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FROZEN BUSINESS TUNA BUSINESS PETFOOD BUSINESS FEED BUSINESS DISTRIBUTION BUSINESS

Asian Seafoods Coldstorage PLC.

Q4 Opportunity Day– 26th February 2018

Disclaimer

This presentation includes forward-looking statements and numbers that are subject to risks and uncertainties including, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. ASIAN, Asian Seafoods Coldstorage PLC., based these forward-looking statements on its views with respect to future events and financial performance. Actual performance described herein could differ materially, better or worse, from that projected in the forward-looking statement due to the inherent uncertainty of estimates, forecasts and projections. Readers should not put undue reliance on any forward-looking statements. Forward-looking statements represent estimates and assumptions only as of the date that they were

• made. The information contained in this presentation is subject to change without notice and ASIAN

does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

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Q4 Opportunity Day– 26th February 2018

ASIAN Overview ASIAN Key Financial ASIAN Development by Segment ASIAN Ambition 2020 ASIAN Strategies Updated ASIAN 2018 Target

Agenda

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Q4 Opportunity Day– 26th February 2018

ASIAN OVERVIEW

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

Asian Business

Frozen Business Tuna Business Pet Food Business Aquaculture Feed Business Distribution Business

Asian Seafoods Coldstorage PLC. Asian Seafoods Coldstorage (Suratthani) Co., Ltd. Asian Feed Co., Ltd. Asian Food Co., Ltd. Asian Alliance International Co., Ltd. Asian Alliance International Co., Ltd.

4.1 billion baht 1.1 billion baht 2.7 billion baht 1.5 billion baht 0.7 billion baht 2017 Business Size

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Growth : -12% YoY Growth : -19% YoY Growth : +69% YoY Growth : +25% YoY Growth : +6% YoY

Asian Seafoods Coldstorage PLC.

Q4 Opportunity Day– 26th February 2018

ASIAN’s Sustainability

• Product Quality and Services
• Human Development and Human Value
• Commit avoiding to involve in illegal fishing, procuring,

importing, exporting, transiting and distributing aquatic life and products obtained from illegal fishing and labor, and human trafficking.

• Anti-Corruption Policy

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Q4 Opportunity Day– 26th February 2018

ASIAN Key Financial

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

2017 Performance

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• 2017 Revenues reached 9,740 million baht, 6% increase compared to the

previous year. Overall volumes increased 15%, with rapid growth in pet food and aqua feed while frozen squid declined. Weak USD negatively impacted revenues around 5%.

• Gross Profit Margin is at 10.5% (LY 8.4%) due to better products mix.
• Net Profit in 2017 was 418 million baht, in line with expectation.
• Net Deferred Taxed Assets increased 41 million baht from taxed credit from loss

carryforward.

• Lower doubtful debt allowance and expenses.

Q4 Opportunity Day– 26th February 2018

* Volumes include inter company transaction

Working Capital

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*Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity

Q4 Opportunity Day– 26th February 2018

Leverage &Debt Structure

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Q4 Opportunity Day– 26th February 2018

Market Diversity

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• USA & CANADA sales

mostly are Shrimp and Pet Food

• EU sales mostly are Squid

and Pet Food

• Japan sales mostly are

Fish, Sashimi, and Pet Food

• Middle East Sales are

mostly Tuna

• Domestic sales are mostly

Aquaculture Feed

Q4 Opportunity Day– 26th February 2018

Share Price Development

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Thai Shareholders: 973 person Foreign shareholders: 7 person Thai Shareholders: 4,918 person Foreign shareholders: 12 person

ASIAN Stock Information

Share price (23 Feb 2018) : 9.50 THB Historical price : 52-week high 16.90 THB 52-week low 3.25 THB

• No. of paid up shares :

542.73 MTHB Par value : 1.00 THB Market Capitalization : 5,155.91 MTHB

Institutional Investors

Q4 Opportunity Day– 26th February 2018

Q4/17 Sales

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• Sales Revenues in Q4/2017 amounted 2,615 million baht, down 10% y.o.y.

mainly due to an 8% lower USD-exchange rate and lower volumes in Frozen Squid and Tuna products.

• Gross Profit in Q4 amounted 224 million baht, 8.6% of revenues. This was 45

million baht lower than the year before, mainly due to lower profit in the squid business that could not be fully off-set by higher profitability in the other segments.

Q4 Opportunity Day– 26th February 2018

Q4/17 Profitability

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• Gross Profit margin

was 8.6% (LY 9.3%)

• Net Profit in 4Q17

was 106 million Baht (LY 125). Profit was impacted by losses in squid inventory revaluations and the weakening USD, partly off-set by tax benefits revaluation.

Q4 Opportunity Day– 26th February 2018

Q4/17 Working Capital

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*Net WC Days = AR Days + INV Days – AP Days **ROE= last 4 quarter net profit/Average total shareholders’ equity

Q4 Opportunity Day– 26th February 2018

Leverage &Debt Structure

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• Balance sheet ratios

a bit improved.

• Net debt increased to

3,444 million baht as a result of the higher inventory.

Q4 Opportunity Day– 26th February 2018

ASIAN Development by Segment

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

Frozen Business

Frozen Business of Asian Group comprises of 3 plants

• Asian Seafoods Coldstorage

Public Company Limited (Klongtoey) capacity of 2,400 tons finished product per year

• Asian Seafoods Coldstorage

Public Company Limited (Samutsakorn) capacity of 14,000 tons finished product per year

• Asian Seafoods Coldstorage

(Suratthani) Company Limited Capacity of 10,000 tons finished product per year

Frozen Business

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Q4 Opportunity Day– 26th February 2018

Frozen Performance

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• Sales revenues decreased with 26% y.o.y. to 1,238 million (LY 1,680)
• Squid customers in Europe switched from Thai squid to exceptionally low

priced South American squid, following the bumper catch that pushed overall squid prices down. (Squid down 65% y.o.y)

• Shrimp revenues in Q4 were slightly higher y.o.y.

Silago 8% Shrimp 62% VAP Shrimp 11% Squid 14% Others 5%

Q4 2017

Q4 Opportunity Day– 26th February 2018

Frozen Performance

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• Sales revenues for the full year amounted to 4,101 million baht, a decrease of

12% y.o.y. This decrease was due to low squid sales in the second half of the year(LY 4,644)

• A lower USD FX rate, averaging around 5% lower, impacted sales revenues.
• Gross profit was higher in shrimp than the year before. Due to a revaluation of

squid inventories in Q4, however, profitability in the squid business was significantly below last year. Sillago margins were satisfactory and stable.

Silago 8% Shrimp 62% VAP Shrimp 11% Squid 14% Others 5%

Q4 2017

Q4 Opportunity Day– 26th February 2018

Tuna Business

Tuna Business

• Operated by Asian Alliance

International Co., Ltd., located in Samutsakorn province w/ quite new facilities compare to others.

• Traditional tuna product in cans

and pouches, and Value added product (ready-to-eat) such as Tuna with rice meal.

• No branded, more flexible in tuna

high price seasons.

• Capacity of around 17,500 tons
• f finished product per year.

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Q4 Opportunity Day– 26th February 2018

Tuna Performance

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• Tuna Sales were down 28% y.o.y. in Q4/2017. With tuna raw material prices

reaching a near record high in October, it proved to be difficult to pass on price increases and therefore processed volumes were decreased.

• Margins for canned tuna products were in line with last year.

Q4 Opportunity Day– 26th February 2018

Petfood Business

Petfood Business

• Also operate by Asian Alliance

International Co., Ltd.

• Serve as a “co-developer” who

understand customers and provide ideas for new products in variety of packaging.

• Target premium brand owners and

private labels showing continued growth.

• Process Fishmeal using non-IUU

by-products which benefit shrimp products traceability.

• Annual production capacity of

34,000 tons of FG (net weight)

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Q4 Opportunity Day– 26th February 2018

Petfood Performance

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* Volumes include inter company transaction

• Q4 revenues were a strong 684 million baht, a 27% increase compared to

the same quarter last year, and volume grew 35%. This reflects a lower USD FX rate that outpaced price increases.

• The additional dog food line became operational in Q4. New product

development is well under way and is expected to bring volume in the course of 2018.

Q4 Opportunity Day– 26th February 2018

Petfood Performance

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* Volumes include inter company transaction

• Sales revenues increase 69% over the year to 2,679 million baht, mainly due

to volume increases in pet food.

• More production lines are on their way, which will increase capacity of

petfood pouch from 2,500 tons to 3,800 tons finished product per year and petfood plastic cup from 11,500 tons to 14,400 tons finished product per year. Expected to be commissioning and operate in mid Q2/2018.

Q4 Opportunity Day– 26th February 2018

Aquaculture Feed Business

Aquaculture Feed Business

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• Asian

Feed Co., Ltd. located in Petchaburi. Production capacity

• f

60,000 tons of sinking pellet and 36,000 tons of floating pellet per year

• Farm research facilities in Suratthani for

both product quality and new farm model test.

• Advanced

laboratory & academic expertise to provide water quality analysis inspection, aquatic animal quality evaluation, food quality development, technique advisory for rearing and solution for diseases in aquatic animals.

Q4 Opportunity Day– 26th February 2018

Aquaculture feed Performance

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• Q4 showed a 5% decrease compared to the same quarter last year to 348 million

baht, due to somewhat lower farmed volumes.

• Margins remained good throughout the year, and a significant lower allowance for

doubtful needed to be taken, which improved profitability significantly over the year.

• Asian’s market share increased

Q4 Opportunity Day– 26th February 2018

Distribution Business

Distribution Business

• Asian Food Co., Ltd. engages in

imported frozen food products and delivered to Thai wholesalers, modern retail and restaurant chains.

• Our cold storage in Bangkok and

Samutsakorn are also the hub for

• ur food distribution business.

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Q4 Opportunity Day– 26th February 2018

Distribution Performance

• In Q4, distribution businesses performed well with strong revenue

growth and good margins.

• Sales revenues increased to 665 million baht compared to the year

before.

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Q4 Opportunity Day– 26th February 2018

ASIAN Ambition 2020

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

Sales (Billion baht) 2015 2016 Key Strategy/Success 2020 Target Frozen 3.6 4.6 Shrimp & VAP 6.0 Tuna 1.2 1.4 VAP 1.5 Pet Food 1.6 1.6 Co-Developer, Customer Relation 4.0 Feed 1.1 1.2 Sustainability, Fishmeal Substitution, Dryfeed 2.0 Distribution 0.4 0.4 Acquisition 1.0 Total ASIAN 7.9 9.2 14.5 Consolidated GP 8.2%* 8.4% 10.0-12.0%

*2015 GP excluding Fx Benefit

Ambition 2020

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Q4 Opportunity Day– 26th February 2018

ASIAN Strategies Updated

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

Key Strategies for the next 5 Years

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“Closer to consumer and efficiency”

Q4 Opportunity Day– 26th February 2018

Frozen Key Strategies

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• Invest in marketing and sales of “Quality” and improve margins
• Strengthen our shrimp supply chain position
• Set-up Seabass supply chain – feed & processing
• Review Squid and Kissu sales approach – we have leading

positions

Tuna & Pet Food Key Strategies

• Tuna: maintain scale to petfood requirements, unless

acquisition/consolidation opportunities offer synergies and efficiencies

• Strenghten “Co-Developer” position and Develop more big,

premium segment wet petfood customers

Q4 Opportunity Day– 26th February 2018

Feed Key Strategies

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• Continue cost rationalization and optimization of diets in feed

business-Formulas improvement, Automatic

• Study dry petfood business.

Other Key Strategies

• Establish sales offices in key markets.
• Develop SAP with MRP, BI, Analysis and roll-out into Feed, then

Frozen and Distribution

• Develop career path and training program for middle

management level and establish salary and bonus system to maintain “A-graded” staff.

Q4 Opportunity Day– 26th February 2018

2018 Projects

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Projects Business Budget (Millions Baht) Pouch & Cat Line Expansion Pet Food 68 Automatic Warehouse Pet Food 230 SAP Expansion Aqua Feed 25 Asian Group Services Co., Ltd. Group 10 Asian Group SCS Europe GmbH Distribution 10 Interpetina Co., Ltd. Pet Food 2

Q4 Opportunity Day– 26th February 2018

Sales growth expectation

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• Sales revenues decreased since 2012 EMS outbreak to bottom low in 2014.
• Main drivers for sales growth since 2014 are pet food, shrimp and feed

business.

• Aim for 14.5 billions baht sales in 2020, which is almost double from 2015.
• With Asian Strategies updated in 2017, Asian expects new area will drive

Sales growth to reach Ambition 2020.

Q4 Opportunity Day– 26th February 2018

ASIAN 2018 Target

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

2018 Target

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Sales (Billion Baht)* 2016 2017 %Growth 2018 Target %Growth

Frozen 4.6 4.1

• 12%

4.6 13% Tuna 1.4 1.1

• 19%

1.1 0.5% Pet Food 1.6 2.7 69% 3.2 21% Aqua Feed 1.2 1.5 25% 1.9 27% Dirtribution 0.6 0.7 6% 0.6

• 10%

Inter-company sales (0.2) (0.4) (0.3) Total Asian Group 9.2 9.7 6% 11.2 15% Consolidate GP 8.4% 10.5% 10%-10.5% *Actual sales revenue by business segment partly include inter-company sales

Q4 Opportunity Day– 26th February 2018

Thanks!

Any questions?

Investor Relations Contact Email: Asian-secretary@asianseafoods.co.th Tel: (66) 034-845575-91 ext. 5370 Presentation is available at www.asianseafoods.co.th

Q4 Opportunity Day– 26th February 2018

Appendix

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

Management Team

Mr.Somsak Amorrattanachaikul Chief Executive Officer Mr.Somchai Amorrattanachaikul Senior Managing Director Mr.Suriya Prasatbuntitya Executive Vice President Mr.Hendrikus (Rik) Van Westendorp Executive Vice President & Chief Financial officer Mr.Aekarat Punnasung MD-Asian Mrs.Suree Jangsawat MD-Asian Surat Mr.Wallop Lomlimp MD-Asian Feed

A-1

Q4 Opportunity Day– 26th February 2018

2017 Income Statement

A-2

Unit ('000) Q4-2016 % to Sales Q4-2017 % to Sales 2016 % to Sales 2017 % to Sales Sales 2,893,579 99.9% 2,613,183 99.9% 9,197,029 99.9% 9,732,835 99.9% Cold storage service income 2,103 0.1% 1,647 0.1% 9,139 0.1% 7,336 0.1% Cost of Sale and service (2,626,783)

• 90.7%

(2,390,993)

• 91.4% (8,433,656)
• 91.6% (8,720,511)
• 89.5%

Gross Profit 268,899 9.3% 223,837 8.6% 772,512 8.4% 1,019,660 10.5% Other income 94,985 3.3% 39,336 1.5% 141,800 1.5% 147,853 1.5% SG&A expenses (217,308)

• 7.5%

(162,279)

• 6.2%

(628,688)

• 6.8%

(659,657)

• 6.8%

EBIT 146,576 5.1% 100,894 3.9% 285,624 3.1% 507,856 5.2% Finance cost (35,765)

• 1.2%

(35,830)

• 1.4%

(149,872)

• 1.6%

(137,262)

• 1.4%

EBT 110,811 3.8% 65,064 2.5% 135,752 1.5% 370,594 3.8% Income tax expenses 14,089 0.5% 40,803 1.6% 18,884 0.2% 47,428 0.5% Profit for the year 124,900 1.3% 105,867 1.1% 154,636 1.6% 418,022 4.3% Earning per share 0.23 0.20 0.28 0.77

*Earning per share calculated at 542,727,549 shares both in 2016 and 2017

Q4 Opportunity Day– 26th February 2018

Q2017 Statement of Financial Position

A-3

Unit ('000 baht) 2017 % to Total Asset 2016 % to Total Asset Change Current Asset Cash and cash equivalents 38,640 0.57% 66,510 1.05%

• 41.90%

Trade and other receivables 1,190,890 17.49% 1,195,140 18.89%

• 0.36%

Inventories 2,682,146 39.38% 2,197,578 34.74% 22.05% Other current assets 36,369 0.53% 33,747 0.53% 7.77% Total current assets 3,948,045 57.97% 3,492,974 55.22% 13.03% Non-Current assets Investment properties 40,301 0.59% 40,301 0.64% 0.00% Property, plant and equipment 2,659,560 39.05% 2,675,031 42.29%

• 0.58%

Other non-current assets 162,777 2.39% 117,288 1.85% 38.78% Total non-current assets 2,862,638 42.03% 2,832,620 44.78% 1.06% Total assets 6,810,683 100.00% 6,325,595 100.00% 7.67% Current Liabilities Bank overdrafts and short-term loans from banks 1,284,125 18.85% 1,386,617 21.92%

• 7.39%

Trade and other payables 608,936 8.94% 686,442 10.85%

• 11.29%

Current long-term loans and lease liabilities 869,331 12.76% 476,082 7.53% 82.60% Other current liabilities 46,586 0.68% 38,577 0.61% 20.76% Total current liabilities 2,808,978 41.24% 2,587,718 40.91% 8.55% Non-current liabilities Long-term loans 1,289,236 18.93% 995,374 15.74% 29.52% Long-term debentures

• 0.00% 349,508

5.53%

• 100.00%

Finance lease liabilities 1,432 0.02% 1,307 0.02% 9.56% Other non-current liabilities 172,447 2.53% 174,218 2.75%

• 1.02%

Total non-current liabilities 1,463,115 21.48% 1,520,407 24.04%

• 3.77%

Total liabilities 4,272,093 62.73% 4,108,126 64.94% 3.99% Total shareholders' equity 2,538,590 37.27% 2,217,469 35.06% 14.48% Total liabilities and shareholders' equity 6,810,683 100.00% 6,325,595 100.00% 7.67%

Q4 Opportunity Day– 26th February 2018

2017 Statement of Cash Flow

A-4

Q4 Opportunity Day– 26th February 2018

Units: (‘000 baht) 2017 2016 Change 370,595 135,751 234,844 Depreciation & Amortisation 189,336 190,071

• 735

Other adjustments to reconcile profit (loss) before tax to net cash 8,672 191,924

• 183,253

Loss (gain) on exchange rate

• 5,970

7,483

• 13,453

Interest expense (income) 134,418 149,407

• 14,989

697,051 674,636 22,415 Decrease (increase) in operating assets

• 469,947
• 220,456
• 249,491

Increase (decrease) in operating liabilities

• 94,053

207,787

• 301,840

133,052 661,967

• 528,915

Cash paid for interest

• 134,749
• 155,435

20,686 Cash paid for income tax

• 5,036
• 11,030

5994.3

• 6,733

495,503

• 502,235
• 193,562
• 125,559
• 68,003

172,425

• 355,261

527,686

• 27,869

14,683

• 42,552

Cash and cash equivalents at beginning of period 66,510 51,827 14,683 38,640 66,510

• 27,870

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at end of period Profit (loss) before tax Profit from operating activities before changes in operating assets and liabilities Cash from (used in) operating activities Net cash from (used in) operating activities Net cash from (used in) investing activities Net cash from (used in) financing activities