Part 1

1. General Information

Objectives and Targets

Pato Chemical Industry PCL. was established on 6 October 1972 to be
Importer, formulator, repacker, and distributor of herbicide,
insecticide, acaricide, mollusicide, fungicide, and plant growth
regulator in liquid, powder, and granule form for use in rice,
plantation crops, fruit orchards, vegetables, and livestock having a
factory located in Bangpoo Industrial Estate with over 330 dealers,
wholesalers, and repackers as our distribution channels in every region
of Thailand currently. And in 2011, Pato has invested 99.99% stake in
Pato Crop Care Co., Ltd.

The company is the importer, formulator, and distributor of pesticide
which can be divided into 2 major types of imports as follow:

Major Type of Imports:

1. Technical Grade (TG): is a concentrated chemicals which are used in
formulations to produce final products according to the specified
formulas.

2. Finished Product (FP): is the product ready for use. Most of the
imported FP is in liquid and solid form in bulk sizes. Therefore,
repackaging is needed before distribution.

About 80% of the company's imported products are TG for formulation at
the factory before distribution resulted in lower cost of raw material
as compared with other competitors who import finished product for
repackaging. TG has longer shelf-life than FP and can be formulated
according to the requirements which is more suitable for the
environment. Chemical pesticide in the market can be in many forms e.g.
liquid, powder, and granule for safety in moving and storing. In the
production process, there are 2 main ingredients in chemical pesticide;
active and inert ingredients. “Active Ingredients” are chemical
substance called by its chemical names for different uses of purposes.
“Inert Ingredients” are substance to combine with the active chemical to
make it in the forms suitable for different types for uses such as
solvents, carriers, surfactants, emulsifiers, or any other substance
which are added for special purpose called “Special Additives”.

Pato Crop Care Co., Ltd.

The company is the importer, formulator, and distributor of pesticide
under Global logo Pato Crop Care by planning to import chemical
pesticide in 2 forms as follow:

Major Type of Imports:

1. Technical Grade (TG) which is a concentrated chemicals which are used
in formulations to produce final products according to the specified
formulas.

2. Finished Product (FP)

The policies established the company is to help the core business, Pato
Chemical Industry PCL to be more flexible. According to the Hazardous
Substances Act (No.3) BE 2551 effective on February 25, 2008 has set a
restriction on the number of trade name for 1 product registered to only
3 trade names which does not meet the demand of customers

Production plant is located in Bangpoo Industrial Estate. Pato Crop Care
rents building and machinery of Building no. 5 and 6 of Pato Chemical
Industry PCL. to use as office, formulating plant and warehouse. Annual
capacity will be 16,500 Mts. for granule pesticide, 3,300 Mts. for
liquid pesticide, and 1,650 Mts. for powder pesticide. Pato Crop Care
submits documents for registration to the Department of Agriculture and
as of December 31, 2014 Pato Crop Care has been granted with 1 import
registration and manufacturing and selling licenses for 26 trade names.

Vision

"Manufacturing high-quality products in reasonable price for Thai
farmers while placing emphasis on operating results and simultaneously
taking care of its social and environmental responsibilities"

1.2 Major Changes and Development

Pato went public and changed its name to PATO CHEMICAL INDUSTRY PUBLIC
COMPANY LIMITED in October 1993 then continued to sell its ordinary
stocks for 3,000,000 shares at Bath 55 per share, valued at Baht 10 per
share in July 1995. PATO increased its capital to Baht 140 million and
the company has been listed in the Stock Exchange of Thailand in August
1995.

In 2009 - Resolution of shareholders’ meeting approved share split from
10 baht per share to 1 baht per share. The ordinary shares of the
company are then 140,000,000 shares.

In 2011 - Investment in a new company “Pato Crop Care Co., Ltd.” The
registered capital is 5 million baht for 1 million ordinary shares with
the par value of 5 baht per share.

- Pato received SET Awards for Outstanding Company Performance 2011.

In 2012 - Pato transferred ownership of the land and buildings at
Minburi old factory to the buyer on January 12, 2012.

- At the extraordinary shareholder’s meeting No.1/2012, the shareholders
passed the resolution to allocate the ESOP warrants of 2,800,000 units
to the executives and employees of the Company. Registered capital
increased to 142.8 million baht with 140 million baht paid –up capital
and 142.8 million shares to support the exercise of warrant in 2015

- Pato has been awarded with its second consecutive year of SET Awards
for Outstanding Company Performance 2012.

Major Changes and Development in 2014

+-----------+---+---------------------------------------------------------+
| April     | : | AGM of Shareholders 1/2014 where the meeting approved   |
| 2014      |   |                                                         |
|           | : | a capital decrease to 142.45 million baht due to the    |
| May 2014  |   | resignation of the executives and employees who were    |
|           | : | granted with ESOP.                                      |
| November  |   |                                                         |
| 2014      | : | appointed                                               |
|           |   |                                                         |
| December  | : | Mr. Pradit Rodloytook Registration No. 218 or Ms.       |
| 2014      |   | Nongram Laoha-areedilok Registration No. 4334 from AST  |
|           | : | Master Co., Ltd. to be the Company’s auditor for 2014.  |
| .         |   |                                                         |
|           |   | Dividend payment for the 2013 performance at 0.92 baht  |
|           |   | per share.                                              |
|           |   |                                                         |
|           |   | Has been awarded with its third year of SET Awards for  |
|           |   | Outstanding Company Performance and Best Company        |
|           |   | Performance Awards for the first year.                  |
|           |   |                                                         |
|           |   | Pato Crop Care Co., Ltd. reported 2014 operational      |
|           |   | performance with 5.22 baht earning per share and paid   |
|           |   | 5.20 baht dividend per share to Pato Chemical Ind. PCL. |
|           |   |                                                         |
|           |   | Total dividend is 5.20 million baht.                    |
|           |   |                                                         |
|           |   | The company has received approval from DOA for import   |
|           |   | registrations of 56 products under manufacturing and    |
|           |   | selling licenses of 118 trade names, while Pato Crop    |
|           |   | Care has 1 product for import registrations and 26      |
|           |   | trade names for manufacturing and selling.              |
+-----------+---+---------------------------------------------------------+

Development of major shareholders from 31 December 2011 – 30 December
2014

[TABLE]

1.3 Shareholders’ Structure

a) Trillit Asia Mineral Processing Co.,Ltd.

  b) Pojanalai

c) Wesaratchawest

d) Choengwiwatkit

a) 35.79% a) 39.30% a) -

b) 11.85% b) 12.70% b) 94 %

c) 6.28% c) 19.60% c) -

d) 6.47% d) 15.70% d) -

60.39% 87.30% 94%

Pato Chemical Industry PCL. Kentex Properties Co., Ltd

Registered Capital Baht 142.8 Million (Office Space Rental)

99.99%

Pato Crop Care Co., Ltd.

Registered Capital Baht 5 Million Baht Connected transaction - office
space rental

2. Type of Business

Revenue Structure

+------------------+------+-------+-----+----+-----+----+-----+----+
|                  | Oper | Perce | 2   |    | 2   |    | 2   |    |
|                  | ated | ntage | 012 |    | 013 |    | 014 |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      | Of    | Mil | %  | Mil | %  | Mil | %  |
|                  |      | S     | B   |    | B   |    | B   |    |
|                  |      | hares | aht |    | aht |    | aht |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Local Sales by   |      | 9     |     |    |     |    |     |    |
| Products         |      | 9.99% |     |    |     |    |     |    |
|                  |      | in    |     |    |     |    |     |    |
|                  |      | PCC   |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
|                  |      | Crop  |     |    |     |    |     |    |
|                  |      | Care  |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Product Line 1   | PATO | PCC   |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Insecticide      |      | 13.84 | 23  | 7. | 232 | 32 | 183 | 2  |
|                  |      |       | .93 | 41 | .60 | .2 | .77 | 6. |
|                  |      |       |     |    |     | 00 |     | 23 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Herbicide        |      | 58.90 | 211 | 6  | 315 | 43 | 344 | 4  |
|                  |      |       | .98 | 5. | .60 | .6 | .71 | 9. |
|                  |      |       |     | 60 |     | 99 |     | 20 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Fungicide        |      | 1.92  | 58  | 1  | 135 | 1  | 122 | 1  |
|                  |      |       | .87 | 8. | .61 | 8. | .65 | 7. |
|                  |      |       |     | 21 |     | 77 |     | 50 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Acaricide        |      | -     | 11  | 3. | 14  | 2. | 21  | 3. |
|                  |      |       | .96 | 70 | .77 | 04 | .04 | 00 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Other            |      | -     | 11  | 5. | 23  | 3. | 28  | 4. |
|                  |      |       | .96 | 08 | .79 | 29 | .49 | 07 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Total Local Sale |      | 74.66 | 323 | 1  | 722 | 1  | 700 | 1  |
|                  |      |       | .15 | 00 | .37 | 00 | .66 | 00 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Export Sales by  |      |       |     |    |     |    |     |    |
| Products         |      |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Product Line 1   | PATO |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Insecticide      |      | -     | -   | -  | -   | -  | -   | -  |
|                  |      |       |     |    |     |    |     |    |
|                  |      |       |     |    | -   |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Herbicide        |      | -     | -   | -  | -   | -  | -   | -  |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Fungicide        |      | -     | -   | -  | -   | -  | -   | -  |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Acaricide        |      | -     | -   | -  | -   | -  | -   | -  |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Other            |      | -     | -   | -  | -   | -  | -   | -  |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Total Export     |      | -     | -   | -  | -   | -  | -   | -  |
| sales            |      |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Local & Export   | PATO | 9     |     |    |     |    |     |    |
| Sales            |      | 9.99% |     |    |     |    |     |    |
|                  |      | in    |     |    |     |    |     |    |
| Product Line 1   |      | PCC   |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
| Insecticide      |      |       |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
| Herbicide        |      |       |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
| Fungicide        |      |       |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
| Acaricide        |      |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      | 13.84 | 23  | 7. | 232 | 3  | 183 | 2  |
|                  |      |       | .93 | 41 | .60 | 2. | .77 | 6. |
|                  |      |       |     |    |     | 20 |     | 23 |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      | 58.90 | 211 | 6  | 315 | 4  | 344 | 4  |
|                  |      |       | .98 | 5. | .60 | 3. | .71 | 9. |
|                  |      |       |     | 60 |     | 69 |     | 20 |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      | 1.92  | 58  | 1  | 135 | 1  | 122 | 1  |
|                  |      |       | .87 | 8. | .61 | 8. | .65 | 7. |
|                  |      |       |     | 21 |     | 77 |     | 50 |
+------------------+------+-------+-----+----+-----+----+-----+----+
|                  |      | -     | 11  | 3. | 14  | 2. | 21  | 3. |
|                  |      |       | .96 | 70 | .77 | 04 | .04 | 00 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Other            |      | -     | 16  | 5. | 23  | 3. | 28  | 4. |
|                  |      |       | .41 | 08 | .79 | 29 | .49 | 07 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Total Local &    |      | 74.66 | 323 | 1  | 722 | 1  | 700 | 1  |
| Export sales     |      |       | .15 | 00 | .37 | 00 | .66 | 00 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Less returned &  |      | 2.76  | 1   | 0. | 4   | 0. | 3   | 0. |
| Discount         |      |       | .18 | 36 | .31 | 06 | .05 | 44 |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Net Sales        |      | 71.90 | 324 | 76 | 718 | 9  | 697 | 9  |
|                  |      |       | .33 | .8 | .06 | 9. | .61 | 6. |
| มูลค่ากา           |      |       |     |    |     | 66 |     | 93 |
| รรับจ้างผลิตหรือบรรจุ |      |       |     |    |     |    |     |    |
|                  |      |       |     |    |     |    |     |    |
| รายได้อื่นๆ         |      |       |     |    |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Contractor       |      | -     | -   | -  | -   | -  |     | -  |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Other Income     |      | 0.02  | 97  | 2  | 2   | 0. | 22  | 3. |
|                  |      |       | .76 | 3. | .47 | 34 | .13 | 07 |
|                  |      |       |     | 16 |     |    |     |    |
+------------------+------+-------+-----+----+-----+----+-----+----+
| Total Revenue    |      | 71.92 | 422 | 1  | 720 | 1  | 719 | 1  |
|                  |      |       | .09 | 00 | .53 | 00 | .74 | 00 |
+------------------+------+-------+-----+----+-----+----+-----+----+

2.1 Product Characteristic

(1) In general, there are 2 major types of chemical pesticide (from
business aspect)

1. Specialty product: this is proprietary product belonging to a
particular company which has the patent right to produce and distribute
it. It may also refer to a product that is exclusively imported by a
national distributor/formulator. Such product has to go through
phase-registration process required by the Ministry of Agriculture. Such
process usually involves the submission and approval of complete
toxicology data experimental trials which can take up to 3-5 years to
complete.

2. Commodity product: this is generic product commonly sold and
distributed by many companies. Commodity product can be imported from
many manufacturers around the world. It is usually imported in the form
of technical grade and then formulated into finished products. Such
product is fairly simple to register, requiring only authorization
certificate from the manufacturer. Since there is no significant
difference in the quality and price, brand loyalty and image are very
important factors for commodity products.

Products by types

  -------------------- ---------------- ----------------- ----------------
                       Specialty        Commodity         Total
                       Products         Products          

  Technical Grade      8                24                32

  Finished Products    10               21                31

  Total                18               45                63

  Total Value(Million  372.26           328.39            700.65
  Baht)                                                   
  -------------------- ---------------- ----------------- ----------------

The proportion in terms of the value of imported specialty to commodity
products in Thailand is 30:70. For Pato Chemical Industry PCL, this
proportion is about 64:36 in 2014. Among all pesticide products used by
Thai farmers, herbicides have the highest import volume followed by
insecticides. In the past, most herbicide was imported in the form of
finished products more than in form of technical grade and vice versa
for insecticides. At present, however, the market situation has changed.
More and more herbicides are now imported in the form of technical grade
due to the increase demand and emphasis of farmers on herbicides.
Farmers are now more conscious about weeds, which naturally grow along
with the crops, and take away some of the essential water and nutrition
leaving a lowered crop yield. Herbicide usage is now more frequent and
consequently the total herbicide usage grew.

From the manufacturers' aspect, herbicide can be produced and
distributed in almost all season despite some uncooperative weather and
climate condition. In severe poor weather condition, such as drought,
herbicide sales are not affected as much compared to insecticide sales,
which is considered more risky. The reason for increasing imports of
herbicide technical grade is because farmers demand the less expensive
locally formulated herbicide in order to reduce their cost to cope with
fluctuations in their crop prices. Since there is no significant quality
difference between imported finished products and locally formulated
ones, price is the main concern for farmers when they decide on
purchases. On the other hand, in the production side, companies need to
be concerned not only about the country's principal corps, but also the
geographic suitability for different types of crop. Moreover, companies
are concerned with the efficiency, productivity, and environmental
impacts of their production facility. Sales breakdown by region as
compared to total sales of the company during 2011 –2014 is as follows:

Proportion of sales breakdown by region

  ------------- -------------- --------------- ------------- -------------
  Region        2011           2012            2013          2014

  Central       52%            64%             67%           67%

  North         52%            15%             18%           18%

  West          1%             3%              2%            2%

  East          12%            10%             7%            5%

  Northeast     8%             6%              5%            6%

  South         3%             2%              1%            2%

  Total         100%           100%            100%          100%
  ------------- -------------- --------------- ------------- -------------

Typed of Pesticides Distributed in Thailand

1. Wettable Powder (WP), Water Dispersible Granule (WG) is the
combination of active ingredients, carriers or diluents such as white
clay, talc, or other substance, including surface active ingredients
such as wetting agents, dispersing agents.

2. Emulsifiable Concentrate (EC) is the combination of active
ingredients with non-water miscible solvents and emulsifier for water
soluble which will also help the chemical to stick on the leaf or
insect’s body.

3. Soluble Liquid Concentrate (SL) will look like emulsion and are
classified in the same type. This type of pesticide is the combination
of active ingredients and water miscible solvent without emulsifier.

4. Suspension Concentrate (SC) or Flowable Formulation (FL) is the
combination of well ground active ingredients and the carriers, e.g.,
white clay, and liquid inert ingredients. This F or For FL will be able
to dissolve in water better than the water dispersible powder, thus,
making it more convenient to use. Special additives could be added
during the production process to make this pesticide more soluble.

5. Water Soluble Powder (SP) is the combination of water soluble active
ingredients in powder, or fine flake, form mixed with surface active
agents or other additives or solvents to make chemical well dispersed.
It will dissolve in water instantly and with no precipitation.

6. Dust (D) is the combination of well ground active ingredients and
inert ingredient will be the carrier to dilute for lower percentage of
active ingredient. This type of pesticide can be sprayed with the
knapsack sprayer.

7. Granule (GR) is made up of carriers or other inert ingredients, such
as sands, coated with active ingredients. This type of formulation is
made for easy direct broadcast and soil burial.

There are many other types of pesticide in the market, but they are not
so widely used, such as baits (B) in liquid or grain for instant use,
ULV which is the combination of active ingredients oil-based solvent and
with low viscosity and volatility to be used with ULV sprayer only.

Pato Chemical Industry PCL formulate pesticide in following form;
Emulsifiable Concentrate (EC), Soluble Liquid Concentrate (SL), Water
Soluble Powder (SP), Granule (GR), Dust (D).

Suspension Concentrate (SC) and Flowable Formulation (FL) cannot be
produced locally but they are imported as finished products. Water
Dispersible Powder can be produced locally but are quite expensive; they
are usually imported as finished product.

Pato Chemical Industry PCL has the highest capacity of granule pesticide
in the country with production capacity of 35,700 tons. In 2014, the
company manufactured 5,790 tons of granule pesticide.

The percentage breakdown in terms of the company’s import volume for the
different types of agrochemical are as follows:

- Insecticide accounted for 40% of total import volume.

- Herbicide accounted for 50% of total import volume.

- Other pesticide such as Fungicide, Acaricide, Rodenticide,
Mollusicide, and plant hormones accounted for 10% of total import
volume.

In 2014, sales contribution of those three types of products as
Herbicide, Insecticide and other products were 44 %: 35%: 21%
respectively.

Proportion of Sales of Product Breakdown by Crop and Planting Area

+---------------------------+-----------------------------+------------+
| Crop                      | Area                        | Percentage |
+---------------------------+-----------------------------+------------+
| 1.Rice                    | North, Central, North-East, | 62         |
|                           |                             |            |
|                           | South (some provinces)      |            |
+---------------------------+-----------------------------+------------+
| 2.Fruit                   | Central,                    | 18         |
|                           |                             |            |
|                           | East (Rayong, Chantaburi,   |            |
|                           | Trad, Chacheongsao)         |            |
|                           |                             |            |
|                           | North (Chiangmai,           |            |
|                           | Chiangrai, kampangpet)      |            |
|                           |                             |            |
|                           | South (Suratthani)          |            |
+---------------------------+-----------------------------+------------+
| 3.Vegetable               | Central, North, and         | 1          |
|                           |                             |            |
|                           | North-East                  |            |
+---------------------------+-----------------------------+------------+
| 4. Plantation Crops such  | Central, South, North, and  | 16         |
| as Corn, Soy Bean,        | North-East                  |            |
| Sugarcane, Cotton and     |                             |            |
| Cassava                   |                             |            |
+---------------------------+-----------------------------+------------+
| 5.Oil Palm, Para Rubber   | South , East, and           | 3          |
|                           | North-East                  |            |
+---------------------------+-----------------------------+------------+

Source: Marketing Department: Pato Chemical Industry PCL.

2.2 Marketing and Competition

(A) Market strategies:

The company’s competitive advantages are

1. Standard quality of product which is well accepted by the customers
for more than 30 years

2. Strategy to specify products for sale by each dealer: Aside from its
financial status, the company will limit the products to be distributed
by each dealer to prevent price cutting of the company’s products among
its dealers in the same area.

3. Price advantage as the company will produce from technical grade
chemical.

4. Good relationship with dealers

5. Fast delivery: within the 200 kilometer radius the company will
provide delivery. Dealers outside the radius, the company may deliver
depending on order amount. Agrochemical industry pay much importance on
prompt delivery. In each particular season, the company will have prompt
delivery to meet the demand in time. For example, production and
distribution of herbicide should be able to meet the demand during rainy
season while insecticide should be able to be delivered promptly during
the insects’ outbreak season.

6. Pato distributes totaling 80 various products, consequently the
company will be able to share more market in more planting area for
various crops such as rice, fruit, vegetable, Para rubber, palm oil and
many others. This will reduce risk from natural disaster. Performance of
the company will then be as we has expected for.

There are 3 main of distribution channels:

1. Distributors: They are mostly in Bangkok and distribute products
under their own brand to dealers. They have Pato formulated, packed
under distributors’ registered label and brand.

2. Local Repackers: They are packaging companies who purchase the
products from producer to repackage and distribute under their own
brand. These companies will register the pesticide by themselves by
getting the authorization certificate from the formulator/manufacturer.

3. Dealers or Free Market: They are small dealers or retailers in the
upcountry and some in Bangkok who sell pesticides to the end users under
Pato Globe Trade Mark.

Sales contribution for Distributors: Local Repackers: Dealers currently
is 30 : 14 : 56

Types of Customers and its Relationships

In the pesticide industry, there are 2 main markets; general customers
market (Free market) which is bigger, and markets for distributors and
market for local repackers which is less important respectively. The
company emphasizes in customers in rural area. By thorough selection of
dealer for each particular area will sell different products to avoid
competition. In doing so, the company will be able to sell variety of
products and to reduce the risk of distributor’s business. However, the
company still needs to check its relationship with the customers to
avoid any possible problems. The company aims to develop new products
and variety, and, at the same time, aims to distribute the information
on proper and efficient use of all pesticides to customers.

Criteria for selection of dealer for each are:

1. Financial status

2. Sales network and its coverage

3. No conflict agreement to sell the same product of different producers

4. Strong intention to commit to the company’s products

Product Distribution of Pato Chemical Industry PCL. in 2011 - 2014

+-----------+------+------+------+------+-----+------+-----+------+
|           | 2011 |      | 2012 |      | 2   |      | 2   |      |
|           |      |      |      |      | 013 |      | 014 |      |
+-----------+------+------+------+------+-----+------+-----+------+
| Area      | Nu   | Nu   | Nu   | T    | Num | T    | Num | T    |
|           | mber | mber | mber | otal | ber | otal | ber | otal |
|           |      |      |      | Sale |     | Sale |     | Sale |
|           | of   | of   | of   |      | of  |      | of  |      |
|           | C    | C    | C    | Thou | Cus | Thou | Cus | Thou |
|           | usto | usto | usto | sand | tom | sand | tom | sand |
|           | mers | mers | mers | Baht | ers | Baht | ers | Baht |
+-----------+------+------+------+------+-----+------+-----+------+
| 1.        | 25   | 21   | 13   | 7    | 7   | 13   | 6   | 20   |
| DIS       |      | 4.43 |      | 0.93 |     | 8.62 |     | 9.12 |
| TRIBUTORS | 19   |      | 5    |      | 4   |      | 4   |      |
|           |      | 8    |      | 6.82 |     | 8    |     | 9    |
| 2.        | 451  | 4.04 | 324  |      | 322 | 4.75 | 320 | 5.68 |
| LOCAL     |      |      |      | 34   |     |      |     |      |
| REPACKERS |      | 66   |      | 2.34 |     | 49   |     | 39   |
|           |      | 3.75 |      |      |     | 9.22 |     | 5.85 |
| 3. FREE   |      |      |      |      |     |      |     |      |
| MARKET    |      |      |      |      |     |      |     |      |
+-----------+------+------+------+------+-----+------+-----+------+
|   Total   | 495  | 96   | 342  | 32   | 333 | 72   | 330 | 70   |
|           |      | 2.22 |      | 4.09 |     | 2.59 |     | 0.65 |
+-----------+------+------+------+------+-----+------+-----+------+

Percentage of 10 major customers in 2011-2014

(Unit : %)

  ------------------ ------------- ------------- ------------- -------------
  Customers          2011          2012          2013          2014

  10 Major Customers 28.99         31.01         41.18         41.92

  Others             71.01         68.99         58.82         58.08

  Total              100.00        100.00        100.00        100.00
  ------------------ ------------- ------------- ------------- -------------

Note: There is no customer whose accounts of greater than 10%. Most
customers are of long connection and of good payment. However, new
customer is strictly selected to avoid bad debt.

Pricing Policy

In general, the company will set the price at the level, which is
slightly higher than average price of its local competitors and slightly
lower than average price of the international market, of the same
product. Other factors for the price consideration are:

1. If the product already exists in the market, the company will set its
price within that product market price range.

2. If the product does not yet exist in the market, the company will
conduct research on quality; the amount used and instruction for use to
determine the efficacy of its product to determine the price in
comparison with the pesticide farmers are currently using.

(B) Competition

There are 2 major types of chemical pesticide companies:

1. International Companies. These companies have their own products or
buy few products from other companies. Most of them, either, imports
finished products for repackaging by local repackers, or import
technical grades for resell to local companies. There are about 11
international companies in Thailand.

2. Local Companies. There are 3 groups as follows:

2.1 Formulators and distributors : These companies have their own
factory for formulating and reprocessing, and their own sales and
promotion team. Most of them imports technical grade products. There are
about 30 companies of this kind including PATO.

2.2 Formulators : These companies have their own factory for formulating
and reprocessing, but do not have their own sales and promotion team.
There are about 15 formulators in Thailand.

2.3 Distributors: These companies only have their own sales and
promotion team. There are about 480 distributors in Thailand.

Currently, the company share 4.10% to total agrochemical market and has
policy to gain more market share from the multinational or local
companies in order to strengthen its competitiveness as follows:

1. Compared with other formulators, the company’s factory in Bangpoo
Industrial Estate is well equipped with modern machinery for higher
capacity. Moreover, the company has sufficient trucks for quick delivery
to serve customers better. In addition, many types of formulation such
as Emulsifiable Concentrate (EC) Suspension Concentrate (SP), Wettable
Powder (WP) and Granule (GR) are available.

2. Compared with Formulators and Distributors, the company’s advantages
are shown below:

2.1 Lower costs of production from the use of technical grade

2.2 Extensive marketing team with experience and expertise

2.3 Wider coverage of area all over the country

2.4 More product variety of various agrochemical types and uses

3. Compared with Distributor, the company’s advantages over these
companies are the same as those over the Formulator and Distributors.
Moreover, the company has strategies to gain market share by:

3.1 Adding more products of comparable quality to those of the
multi-national companies. With lower costs of production. It is expected
that the company will be able to achieve more market share, initially,
by 5-10% of total sales of such product, and will increase gradually.

3.2 Penetrating into new area i.e. area in the Northeast region, or in
developing area of the country which is accounted for 60% of total area
of Thailand. The company will send promotion team to the area to
introduce the proper the quality of its produce to serve the demand in
the market. By this way, farmers will also earn higher income.

To fulfill the special needs of the agricultural sector, the
agricultural chemical industry must supply a wide range of products.
These can be divided into four main categories: Herbicides,
Insecticides, Fungicides, Acaricides & Hormones. Diversification,
therefore, is vital to the success and growth of the agricultural
chemical industry. Other factors contributing to the success of the
industry include:

1. Range of products

Production must include herbicide, insecticide, fungicide and acaricide
and mollusicide, according to the market share ratio.

2. Products

Selection of products depends on the company's policy and the
fluctuating price of crops.

3. Market distribution

Nationwide distribution is essential, as the type of crops grown varies
from region to region. Regional productivity is also effected by
rainfall, irrigation and even the demand for pesticide products.

4. Rainfall

The amount of land allotted to agricultural purposes has a direct impact
on the growth of the agricultural chemical industry. The amount of
rainfall also plays an important role in influencing the success, or
otherwise, of land cultivation. If there is an abundant supply of
rainwater, agricultural activities can be carried out throughout the
country. Conversely, when rainfall is in short supply, land cultivation
can only be done successfully in irrigated areas. Accordingly, during a
drought, agricultural sector profits shrink drastically, and the overall
economy is badly affected.

The demand for pesticides is also largely influenced by rainfall. When
the water supply was good, the demand for herbicides grew to such an
extent that a significant volume had to be imported, at great expense.
However, when rain water was scarce, an insect epidemic occurred,
resulting in large imports of concentrated insecticides, known as
"Technical Grade", which had to be reformulated, before they could be
sold on the domestic market.

5. Price of crops

As crop prices are so heavily influenced by importing opportunities and
global prices, figures on each serve as indicators for industry trends.

2.3 Production and Produce Procurement for Sale

Pato Chemical Industry PCL’s factory is located at 569 Soi 12, Bangpoo
Industrial Estate, Sukhumvit Road, Tambon Praksa, Amphur Muang,
Samutprakarn Province.

Capacity and Actual Production Liquid Unit: Thousand Liters

Granule Unit: Ton

Powder Unit: Ton

+---------+------+------+------+------+------+------+------+------+
| Product | Capa | Ac   | Capa | Ac   | Capa | Ac   | Capa | Ac   |
|         | city | tual | city | tual | city | tual | city | tual |
|         | 2011 |      | 2012 |      | 2013 |      | 2014 |      |
|         |      | 2011 |      | 2012 |      | 2013 |      | 2014 |
+---------+------+------+------+------+------+------+------+------+
| Inse    | 2    | 838  | 2    | 35   | 2    | 317  | 2    | 533  |
| cticide | ,612 |      | ,612 |      | ,612 |      | ,612 |      |
|         |      | 6    |      | -    |      | 5    |      | 2    |
|   -     | 14   | ,731 | 14   |      | 14   | ,421 | 14   | ,233 |
|         | ,400 |      | ,400 | -    | ,400 |      | ,400 |      |
|  Liquid |      | 61   |      |      |      | -    |      | 21   |
|         | 1    |      | 1    | 1    | 1    |      | 1    |      |
|   -     | ,500 | 2    | ,500 | ,455 | ,500 | 1    | ,500 | 1    |
|         |      | ,480 |      |      |      | ,120 |      | ,546 |
| Granule | 2    |      | 2    | -    | 2    |      | 2    |      |
|         | ,600 | 7    | ,600 |      | ,600 | 5    | ,600 | 3    |
|   -     |      | ,643 |      | 53   |      | ,243 |      | ,557 |
|         | 19   |      | 19   |      | 19   |      | 19   |      |
|  Powder | ,800 | 466  | ,800 | 66   | ,800 | 245  | ,800 | 190  |
|         |      |      |      |      |      |      |      |      |
| He      | 2    | 335  | 2    | -    | 2    | 268  | 2    | 235  |
| rbicide | ,000 |      | ,000 |      | ,000 |      | ,000 |      |
|         |      | -    |      | 10   |      | -    |      | -    |
|   -     | 500  |      | 500  |      | 500  |      | 500  |      |
|         |      | 74   |      | -    |      | 100  |      | 76   |
|  Liquid | 500  |      | 500  |      | 500  |      | 500  |      |
|         |      | 132  |      | 100  |      | 25   |      | 30   |
|   -     | 500  |      | 500  |      | 500  |      | 500  |      |
|         |      | 118  |      | -    |      | 124  |      | 145  |
| Granule | 270  |      | 270  |      | 270  |      | 270  |      |
|         |      | 276  |      | -    |      | -    |      | -    |
|   -     | 500  |      | 500  |      | 500  |      | 500  |      |
|         |      | 58   |      | 1    |      | 57   |      | 83   |
|  Powder | 1    |      | 1    | ,656 | 1    |      | 1    |      |
|         | ,000 | 3    | ,000 |      | ,000 | 1    | ,000 | 2    |
| Fu      |      | ,903 |      | -    |      | ,854 |      | ,489 |
| ngicide | 60   |      | 60   |      | 60   |      | 60   |      |
|         |      | 14   |      | 63   |      | 10   |      | 5    |
| -       | 6    | ,650 | 6    |      | 6    | ,664 | 6    | ,790 |
| Liquid  | ,482 |      | ,482 |      | ,482 |      | ,482 |      |
|         |      | 659  |      |      |      | 402  |      | 370  |
| -       | 35   |      | 35   |      | 35   |      | 35   |      |
| Granule | ,700 |      | ,700 |      | ,700 |      | ,700 |      |
|         |      |      |      |      |      |      |      |      |
|   -     | 4    |      | 4    |      | 4    |      | 4    |      |
|         | ,060 |      | ,060 |      | ,060 |      | ,060 |      |
|  Powder |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| Ac      |      |      |      |      |      |      |      |      |
| aricide |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|   -     |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|  Liquid |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| Others  |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| -       |      |      |      |      |      |      |      |      |
| Liquid  |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| -       |      |      |      |      |      |      |      |      |
| Granule |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| -       |      |      |      |      |      |      |      |      |
| Powder  |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| Total   |      |      |      |      |      |      |      |      |
| C       |      |      |      |      |      |      |      |      |
| apacity |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|   -     |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|  Liquid |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|   -     |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
| Granule |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|   -     |      |      |      |      |      |      |      |      |
|         |      |      |      |      |      |      |      |      |
|  Powder |      |      |      |      |      |      |      |      |
+---------+------+------+------+------+------+------+------+------+

Note: The factory is working 1 shift for 7 hours.

(A) Raw Material and Suppliers

Major raw material is chemical of technical grade. Normally, the company
will buy active vs inert ingredients at the ratio of 90 : 10
respectively by direct order from abroad and via local agent. Table
showing types, suppliers and price. There is no substitute substance for
technical grade chemical, however, there are substitutions for other
inert ingredients such as emulsifiers, solvent, auxiliary materials for
solvent, but these substitute substance will have to pass laboratory
test before use. There are many suppliers of raw materials for those
imported and purchased locally. Diverse group of raw material suppliers
will create bargaining power for the company to set a more reasonable
price, higher quality products, and prompt delivery. However, there are
certain substances that the company buys from a sole supplier under
special condition to benefit the company such as no sale to other
company of the same productions. Price of raw material depends on the
world price which is the same as other commodity.

There is no supplier whose business accounts for more than 30% of the
company’s total raw material purchase. Most of the raw material can be
bought from many sources. However, the company may buy a material solely
from a supplier under special condition such as quality, price or
delivery, etc.

Local Purchasing Ratio of 2011-2014

Value of Purchasing Ratio (Unit: Thousand Baht)

  ------------------- -------- ------- ------- ------ -------- ------- -------- ------
  Raw Material        2011     %       2012    %      2013     %       2014     %

  1.Technical Grade   9,324    2.16    4,068   1.98   4,978    1.12    -        -

  2.Solvent           31,064   7.20    3,238   1.57   10,474   2.36    16,390   3.38

  3.Emulsifiers       12,432   2.88    776     0.38   10,507   2.37    7,572    1.56

  4.Auxiliary         15,331   3.55    -       -      10,177   2.30    5,947    1.22

  5.Others            13,454   3.12    483     0.23   13,443   3.04    6,859    1.41

  Total Amount        81,605   18.92   8,565   4.16   49,579   11.19   36,768   7.57
  ------------------- -------- ------- ------- ------ -------- ------- -------- ------

Import Purchasing Ratio of 2011 - 2014

Value of Purchasing Ratio (Unit: Thousand Baht)

  ------------------- --------- ------- --------- ------- --------- ------- --------- -------
  Raw Material        2011      %       2012      %       2013      %       2014      %

  1.Technical Grade   328,274   76.09   177,449   86.27   379,310   85.66   448,915   92.43

  2.Solvent           -                 -         -       -         -       -         -

  3.Emulsifiers       21,364    4.95    19,683    9.57    13,940    3.15    -         -

  4.Auxiliary         172       0.04    -         -       -         -       -         -

  5.Others            -         -       -         -       -         -       -         -

  Total Amount        349,810   81.08   197,132   95.84   393,250   88.81   448,915   92.43
  ------------------- --------- ------- --------- ------- --------- ------- --------- -------

Local and Import Purchasing Ratio of 2011-2014

Value of Purchasing Ratio (Unit: Thousand Baht)

  -------------------- --------- ------- --------- ------- --------- ------- --------- -------
  Raw Material         2011      %       2012      %       2013      %       2014      %

  1.Technical Grade    337,598   78.25   181,517   88.25   384,288   86.78   448,915   92.43

  2.Solvent            31,064    7.20    3,238     1.57    10,474    2.36    16,390    3.38

  3.Emulsifiers        33,796    7.83    20,459    9.95    24,447    5.52    7,572     1.56

  4.Auxiliary          15,503    3.59    -         -       24,447    5.52    5,947     1.22

  5.Others             13,454    3.12    483       0.23    24,447    5.52    6,859     1.41

  Total Amount         431,415   100     205,697   100     24,447    5.52    485,683   100
  -------------------- --------- ------- --------- ------- --------- ------- --------- -------

(B) Environmental Impact from manufacturing process and the demolishing
of waste

- Procedure to reduce environmental impact

The factory situates in Bangpoo Industrial Estate, Pato strictly
complies with rules and regulations prescribed by the Industrial Estate
regarding environment and others.

Being a formulator, there is no waste from raw materials or from
formulating process. The only wastes are from some contaminated
packaging materials which Pato hires a professional licensed waste
management service to handle the collection for recycling or demolishing
process.

- Legal Case against Environmental Misconduct

PATO has never been sued against environmental misconduct.

2.4 Non-Delivery Goods

There is no non-delivery goods as of 31 December 2014 for PATO.

3. Risk Factors

Business Risk

1. Natural phenomena risk, such as soil and weather conditions, which
vary from year to year, not only directly affect agricultural
activities, but also have a huge impact on the sales of insecticides.
Drought is a major hindrance of the cultivation of high quality crops,
and it reduces the volume of produce considerably, as well as the demand
for insecticides. Conversely, when there has been major crop damage, the
demand for insecticides could increase to such an extent that
manufacturers are unable to meet the increased demand.

In recognition of such risks, therefore, PATO Chemical Industry PCL. has
gone to great lengths to research and develop new products, in an effort
to minimize the variations in the demand for insecticides caused by such
natural crises. For example, in the case of drought, the use of liquid
weed killers, instead of granules, goes a long way in reducing the
impact on PATO Chemical Industry’s sales. In addition, the company’s new
range of insecticides, designed for use with a wide range of crops, such
as rice, field crops, orchards, Para rubber, and oil palm, helps
minimize the effect of such natural crisis on these crops.

2. Marketing and production risk has hardly had any impact at all for
the Company. Its extensive nationwide network of agents means that this
risk is negligible. Furthermore, its distribution strategy, which
enables each distributor to sell only one product range to avoid
competition among distributors, has proved most successful. But it is
the company's reputation, amongst farmers, for manufacturing products
which are both reliable and of a high quality that has contributed most
to the company’s success. The fact that its product prices are
considerably lower than those of imported products also helps keep the
company on solid ground.

3. Credit risk, the company is exposed to credit risk primarily with
respect to trade and notes accounts receivables. The company’s prudent
credit policy and its diversified customers. The maximum credit risk
exposure is equal to the book value of accounts receivable in the
balance sheet. To minimize the risk of accumulating bad debts, PATO
Chemical Industry has implemented a number of measures, including:

3.1 Control of credit balance

3.2 Strict consideration when opening new market

3.3 Shortening of payment period

3.4 Emphasis on crops with high potential and price, eg. rice

3.5 Reduction of granting credit to high-risk crops, eg. sugar cane

3.6 More detailed market studies by marketing personnel

4. Foreign currency risk relates from import activities of the company.
The company primarily closely monitor movements of foreign exchange
market and primarily of utilizes monetary instruments to manage risks.

Shareholders Risk

1. Pato Chemical Industry Public Company Limited and its subsidiary
realize of the stability of the shareholders and then set a commitment
to run the business with a good performance as possible. The companies
expect to pay dividend to shareholders not less than 40% of net profit
each year. Shareholders will be able to consider history of dividend
payout ratio from table under topic of Dividend Payment Policy.

2. From the previous disclosure of ESOP scheme, in the event of the
exercise of all warrants are recalled for 2,800,000 units, price
dilution will decrease by 0.0045% on the basis that the market price is
10.99 per share (Calculated from the weighted average 10 business days
before the Board of Directors’ meeting (September 14, 2012) and the
exercise price per share is 8.20 baht.

3. The risk of the shareholder(s) holding shares above 25%

Trillit group is the major shareholders hold about 36 percent of paid-up
capital in the company as of December 30, 2014. So they cannot control
the resolution of the shareholders’ meeting, at which majority voting
system is used for approval. Moreover, the other shareholders may
collect the votes to determine and counterbalance the topic that major
shareholder may offer. According to the risks, the company provides a
management structure which consists of the Board of Directors, Executive
Directors, Audit Committee, and the Risk Management Committee that
include the personnel who are competent. Furthermore, independent
outsiders are appointed to be the Independent Directors: 4 people out of
total 11 directors. 3 Independent Directors are appointed to be an Audit
Committee and shall have the duty to determine, consider, and give
reasonable advice for any connected transactions. Reports will be
presented to the Board of directors or shareholders’ meeting for
approval.

4. Assets

4.1 Land, Buildings and Machinery

Assets of Pato as of December 31, 2014 are as follows:

Pato Chemical Industry PCL.

+--------------------+-------------+-----------+----------------------+
| Location           | Ownership   | Book      | Collateral           |
|                    |             | Value     |                      |
|                    |             | (Baht)    |                      |
+--------------------+-------------+-----------+----------------------+
| 1.1 Bangpoo        | Owner       | 10,9      | None                 |
| Industrial         |             | 62,000.00 |                      |
| Estate,Praksa,     |             |           |                      |
| Samutprakarn       |             |           |                      |
|                    |             |           |                      |
| 12-0-72 Rai        |             |           |                      |
+--------------------+-------------+-----------+----------------------+
| 1.2 Bang Plee,     | Owner       | 7,0       | None                 |
| Samutprakarn       |             | 30,252.00 |                      |
|                    |             |           |                      |
| 1-2-57 Rai         |             |           |                      |
+--------------------+-------------+-----------+----------------------+
| 1.3 Head Office    | Rent        | -         | None                 |
+--------------------+-------------+-----------+----------------------+
| 1.4 Buildings at   | Owner       | 2,7       | None                 |
| Bangpoo Industrial |             | 22,946.00 |                      |
| Estate             |             |           |                      |
+--------------------+-------------+-----------+----------------------+
| 1.5 Machinery at   | Owner       | 4,4       | None                 |
| Bangpoo Industrial |             | 04,677.25 |                      |
| Estate             |             |           |                      |
+--------------------+-------------+-----------+----------------------+

4.2 Right

1. BOI Pato has never applied for a privilege from BOI.

2. Other Rights

Right, belonging to Pato Chemical Industry, is intangible assets and
requires 3-5 years of extensive research and laboratory tests of
pesticides and insecticides. Pato has registered with the Ministry of
Agriculture and Cooperatives for the owner of trademark for
agrochemical. The registration is valid for six years from the date of
receipt of registration and subject to renew once expire.

As of December 31, 2014, the company has received approval for import
registrations of 56 products under manufacturing and selling licenses of
118 trade names.

Pato Crop Care Co., Ltd.

+--------------------+-------------+-----------+----------------------+
| Location           | Ownership   | Book      | Collateral           |
|                    |             | Value     |                      |
|                    |             | (Baht)    |                      |
+--------------------+-------------+-----------+----------------------+
| 1.1 Buildings at   | Rent from   | -         | None                 |
| Bangpoo Industrial | PATO        |           |                      |
| Estate             |             |           |                      |
+--------------------+-------------+-----------+----------------------+
| 1.2 Machinery at   | Rent from   | -         | None                 |
| Bangpoo Industrial | PATO        |           |                      |
| Estate             |             |           |                      |
+--------------------+-------------+-----------+----------------------+

Right

1. BOI Pato Crop Care Co., Ltd. has never applied for a privilege from
BOI.

2. Other Rights

Right, belonging to Pato Crop Care Co., Ltd., is intangible assets and
requires years of extensive research and laboratory tests of pesticides
and insecticides. Pato has registered with the Ministry of Agriculture
and Cooperatives for the owner of trademark for agrochemical. The
registration is valid for 6 years from the date of receipt of
registration and subject to renew once expire.

As of December 31, 2014, the company has received approval for import
registrations of 1 products under manufacturing and selling licenses of
26 trade names.

5. Legal Dispute

None

6. General Information

Pato Chemical Industry Public Co., Ltd

Pato Chemical Industry Public Co., Ltd. (PATO) is the manufacturer and
distributor of Agrochemical products.

Company Registration No. 0107536001214

Head office: Pato Building 3388 New Petchburi Road, Bangkapi, Huaykwang,
Bangkok 10310.

Tel: 02 318 5612-19, 02 318 0360-9 Fax : 02 318 0367

Email Address: pato1@cscoms.com , pato2@cscoms.com, and
mailbox@patochemical.com

Independent Directors: auditcom.pato@gmail.com

Factory : 569 Bangpoo Industrial Estate, Soi 12 Patana 3 Road, Praksa
Sub-district, Muang District, Samutprakarn Tel : 02 324 0890 – 1 Fax :
02 324 0187

Website for Shareholders: www.patochemical.com

Registered capital 142.45 million baht

Paid up Capital 140 million baht

Total share 142.45 million shares.

Par value 1 baht per share.

Companies of which Pato hold share greater than 10%

Name: Pato Crop Care Co., Ltd.

Office and Factory: 569/1 Bangpoo Industrial Estate, Soi 12 Patana 3
Road, Praksa Sub-district, Muang District, Samutprakarn

Company Registration No. 0115554017320

Tel: 02 324 0890 – 1

Fax: 02 324 0187

Type of Business: Manufacturer and distributor of Agrochemical products.

Registered and paid capital: 5 million baht of total 1 million shares.
Par value 5 baht per share. Pato’s stake in Pato Crop Care 99.99 %

Other References

Registrar: Thailand Securities Depository Co., Ltd.

Auditor : Mr. Pradit Rodroytook Registration No. 218 or

 Ms. Nongram Laoha-Areedilok Registration No 4334 

 AST Master Co., Ltd.

790/12 Thonglor Tower Soi Thonglor 18

Sukhumvit 55, Klongtoey, Bangkok 10110

Tel: 02 1850342 02 7148842-3 Fax: 02 1850225

Legal Advisor: Rompoh Law Office

719/86 Moo 10 Petkasem Road Nongkam, Bangkok

Tel: 02 812 1756, 081 4949224