (2) Manufacturing costs are tending to increase, plantation cost
  (fertilizer), minimum wage of employees in factory and farm, higher
  transportation cost may be an obstacle to export in the future. In
  addition, stronger Thai baht exchange rate upon comparing with US
  dollar which directly impacted export.

(3) The company still emphasized on the important to increase
    manufacturing efficiency, quality and efficient management to
    maintain leadership in manufacturing and maintain highest
    satisfaction of the customers.

  (4) The performance of the pineapple business in Thailand depends on
  the quantity and price of fresh pineapple produced each year, together
  with the annual weather conditions. If the price of pineapple is high,
  farmers will grow too much, when prices fall, farmers will grow less,
  this impact on the price of canned pineapple is affected by the demand
  and supply. In 2018, Thailand has less raw material than in 2017, but
  competitors have lower costs than Thailand, they can offer lower
  prices, therefore, customers delayed their orders from Thailand and
  the company has lowered its selling price.

2.3 Product procurement

a) Total manufacturing capacity

Manufacturing capacity and manufacturing quantity

+----------------------------+------+------+-------+----+-----+----+
|                            | 2018 | 2017 | 2016  | 20 | 2   | 20 |
|                            |      |      |       | 15 | 014 | 13 |
|                            | (    | (    | (Jan  |    |     |    |
|                            | Oct1 | Oct1 | -Sep) |    |     |    |
|                            | 7-Se | 6-Se |       |    |     |    |
|                            | p18) | p17) |       |    |     |    |
+----------------------------+------+------+-------+----+-----+----+
| Manufacturing capacity     | 5    | 5    | 5,500 | 5  | 5,  | 5  |
| (one thousand standard     | ,500 | ,500 |       | ,5 | 500 | ,5 |
| cases)                     |      |      |       | 00 |     | 00 |
+----------------------------+------+------+-------+----+-----+----+
| Actual manufacturing       | 3    | 3    | 2,281 | 3  | 2,  | 3  |
| quantity (one thousand     | ,271 | ,755 |       | ,6 | 836 | ,9 |
| standard Cases)            |      |      |       | 04 |     | 10 |
+----------------------------+------+------+-------+----+-----+----+
| Manufacturing capacity     | 5    | 6    | 41.47 | 6  | 51  | 7  |
| rate (%)                   | 9.48 | 8.27 |       | 5. | .56 | 1. |
|                            |      |      |       | 52 |     | 09 |
+----------------------------+------+------+-------+----+-----+----+
| Increasing rate of         | (12  | 6    | (3    | 2  | (   | (4 |
| manufacturing capacity (%) | .87) | 4.63 | 6.71) | 7. | 27. | .5 |
|                            |      |      |       | 08 | 47) | 4) |
+----------------------------+------+------+-------+----+-----+----+

Manufacturing capacity and quantity of concentrated juice

+---------------------------+-------+-------+-------+----+-----+----+
|                           | 2018  | 2017  | 2016  | 20 | 2   | 20 |
|                           |       |       |       | 15 | 014 | 13 |
|                           | (Oc   | (Oc   | (Jan  |    |     |    |
|                           | t17-S | t16-S | -Sep) |    |     |    |
|                           | ep18) | ep17) |       |    |     |    |
+---------------------------+-------+-------+-------+----+-----+----+
| Manufacturing capacity    | 1     | 1     | 1     | 17 | 17, | 17 |
| (ton)                     | 7,500 | 7,500 | 7,500 | ,5 | 500 | ,5 |
|                           |       |       |       | 00 |     | 00 |
+---------------------------+-------+-------+-------+----+-----+----+
| Actual manufacturing      | 7,798 | 8,677 | 5,448 | 7  | 6,  | 9  |
| quantity (ton)            |       |       |       | ,2 | 472 | ,1 |
|                           |       |       |       | 56 |     | 06 |
+---------------------------+-------+-------+-------+----+-----+----+
| Manufacturing capacity    | 44.56 | 49.58 | 31.13 | 4  | 36  | 5  |
| rate (%)                  |       |       |       | 1. | .98 | 2. |
|                           |       |       |       | 46 |     | 03 |
+---------------------------+-------+-------+-------+----+-----+----+
| Increasing rate of        | (1    | 59.25 | (2    | 1  | (   | 6. |
| manufacturing capacity    | 0.13) |       | 4.92) | 2. | 28. | 84 |
| (%)                       |       |       |       | 11 | 93) |    |
+---------------------------+-------+-------+-------+----+-----+----+

Raw material and the seller

The company procures raw material and other materials used in
manufacturing both from within the country and from abroad whereby
approx. 98% are raw materials in Thailand, such as, pineapple, fruits,
can, paper box and label and other 2% are imported, such as, retortable
pouch.

b) Environmental impact

The industry of manufacturing of pineapple in sealed containers
generates waste water from the manufacturing processes which the
operator is required to comply with the requirements of Factory
Department, Ministry of Industry to determine Biochemical Oxygen Demand
value (BOD) or oxygen value which microorganism is required to digest
organic substance in the water shall not exceeding 20 mg./litre,
Chemical Oxygen Demand (COD) not exceeding 120 mg./Litre.

The company had measure to treat wastewater of the factory by treatment
capacity 4,000 m.³/day by Waste Stabilization Pond on approx. 180 rai
land dug into 9 treatment pond for 5 processes, i.e., Pump Sump,
Anaerobic 3 Pond, Facultative 4 Pond, Water Hyacinth Pond and Polishing
Pond. Wastewater shall pass along 9 ponds to adjust its pH value to
achieve standard of Department of Industrial Factory before draining to
natural source and the company has also installed device to measure BOD
outside the system on line. In addition, the company covered the 1^(st)
Anaerobic pond to keep the biogas as the fuel instead of the stove oil,
which could be used since November 2013. Could save the fuel of about 12
million Baht per year, and could control the odor not to disturb the
dwelling people near the sewer.

3.  Risk factors

The company has engaged in the food business whereby our main products
are canned pineapple, pineapple in retort pouch, concentrated pineapple
juice in retort pouch, mixed fruits (pineapple, red papaya, yellow
papaya and guava) seasonal fruits (mangos, jackfruit)

Thailand is the worlds’ largest source of pineapple for processing. The
volume of pineapple produced each year will depend upon the growing area
of farmers and the climate. When the pineapple price is high, the
farmers will grow more pineapple, hence gradually leading to an
oversupply. On the other hand, when the price goes down, the growing of
pineapple will eventually decrease. The price of pineapple is,
therefore, cyclical, thus affecting the price of canned pineapple under
the demand and supply principle. The projection on volume and the fresh
pineapple price is the key factor for the company’s performance.

In 2018 we did some operational analyses and assessments to ensure
achieving the Company’s action plan goals, by following the COSO
standard on risk management, with 4 risk types - 1. Strategy, 2.
Production, 3. Marketing, and 4. Operation - defined by the Risk
Management Committee, and four major risk factors as follows:

1. Risk about the raw material: The quantity of pineapple harvested
depends on the planting area of the previous cycle and the climate for
the years. The harvest level has an impact on the fruit price and
consequently on the production cost of the company. The company has its
own pineapple farm which contributes approximately 18% of the
production. The balance is received from around 1,000 contract farmers.
Therefore a key success factor is to encourage the farmers to increase
their yield to be similar to the company’s farm. An important strength
of Siam Food is the good relationship between the farmers and the
company that it has created over 48 years. The cultivation could be
managed from the beginning until harvesting and delivery to the
company's factory. To reduce the risk of pineapple raw materials, the
company plans to increase the area of ​​pineapple cultivation by expanding
the space to potential locations and supplying farmers as a contract
farming with the company.

2. Risk of production: Due to the situation of raw pineapple in the past
three years, the price of pineapple has been high. Farmers have
increased pineapple planting area. In 2018, the price of raw material
has decreased significantly. The pineapple volume in 2019 is expected to
continue to decline, as a result, the purchase price of raw materials
may be slightly increased. Inventory volume is high, and customers
continue to delay the order of products. To reduce the risk of aged
inventory, the company plans to careful control production against
orders.

3. Market risk: Since the products are mainly for the export, buyers
will act as traders and import the consumer goods from all across the
world. The characteristic of the contract is a future trade for the
delivery within 1 to 6 months period, and in some cases a 12 month term.
However, the raw material price may be increased when comes to the
production for export. As a result, in considering the term of either
short- or long-term future trade, it has to emphasize on the factors
concerning both demand and supply of the market. This includes the
production of domestic producers along with those of the major exporters
such as Indonesia and the Philippines, etc.

In addition to the above, the marketing needs to contemplate the global
economy as to projecting the sales volume in each region and the risk of
customers’ payment. Nevertheless, most of the customers are in the
long-term business relationship, thus having proven records. To reduce
market risk, the company plans to:

- Manage sales and sales target by taking into account the quantity and
quality of raw materials and the production plan for the whole year.

- Analyze and evaluate the value of Thai baht continuously.

- Set credit limit for each customer to prevent risk in case of default.

- Visiting Exhibitions both domestic and international to follow the
global market situation and find new customers.

- Visiting foreign customers to tighten the relationship and a long-term
partner.

  4. Financial risk: The product sales of the company are mostly for the
  export, accounting for 95%

of the total sales, and mainly traded in the U.S. currency, with some in
Euro and Pound sterling currency. In 2018, the U.S. Dollar was highly
fluctuated and some time weakened rapidly when compared with Thai baht.
This adversely affected the company’s revenues and profits. In order to
reduce a risk in exchange rate, the company has wisely made forward
contracts with the bank.

This year we focus on strategy to reduce risk by

-   Reduce production cost.

-   Selling price should higher than operation cost.

-   Sale more product such as Mango, Rambutan, Jackfruit, Tropical fruit
    cocktail, pineapple peel.

-   Understand market dynamic in order to manage sales to best
    advantage. Analysis market status to determine if buyers or sales
    market.

  The activity to control risk meets the target.

4. Operating Assets

(1) Major operating assets of the Company.

  As At 30 September 2018, the company had major operating assets used
  in the business as follows:

+-----------------------------+----------+------------+---------------+
| Description of assets       | Type of  | Book value | Obligation    |
|                             | Rights   |            |               |
|                             |          | (in millon |               |
|                             |          | Baht)      |               |
+-----------------------------+----------+------------+---------------+
| 1.  Land Location           | Owned    | 177.12     | No            |
|                             | assets   |            |               |
| Land’s Factory              |          | 23.94      | No            |
|                             |          |            |               |
|   -Banbung, Chonburi        |          | 38.32      | No            |
|                             |          |            |               |
| 1,324-1-78 Rai              |          | 52.01      | No            |
|                             |          |            |               |
| Land’s Plantation           |          | 62.85      |               |
|                             |          |            |               |
| - Banbung,Chonburi          |          |            |               |
|                             |          |            |               |
| 12,154-1-49 Rai             |          |            |               |
|                             |          |            |               |
| - Khon buri ,Nakhon         |          |            |               |
| Ratchasima                  |          |            |               |
|                             |          |            |               |
| 2,893-1-45 Rai              |          |            |               |
|                             |          |            |               |
|   - Chai Badan,Lop Buri     |          |            |               |
|                             |          |            |               |
| 2,015-1-37 Rai              |          |            |               |
|                             |          |            |               |
| Total 18,387-2-9 Rai        |          |            |               |
+-----------------------------+----------+------------+---------------+
| 2.  Land Location           | Leased   | -          | -             |
|                             | assets   |            |               |
|   Land’s Plantation         |          |            |               |
|                             | (2-3     |            |               |
| -K                          | years)   |            |               |
| aokanthong,Siracha,Chonburi |          |            |               |
|                             |          |            |               |
| 677-0-0 Rai                 |          |            |               |
|                             |          |            |               |
| -Nong Suea Chang,Nong       |          |            |               |
| yai,Chonburi                |          |            |               |
|                             |          |            |               |
| 2,143-1-67 Rai              |          |            |               |
|                             |          |            |               |
| - Khlong                    |          |            |               |
| Kio,Banbung,Chonburi        |          |            |               |
|                             |          |            |               |
| 49-0-38 Rai                 |          |            |               |
|                             |          |            |               |
| Total 2,859-2-05 Rai        |          |            |               |
+-----------------------------+----------+------------+---------------+
| 3. Head Office              | Leased   | -          | -             |
|                             | asset    |            |               |
| 195 Empire Tower 43^(rd)    |          |            |               |
| Floor,                      | (3       |            |               |
|                             | years)   |            |               |
| South Sathorn               |          |            |               |
| Road,Yannawa,Sathorn,       |          |            |               |
|                             |          |            |               |
| Bangkok.                    |          |            |               |
+-----------------------------+----------+------------+---------------+
| 4. Factory Office and       | Owned    | 40.40      | No            |
| Warehouse                   | assets   |            |               |
|                             |          |            |               |
| - 218 Moo 4 Chachoeng       |          |            |               |
| sao-Sattahip                |          |            |               |
|                             |          |            |               |
| Nong I-run,Banbung,Chonburi |          |            |               |
+-----------------------------+----------+------------+---------------+
| 5. Plantation Office        | Owned    | 6.64       | No            |
|                             | assets   |            |               |
| - 160/1 Moo 6 Chachoeng     |          | 1.33       | No            |
| sao-Sattahip                | Owned    |            |               |
|                             | assets   |            |               |
| (Km 72 Nong Prue) Khlong    |          |            |               |
| Kio,                        |          |            |               |
|                             |          |            |               |
| Banbung,Chonburi            |          |            |               |
|                             |          |            |               |
| - 15 Moo 7 Nikhom Lam       |          |            |               |
| Narai,Chai                  |          |            |               |
|                             |          |            |               |
| Badan,Lopburi               |          |            |               |
+-----------------------------+----------+------------+---------------+
| 6. Machine and equipment    | Owned    | 338.27     | No            |
|                             | assets   |            |               |
+-----------------------------+----------+------------+---------------+

(2) Investment Policy in subsidiary and holding company

Since the company had a lasge number of plots of land in Chon Buri and
Rayong Province, some parts located in the Eastern Industrial Estate
development zone which Government invested in public facilities,
therefore the company sold part of its land to Land Development Company
and holding in Eastern Seaboard Industrial Estate (Rayong) Co.,Ltd. in
proportion of 40% of 358 million baht registered capital and having
company director join as director in holding company as following
position:1 President, 2 directors, total 3 person from 7 directors.

The previous company performance was good even during the depression in
the general real estate business, but Automobile industrial still grow
and also worldwide automobile company such as GM, Ford-Mazda, has
invested in project of holding company,leading to other industries such
as food, packaging also invested in the industrial estate

Previous business turnover as following;

2018 Net Profit (Oct 17-Sep 18) 513.87 million Baht

2017 Net Profit (Oct 16-Sep 17) 438.70 million Baht

2016 Net Profit (Jan-Sep) 178.51 million Baht

2015 Net Profit 88.50 million Baht

2014 Net Profit 659.79 million Baht

2013 Net Profit 1,869.39 million Baht

2012 Net Profit 213.59 million Baht

2011 Net Profit 150.61 million Baht

2010 Net Profit 150.66 million Baht

2009 Net Profit 59.11 million Baht

2008 Net Profit 304.09 million Baht

2007 Net Profit 215.19 million Baht

2006 Net Profit 148.38 million Baht

2005 Net Profit 203.16 million Baht

5. Legal dispute

None

6. General Information

The Company Name : Siam Food Products Public Company Limited

Business Type : A producer and distributor of processed agricultural
products for

export.

Head Quarter Location : The 43^(th) floor, Empire Tower, 1 South Sathorn
Road,

Yannawa, Sathorn, Bangkok

Company Registration Number : 0107536000072

Homepage : www.siamfood.co.th

Telephone Number : 0-2287-7000

Fax Number : 0-2670-0154

Registered Capital : 300,000,000 baht

Paid-up Capital : 210,000,000 baht

Type of Stock : Common Stock

Paid-up Common Stock : 21,000,000 shares

Par value : 10 baht per share

Other material information

Siam Food Products Public Co., Ltd., had invested in other company as
the holder of share over 10% upwards in 3 companies as follows: -

As at 30 September 2018

+----------+-------+----------------+-------+-------+-------+------+
| C        |       | Type of        | Inves | Inves | Regis | Paid |
| ompany’s |       | Business       | tment | tment | tered | Up   |
| Name     |       |                | A     | Propo | Ca    | Cap  |
|          |       |                | mount | rtion | pital | ital |
|          |       |                |       |       |       |      |
|          |       |                | (m.   | (%)   | (m.   | (m.  |
|          |       |                | baht) |       | baht) | b    |
|          |       |                |       |       |       | aht) |
+----------+-------+----------------+-------+-------+-------+------+
| Quality  | Subsi | 222 Moo 3 Bann | 400   | 99.99 | 400   | 400  |
| P        | diary | Nongnoknoi,    |       |       |       |      |
| ineapple | co    | Tumbol         |       |       |       |      |
| Products | mpany | Hinlexfai,     |       |       |       |      |
| Co.,     |       | Amphur Hua Hin |       |       |       |      |
| Ltd.     |       | ,              |       |       |       |      |
|          |       | Pra            |       |       |       |      |
|          |       | chuabkirikhan. |       |       |       |      |
|          |       | Thailand.      |       |       |       |      |
|          |       | Postal         |       |       |       |      |
|          |       | Code77110,     |       |       |       |      |
|          |       | Manufacture    |       |       |       |      |
|          |       | and            |       |       |       |      |
|          |       | distributor of |       |       |       |      |
|          |       | canned         |       |       |       |      |
|          |       | pineapple,     |       |       |       |      |
|          |       | concentrate    |       |       |       |      |
|          |       | pineapple      |       |       |       |      |
|          |       | juice for      |       |       |       |      |
|          |       | export         |       |       |       |      |
+----------+-------+----------------+-------+-------+-------+------+
| Siam     | Subsi | 1 Empire       | 0.25  | 99.99 | 1     | 0.25 |
| Food     | diary | Tower,43^(rd)  |       |       |       |      |
| (2513)   | co    | Floor, South   |       |       |       |      |
| Co.,     | mpany | Sathorn Road,  |       |       |       |      |
| Ltd.     |       | Yannawa,       |       |       |       |      |
|          |       | Sathorn,       |       |       |       |      |
|          |       | Bangkok.       |       |       |       |      |
|          |       | Thailand.      |       |       |       |      |
|          |       | Postal         |       |       |       |      |
|          |       | Code10120,     |       |       |       |      |
|          |       | Operated the   |       |       |       |      |
|          |       | commercial and |       |       |       |      |
|          |       | investment     |       |       |       |      |
|          |       | business       |       |       |       |      |
|          |       | Provided raw   |       |       |       |      |
|          |       | materials      |       |       |       |      |
|          |       | domestically   |       |       |       |      |
|          |       | and            |       |       |       |      |
|          |       | i              |       |       |       |      |
|          |       | nternationally |       |       |       |      |
|          |       | and extended   |       |       |       |      |
|          |       | the investment |       |       |       |      |
|          |       | in AEC.        |       |       |       |      |
+----------+-------+----------------+-------+-------+-------+------+
| Eastern  | Assoc | Located in     | 1     | 40    | 358   | 358  |
| Seaboard | iated | Pluak Daeng    | 43.20 |       |       |      |
| In       | co    | District,      |       |       |       |      |
| dustrial | mpany | Rayong         |       |       |       |      |
| estate   |       | Province, and  |       |       |       |      |
| (Rayong) |       | comprise an    |       |       |       |      |
| Co.,     |       | area of 9,726  |       |       |       |      |
| Ltd.     |       | rai (3,890     |       |       |       |      |
|          |       | acres) ESIE is |       |       |       |      |
|          |       | a joint        |       |       |       |      |
|          |       | venture        |       |       |       |      |
|          |       | company        |       |       |       |      |
|          |       | between        |       |       |       |      |
|          |       | Hemaraj Land   |       |       |       |      |
|          |       | and            |       |       |       |      |
|          |       | Development    |       |       |       |      |
|          |       | PCL. and Siam  |       |       |       |      |
|          |       | Food Products  |       |       |       |      |
|          |       | PCL. (60:40),  |       |       |       |      |
|          |       | EISE was set   |       |       |       |      |
|          |       | up on 10       |       |       |       |      |
|          |       | November 1994. |       |       |       |      |
|          |       | Its business   |       |       |       |      |
|          |       | is to develop  |       |       |       |      |
|          |       | an industrial  |       |       |       |      |
|          |       | estate in      |       |       |       |      |
|          |       | Rayong, and to |       |       |       |      |
|          |       | build and sell |       |       |       |      |
|          |       | public         |       |       |       |      |
|          |       | utilities to   |       |       |       |      |
|          |       | both Thai and  |       |       |       |      |
|          |       | foreign        |       |       |       |      |
|          |       | investors.     |       |       |       |      |
+----------+-------+----------------+-------+-------+-------+------+

Reference

Security Registrar

Thailand Securities Depository Co., Ltd.

93  Ratchadaphisek Road, Dindaeng, Bangkok 10400, Thailand

Tel: (66 2) 009 9000

External Auditor:

KPMG Phoomchai Audit Ltd.

1 Empire Tower, 50^(th) – 51^(st) floor,South Sathorn road, Yannawan,
Sathorn district, Bangkok 10120

Tel. 02-6677-2000

Investor Relations

Mr. Kiartisak Lertsiriamorn

1 Empire Tower, 43^(th) floor,South Sathorn road, Yannawan, Sathorn
district, Bangkok 10120

Tel : 02-287-7003

Fax : 02-670-0154

E-mail : Kiartisak.l@siamfood.co.th

Banker

1.  Kasikorn Bank Public Company Limited (Head Office) 1 Radburana Road,
    Radburana, Bangkok 10140 Tel : 0-2871-3650 to 5

2.  Thai Military Bank Public Company Limited (Head Office) 3000
    Phaholyotin Road, Jatujak, Bangkok 10900 Tel : 0-2242-3980 to 1

3.  Bangkok Bank Public Company Limited (Head Office) 333 Silom Road,
    Bangrak, Bangkok 10500 Tel : 0-22626-3327

4.  United Overseas Bank (Thai) Public Company Limited (Head Office) 191
    South Sathorn Road, Sathorn, Bangkok 10120 Tel : 0-2343-3000 Fax :
    0-2285-1365

5.  Bank of Ayudhya Public Company Limited (Head Office) 1222 Rama III
    Road, Bangpongpang, Yannawa, Bangkok 10120 Tel : 0-2296-3915 to 6

6.  Krungthai Bank Public Company Limited (Yaowaraj Branch) 260 Yaowaraj
    Road, Chakrawad, Samphanthawong, Bangkok 10100 Tel : 0-2222-0131 to
    45

Investors can learn of Siam Food Products Public Company Limited more in
Disclosure report concerning additional information (Form 56-1) of
companies listed in the www.sec.or.th or www.siamfood.co.th