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We are the right choice!

FROZEN BUSINESS TUNA BUSINESS PETFOOD BUSINESS FEED BUSINESS DISTRIBUTION BUSINESS

Asian Seafoods Coldstorage PLC.

Q1 Opportunity Day–23rd May 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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Q1 Opportunity Day–23rd May 2018

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

Agenda

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Q1 Opportunity Day–23rd May 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.

Q1 Opportunity Day–23rd May 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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Q1 Opportunity Day–23rd May 2018

2006

• Acquired Asian Feed

Co., Ltd., diversify into Shrimp Feed Business

2000s 2010s 2015s

1964

Starting Business in Frozen Food

1993

• Founded Asian

Seafoods Coldstorage (Suratthani) Co., Ltd. In order to expand Frozen Food Business

1994

• Registered

Asian Seafoods Coldstorage PLC.

2005

• Founded Asian

Alliance International Co., Ltd., diversify into Tuna Business

2012

• Founded Asian Food

Co., Ltd., domestic trader company of the group

• EMS Outbreak in Shrimp
• Asian Feed invested in

Extruder to diversify into Fish Feed Business

2013

• AAI invested in

Premium Pet Food Line

2015

• Quadruple Growth

in Pet Food

• Turnaround of

Asian Feed Co., Ltd.

2016

• Implement ERP
• Sustainable sourcing

& Good Labor Practice

• Established Nutrition

Database in Pet Food & Feed

• Ambition 2020 were

set

2016s

Major Events

7

2017

• Expand Pet Food

Capacity

• Rapid Growth in Pet

food & Aqua Feed

• Launch concept

“Closer to consumer and efficiency” and set up strategies.

Q1 Opportunity Day–23rd May 2018

ASIAN Key Financial

Asian Seafoods Coldstorage Public Company Limited & its Subsidiaries

Q1/18 Highlights

• Lower

y.o.y sales revenues: lower volumes in Feed and Tuna and a lower USD rate

• Gross Profit 139 million baht: high Squid

raw material prices USD exchange rate impacted pet food margins

• Net profit 27 million
• Restructuring of cost in Frozen
• Asian Group Services, with focus on

marketing

• Asian Europe Group in Germany with an

initial focus on Petfood sales

• JV with Interpharma to launch “MARIA”

petfood brand

Profitability

('000'000 Baht) Q1 2017* Q1 2018 Q4 2017 Sales 2,466 2,300 2,615 Gross Profit 286 139 224 SG&A (170) (140) (162) EBIT from Operation 116 (1) 62 Other Incom 18 48 19 fxGain (loss) 19 21 21 Non-recurring (15) EBIT 138 69 101 Financial Cost (32) (33) (36) EBT 106 35 65 Taxes (0) (9) 41 Net Profit 106 27 106 * Re-classification of Rebate from Selling Expenses to deduct Sales Revenue which were move since Q2/17

Q1 Opportunity Day–23rd May 2018

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Q1/18 Sales

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• Sales revenues decreased 7% y.o.y. to 2,300 million at similar volumes, mainly

due to a lower USD exchange rate (-7%). Pet food volumes were up, off-set by lower volumes in Tuna and Aqua feed

• Gross Profit amounted 139 million baht. Squid margins continued to be

depressed and the lower USD exchange rate impacted pet food margins

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

Q1/18 Profitability

11

• Gross Profit margin was 6.0%

versus 12.2% in the same quarter last year.

• Net profit in 1Q18 was 27 million

baht, a decrease compared to the same period last year (net profit 106 million baht)

Q1 Opportunity Day–23rd May 2018

Q1/18 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

Q1 Opportunity Day–23rd May 2018

Leverage &Debt Structure

13

• Balance sheet ratios

a bit improved.

• Long term Loan will

be further improve in Q2-18

Q1 Opportunity Day–23rd May 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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Q1 Opportunity Day–23rd May 2018

Frozen Performance

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• Sales volumes for the quarter increased slightly with 3% y.o.y. but sales revenues

decreased 18% to 936 million baht.

• Squid volumes were in line with the same period last year, but a significantly lower prices

and gross profit margins. It is still uncertain if prices will show recovery in Q2.

• Shrimp volume was also similar but trading at lower prices compared to a year ago and

lower gross profit margins.

• A comprehensive cost rationalisation project among the three processing plants has been

initiated and is expected to show an improved cost structure, partly in Q2 and mostly in Q3.

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

Q1 FX, price impact

• Sales volume was up in the Surat plant

(Squid and Sushi Ebi), partly off-set by lower sales of Sillago and commodity Shrimp

• Due to lower raw material price, sales

prices of Sillago and commodity Shrimp were down 8% and 14% respectively. Squid prices were in line with last year.

• JPY

and USD rates decreased

• n

average with 7% and 11%.

• High Squid raw material prices and

lower commodity Shrimp volume caused a significant y.o.y. decrease of profit margin

• Further price drop of shrimp in Q2

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

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• More focus on China market
• Increase fish processing and product development
• Review sourcing options squid
• Cost restructuring
• A comprehensive cost rationalisation project among the three

processing plants has been initiated and is expected to show an improved cost structure in the course of Q3

• Rationalisation of cold storage facilities in the course of Q2

Frozen Actions

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Q1 Opportunity Day–23rd May 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 of

finished product per year.

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Q1 Opportunity Day–23rd May 2018

Tuna Performance

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• Canned Tuna volumes were y.o.y. down 16% and sales revenues

were down 11%, with higher sales prices partly off-setting the lower volume.

• The decline in volume was a result of continued selective order

intake and in the course of the quarter availability of raw materials became scarcer, resulting in an upward price trend.

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

• Sales volume was down, but off-

set by price increase as a result

• f higher raw material prices
• JPY and USD rates decreased
• n average with 7% and 11%.
• Profit margin impacted by lower

volume, but off-set by higher petfood volume

• Further price increase in Q2,

volumes slightly up

Q1 FX, price impact

Q1 Opportunity Day–23rd May 2018

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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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Q1 Opportunity Day–23rd May 2018

• Sales revenues were 764 million baht, a 21% increase compared to the same quarter last
• year. This was a result of a volume increase 28% but at lower prices due to USD exchange

rate effects. A general price increase is being implemented during Q2.

• Volume mainly increased with customers in the premium market segment, both by organic

growth of individual customers and by increase of our share of supply to larger customers.

• Further capacity extension was implemented in April providing further growth possibilities in

pouched products, 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.

Petfood Performance

26

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

Q1 FX, Price impact

• Sales revenues were up as a

result of higher volumes

• Average sales price increased,

due to product mix and price increases, although not enough to fully off-set exchange rate effects

• JPY and USD rates decreased
• n average with 7% and 11%.
• Profit margin positively impacted

by higher volume, but exchange rates were unfavourable

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Q1 Opportunity Day–23rd May 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.

Q1 Opportunity Day–23rd May 2018

Aquaculture feed Performance

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• After a strong increase a year ago, feed volumes decreased in Q1 with 17% y.o.y.

to 9.6k MT, with lower sales both in shrimp feed and fish feed.

• Profit margins declined somewhat, due to strong competition and lower volumes.

* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

Q1 FX, Price impact

• Sales revenues were down as a

result of lower volumes

• Average sales price was down

due to product mix change, increased competition

• No FX impact as mostly

domestic sales

• Profit margin declined

somewhat due to lower volumes and prices, partly off-set with formula optimisation

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Q1 Opportunity Day–23rd May 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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Q1 Opportunity Day–23rd May 2018

Distribution Performance

• Sales revenues decreased 10% with lower volume.
• Profitability increased compared to the same quarter a year before.

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* Volumes include inter company transaction

Q1 Opportunity Day–23rd May 2018

ASIAN Strategies Updated

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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Q1 Opportunity Day–23rd May 2018

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“Closer to consumer and efficiency”

Growth Profit Stability

Customers Quality Capital

Diversification

Policies

Efficiency Brands Sourcing

People Partners

Key Strategies for 2018-2022

Q1 Opportunity Day–23rd May 2018

Market Trends

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• Global pet food market is

$75b, of which $20-25 wet food.

• USA $31b, EU $21b
• Thailand exports ca. $1.2b

(wet) pet food, ASIAN’s export share is 7%.

• Sustainability, CSR and

food safety become increasingly important

• Global demand up 5% p.a., fastest in China, Russia. Drivers: more pets, more

premium

• Thailand has excellent (canning) infrastructure for premium, wet pet food

Q1 Opportunity Day–23rd May 2018

Market Trends

39

• Shrimp is a global ‘winning’

species and growth comes from aquaculture

• Thailand is one of the most

advanced countries in farming and processing - ‘farming 2.0’

• Sustainability, CSR and

food safety become increasingly important

• Global demand up 5% p.a. (300k mt), supplied by Ecuador, India and SEA
• Thailand has the capacity, technology, profitability to take part in this, especially

in premium segments

• Thai issues are weather, shrimp larvae supply and EU trade barrier

Q1 Opportunity Day–23rd May 2018

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Strategic Actions

Q1 Opportunity Day–23rd May 2018

• Establish sales and marketing units in key markets
• EU, USA and China
• Further develop and expand own brands, quality concepts
• Squid, Shrimp and Petfood
• Broaden raw material sourcing options
• Shrimp and Squid
• Diversify into complementary products
• processed Asian Seabass
• explore dry petfood
• Continuous improvement of efficiency
• SAP
• Automation
• Learning & development
• Treasury Centre

Asian Group Services Co., Ltd.

41

• Established as 100% subsidiary of Asian Seafoods Coldstorage PLC.

in February 2018, located in BKK.

• Serves as holding company for domestic and overseas joint ventures

and subsidiaries.

• Employs specialist staff to:
• Steer global marketing and sales activities for ASIAN
• Develop online business
• Support IT, finance and other corporate business development

functions

Q1 Opportunity Day–23rd May 2018

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Asian Group SCS Europe GmbH

• Sales and Marketing
• rganization, based in Germany
• 60% ASIAN, 40% Happy Pet

joint venture

• First focus is private label

(OEM) wet petfood to European retail - Utilize Happy Pet existing sales channels for dry petfood

• Target premium segment
• Smart support in online

marketing

Q1 Opportunity Day–23rd May 2018

43

Interpetrina Co., Ltd.

• Sales Pet Food under it’s own brand in Thailand
• 40% ASIAN, 60% Inter Pharma Co., Ltd.
• Target premium segment
• First Product launch will be at the end of May 2018

Q1 Opportunity Day–23rd May 2018

44

Interpetrina Co., Ltd.

Q1 Opportunity Day–23rd May 2018

ASIAN 2018 Target

Asian Seafoods Coldstorage Public Company Limited & Its Subsidiaries

2018 Target

46

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

Q1 Opportunity Day–23rd May 2018

2018 Target

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Sales (Billion Baht)* YTD 2018 Target progress Frozen 0.9 4.6 20% Tuna 0.3 1.1 27% Pet Food 0.8 3.2 24% Aqua Feed 0.2 1.9 12% Dirtribution 0.1 0.6 24% Inter-company sales

• 0.1

(0.3) Total Asian Group 2.3 11.2 20% Consolidate GP 10%-10.5%

*Actual sales revenue by business segment partly include inter-company sales

Q1 Opportunity Day–23rd May 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

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 Alliance Mrs.Suree Jangsawat MD-Asian Surat Mr.Wallop Lomlimp MD-Asian and Asian Feed

A-1

Q1 Opportunity Day–23rd May 2018

Q1/2018 Income Statement

A-2

Unit ('000) Q1-2018 % to Sales Q1-2017 % to Sales Sales 2,298,519 99.9% 2,480,265 99.9% Cold storage service income 1,496 0.1% 2,095 0.1% Cost of Sale and service (2,160,996)

• 94.0%

(2,180,101)

• 87.8%

Gross Profit 139,019 6.0% 302,259 12.2% Other income 69,372 3.0% 36,913 1.5% SG&A expenses (139,645)

• 6.1%

(200,975)

• 8.1%

EBIT 68,746 3.0% 138,197 5.6% Finance cost (33,404)

• 1.5%

(32,381)

• 1.3%

EBT 35,342 1.5% 105,816 4.3% Income tax expenses (8,764)

• 0.4%

(4) 0.0% Profit for the year 26,578 1.2% 105,812 4.3% Earning per share 0.05 0.19

Q1 Opportunity Day–23rd May 2018

Q1/2018 Statement of Financial Position

A-3

Unit ('000 baht) Q1 2018 % to Total Asset 2017 % to Total Asset Change Current Asset Cash and cash equivalents 58,236 0.87% 38,640 0.57% 50.71% Trade and other receivables 1,251,046 18.69% 1,190,890 17.49% 5.05% Inventories 2,450,632 36.60% 2,682,146 39.38%

• 8.63%

Other current assets 57,421 0.86% 36,369 0.53% 57.88% Total current assets 3,817,335 57.02% 3,948,045 57.97%

• 3.31%

Non-Current assets Investment properties 40,301 0.60% 40,301 0.59% 0.00% Property, plant and equipment 2,682,146 40.06% 2,659,560 39.05% 0.85% Other non-current assets 155,117 2.32% 162,777 2.39%

• 4.71%

Total non-current assets 2,877,564 42.98% 2,862,638 42.03% 0.52% Total assets 6,694,899 100.00% 6,810,683 100.00%

• 1.70%

Current Liabilities Bank overdrafts and short-term loans from banks 1,459,394 21.80% 1,284,125 18.85% 13.65% Trade and other payables 568,276 8.49% 608,936 8.94%

• 6.68%

Current long-term loans and lease liabilities 744,416 11.12% 869,331 12.76%

• 14.37%

Other current liabilities 48,972 0.73% 46,586 0.68% 5.12% Total current liabilities 2,821,058 42.14% 2,808,978 41.24% 0.43% Non-current liabilities Long-term loans 1,134,554 16.95% 1,289,236 18.93%

• 12.00%

Long-term debentures

• 0.00% -

0.00% Finance lease liabilities 1,237 0.02% 1,432 0.02%

• 13.62%

Other non-current liabilities 172,881 2.58% 172,447 2.53% 0.25% Total non-current liabilities 1,308,672 19.55% 1,463,115 21.48%

• 10.56%

Total liabilities 4,129,730 61.68% 4,272,093 62.73%

• 3.33%

Total shareholders' equity 2,565,169 38.32% 2,538,590 37.27% 1.05% Total liabilities and shareholders' equity 6,694,899 100.00% 6,810,683 100.00%

• 1.70%

Q1 Opportunity Day–23rd May 2018

Q1/2018 Statement of Cash Flow

A-4

Units: (‘000 baht) Q1/2018 Q1/2017 Change 35,342 105,816 (70,474) Depreciation & Amortisation 47,088 45,871 1,217 Allowance for doubtful debts (reversal) (17,894) 5,004 (22,898) Other adjustments to reconcile profit (loss) before tax to net cash (21,597) 16,632 (38,229) Loss (gain) on exchange rate (14,886) (7,586) (7,300) Interest expense (income) 33,194 32,243 951 61,247 197,980 (136,733) Decrease (increase) in operating assets 185,699 (171,469) 357,168 Increase (decrease) in operating liabilities (50,271) 84,785 (135,056) 196,675 111,296 85,379 Cash paid for interest (34,881) (31,551) (3,330) Cash paid for income tax (1,281) (1,235) (46) 160,513 78,510 82,003 (56,089) (30,357) (25,732) (84,828) (69,908) (14,920) 19,596 (21,755) 41,351 Cash and cash equivalents at beginning of period 38,640 66,510 (27,870) 58,236 44,755 13,481 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

Q1 Opportunity Day–23rd May 2018