Angliss Asia Business Update

May 2018

Serving Those Who Serve Great Food

China Market Size Angliss China % of Total Market Size

Product ImportedVolume (MT)

Imported Value (USD ‘000000)

ImportedVolume (MT)

Imported Value (USD ‘000000)

Volume(%)

Value(%)

Meat 4,604,000 $103,500 571 $7.71 0.01% 0.01%

Dairy 965,000 $6,060 17,768.4 $67.85 1.84% 1.12%

Others 2,559,000 $30,210 4,341.5 $25.00 0.17% 0.08%

CHINA

Population: 1.4 billionGDP (PPP): $21.3 trillion

6.9% growth7.3% 5-year compound annual growth$15,399 per capita

Inflation (CPI): 2.0%

Economic Environment

Source of data: USDA Foreign Agricultural Service (China’s 2016 Food Import Situation)

Singapore Market Size Angliss Singapore % of Total Market Size

Product ImportedVolume (MT)

Imported Value (USD ‘000000)

ImportedVolume (MT)

Imported Value(USD ‘000000)

Volume(%)

Value(%)

Meat 379,711 $822.79 16,416 $62.42 4.32% 7.59%

Dairy 333,610 $689.24 1,768 $7.54 0.53% 1.09%

Others 1,244,097 $686.36 4,464 $17.77 0.36% 2.59%

SINGAPORE Population: 5.6 million

Economic Environment

Hong Kong Market Size Angliss Hong Kong % of Total Market Size

Product ImportedVolume (MT)

Imported Value (USD ‘000,000)

ImportedVolume (MT)

Imported Value (USD ‘000,000)

Volume(%)

Value(%)

Meat 1,169,780 $4,034 14,919 $116.12 1.28% 2.88%

Dairy 220,124 $1,270 12,376 $74.67 5.62% 5.88%

Others 2,020,241 $5,204 8,285 $25.88 0.41% 0.50%

HONG KONG Population: 7.4 million

Source of data: Global Trade Atlas (GTA) by Export Guide Annual 2017

Source of data: Global Trade Atlas (GTA) by Hong Kong Census & Statistics Department (Retail Report 2016)

Indonesia

Our Presence in Asia

Philippines

Potential Market

Vietnam

China

MalaysiaSingapore

28 cities

Japan

HK

Macau

Beijing

Hebei

Neimonggol

Heilongjiang

Jilin

Liaoning

Shanghai

Jiangsu

Zhejiang

AnhaiChongqing

Sichuan

Yunnan

Tibet

Fujian

Guangxi

Guizhou

Jiangxi

Hubei

HenanShaanxi

Ningxia

Qinghai

Xinjiang

Gansu

Hong Kong

Tianjin

HangzhouChengdu

Sanya

XianShanghai

Beijing

GuangzhouShenzhenNanning

Shenyang

Haikou

Wuhan

Xiamen

Zhengzhou

Hunan

Current Operations

Kunming2018: 28 cities2019: 30 cities

Shijiazhuang

Chongqing

Future Development

NanjingSuzhou

Shantou

Development in ChinaToday in China, we are in more than 28 cities

Xinjiang

ZhuhaiFushan

Shanxi

Changchun

Nanchang

Shandong

China

Other Asia RegionsNumber of

TrucksCold Storage

(metric tonnes)香 香

Angliss Hong Kong 46 8,000 香 香

Angliss Macau 6 600 香 香 香

Angliss Singapore 36 5,700 香 香 香 香Malaysia 4 400

Total 92 14,700

Our Logistic CapacityChina Region Number of Trucks

Cold Storage (metric tonnes)

香 香 Beijing 17 9,200

香 香 Tianjin 2 200

香 香 Shenyang 3 300

香 香 香 Shijiazhuang 1 50

香 香 Shanxi 1 13

香 香 Jinan (Shandong) 1 50

香 香 Shanghai 13 2,700

香 香 Hangzhou 3 700

香 香 Nanjing 1 40

香 香 Guangzhou 14 6,000

香 香 Chengdu 4 380

香 香 Chongqing 2 130

香 香 Kunming 1 50

香 香 Xiamen 2 200

香 香 Shenzhen 16 2,500

香 香 Xi'an 3 322

香 香 Zhengzhou 3 220

香 香 Wuhan 3 400

香 香 Hunan (Changsha) 4 500

香 香 Nanning 2 300

香 香 Haikou 3 60

香 香 Sanya 4 20Total 103 24,335

195trucks 39,035Metric TonnesCold Storage

06/07 07/08 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22

Angliss AsiaNext 4 Years Sales Growth Target

Angliss’ Strength Compared to the Market Competition (China)

• Each branch well equipped with administrative structures, professional sales team, self-owned warehouse and delivery team

• Diversified sales channels including HoReCa, bakery chains, factories, supermarkets, airline, wholesale

• Strong and capable technical team in pastry, bakery, meat, cuisine and beverages

• Professional customer and after-sale service• Complete QC systems, ISO 9001, high

investment in assurances for the benefit of clients, e.g. Public Responsibility Insurance, Cash Insurance, Property Insurance

Angliss’ Strength Compared to the Market Competition (Hong Kong, Macau Singapore)

• A very diverse portfolio to provide one stop shop solution, covering meat, dairy, seafood, grocery, beverages and gourmet fine food

• Own production and processing center for meat, seafood and ready to eat products, all with ISO and HACCP accredited

• Diverse sales channels covering hotels, restaurants, catering, airline, casual dining, food chains, bakery & pastry, wholesales, retails, etc.

• Reliable brands that give confidence and safety to our customers.

• 24 hour warehouse which accommodate chill, frozen, ambiance and dry storage at the same place providing efficient and reliable service to our clients

• Same day delivery service that enables customers to receive goods 6 hours from ordering before 11am

Challenges & Threats(China & Hong Kong)

• Uncertainty of the Policy changes in China

• Number of largest suppliers are starting to become more aggressive entering by establishing their office & sales team in the country

• The two largest online apps in the world, Alibaba & Tencent are also bridging into the role of Angliss, taking advantage of their logistic network

• Keeping a reasonable balance of stock is a very big challenge as we rely almost 85% on imports. We need to work on forecast almost 5 to 6 months ahead

• Declines in mainland visitors to Hong Kong weaken / affect the overall economic and food service sector

• US & China trade war may have impact on our business (partners will probably ask to absorb part of the impact of increased cost)

• Difficult to recruit quality staff for our business operations

Challenges & Threats(Singapore)

US-China tensions cast dark clouds in the horizon• Prime Minister Lee expressed that Singapore may be drawn into

trade tensions between the US and China if things escalate andthat this may hamper Singapore’s export as well.

Difficulty in recruiting and retaining quality staffs• According to the Willis Towers Watson 2016 Global Talent

Management and Rewards Survey, more than 65% of Singapore employers are struggling to attract talent – in particularcritical-skill employees (66%), top performers (74%) and high-potential employees (69%).

Fierce Competition from Competitors• Due to the small saturated market, increasing number of smaller

players strives by offering free value-added services

• They also support Saturday and Sunday deliveries

Challenges & Threats(Singapore)

Highlights of the Business

• We are operating in 28 cities in China now• Meat processing plant in China Region will be

ready for operations in end of 2018, now under construction & development

• Expanding and further develop our Private Label Brands

• Acquisition of Linson Global Seafood Hong Kong• Gourmet Partner & Bidfood Malaysia under one roof• Business expansion in Vietnam• Restructuring of Angliss Singapore

Location: Chancheng District, Foshan City, Guangdong Province, ChinaEstimated Area : 1,594m² : 1,594

• Meat Cutting & Packaging Area : 696m²• Marinated Meat Processing Area : 172m²• Cold Storage Area : 272m²

Meat Processing Plant & Meat Business Development

A huge business in the Chinese cuisine, 60% of Chinese restaurants through out China. We believe with Jerry’s expertise will help us to rapidly growth the meat category business.

Initial Production Plan

We can provide hand cut and tailor made packaging according to customers’ requirement and specifications

Initial Launching Items

*********Burger PattiesSous Vie SteakMeat cutting

Meat marinatingSmall packaging

Business Expansion

Acquisition of Linson Global Seafood Trading

• Supply a comprehensive range of frozen fish and seafood to a wide range of key customers in the wholesales and supermarkets

• Chinese cuisine is still the dominating food service preference in China and Hong Kong. Customers are willing to pay more for quality and premium Chinese cuisine for business and family gatherings.

• Good quality of ingredients are key to Chinese chefs to create their best dishes. Chefs are open-minded to use different ingredients for innovative menu creation nowadays.

• Angliss will work closely with high-end Chinese cuisine fine dining restaurants to further develop menus using Angliss’ finest ingredients such as Wagyu beef and sustainable seafood, truffles, foie Gras etc.

Strengthen Development of Gourmet Chinese Cuisine Business

Bidfood Malaysia & Gourmet Partner

Gourmet Partner – Specialised in Gourmet FoodBidfood Malaysia – Specialised in Pastry and Confectionery

Both companies under one roof allow them to share operational best practice, deliver a better customer experience and offer more comprehensive product ranges, while leveraging combined strengths and economies of scale and further strengthen different market segments in Malaysia.

Current Coverage & Future Expansion

With the establishment of Bidfood Malaysia, there is synergy between both Bidfood Malaysia & Gourmet Partner Malaysia

– Able to set up 3 more offices in:

Johor Bahru Kota Kinabalu Penang/Langkawi

Existing Offices:1) Kuala Lumpur2) Selangor3) Johor4) Ipoh5) Seremban6) Melaka7) Pulau Penang8) Langkawi9) Sabah10) Kuantan

Looking for acquisitions in East Malaysia

• Gourmet Partner penetrating Vietnam market by partnering a local company –Dai Thuan, expect the licence to be delivered in May 2018

• This joint-venture will give GPVN immediate access to 5 logistical platforms (Ha Noi, Saigon, Da Nang, Nha Trang, Phu Quoc island) which are key to reach the customers mentioned in the previous slide.

• Most key brands to be distributed are already confirmed

• Warehouse ISO9001 to be built by end 2018

• Most key staff have been hired or identified

Gourmet Partner Vietnam

Angliss’ Recipe for

Our large market shareOur added value service

Our good track record with 72 years experienceOur innovation

Our care and passionOur foodie people!

Thank You

Serving Those Who Serve Great Food