sugar outlook and our business

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Sugar Outlook and our Business

16 May 2014

Kaset Thai International Sugar Corporation PCL

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agenda

Sugar outlook in 2014/15

Who is KTIS ?

～Company Information

Q1-2014 Operating Results

Q&A

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Sugar outlook in 2014/15

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World sugar price starts picking up

Source: Reuters

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World sugar trend-1

Source: LMC Sugar and Sweeteners Market Report Q1 2014

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World sugar trend-2

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World sugar trend-3

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World sugar trend-4

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Source: LMC Sugar Bulletin May 2014

World sugar trend-5

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Source: Unica; Citigroup Global Market

World sugar trend-6

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El Nino affects main production countries

Economic/Currency situation in Brazil

On demand side, there is no big surprise

Keyword for 2014/15

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Currency & Interest movement in Brazil

Source: www.tradingconomics.com

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Source: LMC

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Source: www.tradingconomics.com


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Source: TradingChart.com

World sugar trend-7

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Company information

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founded by Mr. Jaroon and Mrs. Hathai Siriviriyakul by taking over a sugar mill of cane crushing capacity at 500 tons cane per day

Possess 3 large sugar mills with a total cane crushing capacity of 88,000 tons cane per day >> Thailand’s Top 3 in sugar business

one of the three is the world’s largest sugar mill with a total cane crushing capacity of 55,000 tons cane per day

KTIS - More Than Sugar : expansion to the business related to by-products from sugar production process

Ethanol

Bleached bagasse pulp

Biomass electricity

KTIS at a glance

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Sugar Producer & Distributor

Pulp Producer Ethanol Producer Biomass Power Plant

Sugar Business Downstream Business Using Sugar By-Products

Thailand’s Top 3 largest sugar

producer

Total production capacity of

88,000 tones cane per day

Three main products are :

Refined Sugar

White Sugar

Raw Sugar

Liquid sucrose & super

refined sugar – project under

development

Sole manufacturer in

Thailand using bagasse as raw

material for its production

Fifth largest paper pulp

manufacturer in Thailand , via

a subsidiary, EPPCO

One of the largest ethanol

producing company in Thailand

Only producer in Thailand with

license to produce three grades

of ethanol from molasses,

including:

Potable grade alcohol

Fuel grade alcohol

Industrial grade alcohol

EPC has both domestic and

export distribution licenses

Power plants are located

within the factories vicinity

Electricity generated is used

for internal and external

consumption

New bagasse power plant

with production capacity of

60 MW has operated since

Q4-2013

Business Overview

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Sugar Mill

KTIS’s Factories

Electricity & Stream

Cane Farmers

Farmers’ Support Program

Sugar Molasses Bagasse

Fully-Integrated Business & Zero Waste

Ethanol ElectricityPulpBiogas

Ethanol Plant Pulp Mill Bio Power PlantBiogas Plant

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KTIS TIS RPE

Overview

1 2 3

2

1,3

Total sugar production capacity is 88,000 sugarcane tons/day

Operates 3 sugar factories : Kaset Thai International Sugar (KTIS) Factory Thai Identity Sugar (TIS) Factory Ruampol Enterprise (RPE) Factory

with total sugar production of 1.06 MMT in 2013/2014, accounting for 9.3%

of Thailand’s total production

Total cultivation of ～1.3 million Rai

World’s largest sugar mill

Crushing capacity of 55,000 tons cane per day

Cultivation area of ～867,020 Raicovering 7 provinces: Nakhonsawan, Chainat, Singburi, Supanburi, Uthaithani, Petchaboon and Lopburi

Our second largest sugar mill by capacity

Crushing capacity of 18,000 tons cane per day

Cultivation areas of ～ 227,259 Raicovering 5 provinces: Uttaradit, Sukhothai, Prae, Pitsanulok and Kumpaengpetch

First sugar mill of KTIS group

Crushing capacity of 15,000 tone cane per day

Cultivation areas of ～ 203,000 Raicovering 4 provinces: Pichit, Kumpaengpetch and Uthaithani

Operating under Long-Term Lease Contract

Largest Sugar company listed on SET

Uttaradit

Nakhonsawan

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835,190 745,072576,366

163,047139,313

110,731

193,857224,287

242,193

ปี 2554 ปี 2555 ปี 2556

น ้ำตำลทรำยดบิ น ้ำตำลทรำยขำว2011 2012 2013

60

10,666

1,710

11,713

986

6,055

2,235

664

2,346

253

1,922

238

3,088

479

2,909

1,440

2,466

1,923

ในประเทศ ต่างประเทศ ในประเทศ ต่างประเทศ ในประเทศ ต่างประเทศ

ปี 2554 ปี 2555 ปี 2556

น ้ำตำลทรำยดบิ น ้ำตำลทรำยขำว น ้ำตำลทรำยขำวบรสิทุธิ์

8,216

White Sugar Refined SugarRaw Sugar1 2 3

Revenue by Geography and Type (THB mm)Quantity Produced by Type (Tons)

1,192,0941,108,672

5,383

11,809

6,966

13,406

5,374

929,291

Derived from refining white sugar further to obtain highest purity

Crystals are white in colour and is used in industries required high-purity raw materials such as pharmaceutical, beverage and energy beverage industries

Derived from refining raw sugar in order to remove wanted substances

Crystals are white in colour and primarily used to in carbonated drink, ready-to-eat food industries and for household consumption

Derived from boiling and crystallization during the primary production process

Sugar crystals have a dark brown colour and must be refined before consumption

Expert in manufacturing restricted Japanese standard specification raw sugar for export(“J-Spec”)

Our export to Japan accounted for around 30% - 50% of Japan sugar import

Raw Sugar White Sugar Raw Sugar White Sugar Refined Sugar

Dom Int’l Dom Int’l Dom Int’l 2011 2012 2013

Wide Variety of Sugar Production

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93,63775,709 80,116

16,844

13,369 7,694

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เยือ่กระดำษแหง้ เยือ่กระดำษเปียก

One of the Largest Pulp Manufacturing Plants in Thailand

Product Overview

Dry Pulp

Wet Pulp

1

2

Volume by Type (ton)

110,481

89,078 87,810

Produce and distribute bleached white paper pulp by processing bagasse, which is theby-product of sugar manufacturing process from KTIS, TIS and RPE

Operates pulp business through its subsidiaries, namely, EPPCO

The only factory in Thailand that produces and distributes bleached white paper pulpderived from bagasse

Total capacity of 100,000 tons/year

Humidity level of approximately 10.0% to 12.0% andthe weight of the pulp per bar of approximately 250 kg

Brightness of the pulp is at least 80 ISO, and theTAPPI Dirt Count of the pulp is not more than 10 ppm

EPPCO’s main product, which is sold both domesticallyand internationally

Humidity level of approximately 50.0% to 52.0% and the weight of the pulp per bar of approximately 225 kgs

Brightness of the pulp and the TAPPI Dirt Count of the pulp are equivalent to dry pulp

Strong life is short, but it can be processed more quickly by the customers than dry pulp

Due to limited strong life, wet pulp is sold only domestically

2011 2012 2013

Dry Pulp Wet Pulp

Largest Pulp Manufacturing Plant from Bagasse

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Largest Biomass Power Plant from Bagasse

We generate electricity and steam from bagasse, a by-product from sugarcane milling processes in our three sugar factories (KTIS, TIS, RPE)

Kaset Thai Bio Power Company Limited (KTBP) owns/generates a 60 MWH biomass power plant that has been commercially operated since Q4-2013.

Part of electricity generated by KTIS, TIS, RPE and KTBP will be used in factories and the remaining will be sold to Electricity Generating Authority of Thailand (EGAT) or Provincial Electricity Authority (PEA), depending on the PPA

The company has been marginal purchase price of 0.30 Baht per KWH

Biomass electricity production capacity & revenue contribution

Company Capacity Revenue Customer PPA Term Adder Tenure(MW) Y-2012 Y-2013 Q1-2014 (years)

1. KTBP 60.0 - 150.52 281.87 5 years renewal since 7 Oct.13

2. KTIS 50.0 68.1 79.16 36.34 5 years renewal since 31 Oct.10

3. TIS 24.5 - 0.68 6.79 5 years renewal since 31 Oct.10

4. RPE 32.5 16.9 33.25 13.02 5 years renewal since 31 Oct.10

5. EPPCO 32.0 - - -

Total 199.0 85.0 263.61 338.02

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One of the largest ethanol factories in Thailand

Product Offering Volume by Type (‘000 litres)

Industrial Alcohol

Fuel Alcohol

1

2

62,291

53,906

61,328

Produces and distributes ethanol through its subsidiary, EPC

Utilises an alternative source of energy in the form of molasses, a by-product from oursugar production facilities, as the primary raw material for producing ethanol

Maximum production capacity of 230,000 liters/day or 75,900,000 liters/year

Licensed to produce three grades of ethanol, namely industrial alcohol grade, potablealcohol grade, and fuel alcohol grade

However, EPC commercially only produces two grades which are: Industrial grade alcohol; and Fuel grade alcohol

• The waste water from the production of ethanol used to produce biogas for use as afuel substitute for coal in electricity production by 70%.

Industrial alcohol has a purity rate of 95.5% This ethanol can be used as raw material in the production of

other chemical substances, such as ethyl acetate, acetic acid, andbio-ethylene

It can be distilled further to produce beverages or special-qualityspirits

The product is sold only to the overseas market

Fuel alcohol is an ethanol with a purity rate of 99.5%

Fuel grade ethanol can be mixed with benzene to create

“Gasohol”

EPC sells fuel alcohol to both domestic and overseas market

28,806

12,808

33,485

41,09861,328

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2011 2012 2013

Industrial Alcohol Fuel Alcohol

One of the largest ethanol factories

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Company information

～Our Strengths

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Key Investment Highlight

Fully Integrated Sugar Operator with a Diversified

Single Largest Sugar Production Facility in the World

Highly Experienced Management Team

Growing Electricity Demand & Increasing Bio-Power Plant Capacity

Established strong Relationship with Blue-Chip Customer

Strong Relationship with Sugarcane Farmers

In-house Engineering Capability& Operational Expertise

2

3

1

4

5

6

7

Strategic Partners8

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Realized Significant Synergies & Cost Saving from Fully Integrated Business

Strategic location of the production facilities for the secondary products (i.e. adjacent to the KTIS factory) result in significant synergies and cost saving,especially on transportation of the key raw materials (molasses and bagasse) to the

Part of the electricity and steam generated from our power plant is funneled back to our sugar milling and refineries, allowing us to satisfy part of our electricity needs internally

Enables us to process sugarcane from a

large number of farmers to ensure its

production facility operates at 100%

capacity utilization throughout harvesting

period (4 – 6 months)

Efficient queue management system allows the distribution of the supply of sugarcane over a longer period within the harvesting season and hence maximize its annual output

Strategic location with easy access to large sugarcane farm land and interconnectivity with: Factories of key clients located

along the freeway to Bangkok Traders based in Bangkok; and Export via the Port of Bangkok

1

Efficiency &

Scale

Significant Synergies

& Cost

Savings

Electricity Generated for

Internal Consumption

Efficient Logistics

Management System

Efficient Queue

Management System

Strategic Location &

Inter-connectivity

Fully Integrated Businesses

Fully-Integrated Sugar Operator witha Diversified Product Base

Allows us to generate sufficient volumes of molasses and bagasse to enable production of the secondary products throughout the year Ethanol (industrial and fuel grade

alcohol) Bleached bagasse pulp (dry and wet

paper pulp) Biomass electricity

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55,00050,000

47,000

40,800 40,50036,000

KTIS ThaiRoongrueng

Mitrphol SugarFactory

Sio Martinho Da Barra Mitr Phu Viang

Largest individual sugar plant in the world Thailand’s 3rdLargest Sugar Group Producer (‘000 ton)

KTIS is the world’s largest individual sugar mill with a crushing capacity of 55,000 ton cane per day. This scale allows KTIS to generate sufficient volumes of molasses and bagasse to enable production of the secondary products throughout the year, including periods when the sugar factory is not operational

Capacity of the largest KTIS cost savings and business continuity industries are integrated.

Source: Reported to produce sugar factories across the country. Annual production 2555/56.

1,996.9

1,630.2

934.1

739.0 660.1

Mitrphol SugarMill Group

ThaiRoongrueng

Sugar Mill group

KTIS Group Khon KhanSugar Mill

Group

Wang KanaiSugar Mill

Group

KoratSugar Mill

Group

722.5688.9

São Martinho

2 World’s largest individual sugar mill

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Nathapun SiriviriyakulChief Executive Officer – Bio Energy and Product

Over 30 years of experience in various roles in sugar industry Chairman of the Sugar Industry Club Member of Thailand Cane and Sugar Board

Prasert SiriviriyakulChief Executive Officer – Cane and Sugar Over 40 years of experience in various roles in the sugar industry Vice President of The Federation of Thai Industries - Nakhonsawan

Darat VibhatakalasaDeputy Chief Executive Officer – KTIS Group

Sirivuthi SiamphakdeeChief of Executive Committee and Chief Financial Officer – KTIS Group Over 40 years of experience in various roles in the sugar industry President of the Thai Ethanol Manufacturers Association

Parphan SiriviriyakulChief Executive Officer & Chief Executive Officer - KTIS Group Over 40 years of experience in various roles in the sugar industry Co-founded with his father, K. Jaroon Siriviriyakul and successfully led the KTIS

group of companies for over 40 years Senior Chairman of The Federation of Thai Industries - Nakhonsawan

Senior management instrumental in growing the business organically over the last 30 years to become the 3rd

largest sugar group producer in Thailand

Extensive industry Knowledge across the entire sugar value chain

Continuously focused on increasing operational efficiency, reducing costs and maximize use of by products

Most have been with the Group for over 30 years

Over 30 years of experience in various roles in the sugar industry Vice President and Director of the Federation of Thai Industries

3 Highly experienced Management Team

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Overview Production

The Group’s sustainability and continues growth is tied to our continued strong bond with the farmers

8.52 8.4 8.7

9.6

8.37.7

8.5

9.9 9.7 9.79.3

10.1 10.0

0

2

4

6

8

10

12

42/43

43/44

44/45

45/46

46/47

47/48

48/49

49/50

50/51

51/52

52/53

53/54

54/55

Ton per Rai

Farmers’ Support Programs were established as a stabilization measure for the procurement of raw materials by ensuring farmers focus on working on highly productive plantations, with :

High “agricultural yield; and

High “sucrose yield”

Support programs aim to educate farmers who supply to our factories on efficient sugarcane cultivation methods and technology which essentially provides that a total solution to cane farmers :

(a) Providing sugarcane cultivation technical know-how to farmers

Farmers’ Basic Training Course

Special Basic Sugarcane Cultivation Couse

Tool Training Couse

(b) After-Rain Sugarcane Cultivation

(c) Maintenance of Planted Sugarcane

(d) Provision of Sugarcane Varieties

(e) Provision of Agricultural Infrastructure for Cultivation and Harvesting

(f) Farmer’s Financial Support for :

Sugarcane cultivation

Agricultural machinery and equipment

Agricultural materials (e.g. Fertilizers and composts)

4 Strong Relationship with Cane Farmers

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Unrivalled Engineering Capacity & Farming Expertise

Manufacturing Machine Agriculture Machine & Irrigation System

Our ability to construct most of the production equipment in-house result

in :

Significant savings via lower CapEx

Customisation of machineries to meet the Company’s desired specifications

Shorter delivery and lead time from installation to commencement company to confirm

Example of machines constructed in-house :

• Crusher machine

• Boiler machine

• Stacking machine

We also build our own agriculture machine to assist farmers in farming process, which include :

• Adjusting agriculture machine to smaller scale to suits with Thai sugarcane fields

• Designing new agriculture machine that can improve efficiency in both planting process and cultivation process

In addition, KTIS group also developed the water dropping irrigation system, which helps cane farmers increase their cane yield

Our In-House Engineering Capabilities provides significant cost savings and reduces maintenance downtime and is a testament to our commitment to continuous improvement

Our highly skilled engineering team is a critical part of our Group as our ability to construct and maintain equipment result in significantsavings

We are one of the few players in the industry that manufactures most of its production equipment in-house

Additionally, our 150-strong highly skilled team’s ability to provide maintenance reduces maintenance expenditure and machine down-time

5 In-house Engineering Capability & Operational Expertise

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Efficient Operations Supporting Profitability and Growth

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

• From Power Development Plan B.E. 2012-2033(PDP 2010), Amendment No.3 ,electricity demand is forecasted to grow at an average of 3.9% per annum, according to PDP

Projected Volume of Electricity Demand(GWh)

Source : Power Development Plan B.E. 2012-2033 (PDP 2010), Amendment No.3 Ministry of Energy

Electricity sales volume

34.10 27.90

77.91 2.94

3.05

3.38

2.60

2.70

2.80

2.90

3.00

3.10

3.20

3.30

3.40

3.50

0

10

20

30

40

50

60

70

80

90

ปี 2554 ปี 2555 ปี 2556

ปรมิำณกำรขำยไฟฟ้ำ รำคำตอ่หน่วย

ลำ้นกโิลวตัต-์ชัว่โมง Baht/KWh

Electricity sales volume increased from 34.10 million units in 2011 to 77.91 million units in 1012, which increased the volume of electricity sales due KTBP power plant began operation, and sale of electricity in 4Q 2013.

The average price per unit of power sold rose higher every year

The company is expanding its capacity from 199 MW to 299 MW in 2014.

2012 2014 2016 2018 2020 2022 2024 2026 2028 20302011 2012 2013

Electricity sales volume Price per unit

6 Growing Electricity Demand & Increasing Bio-Power Plant Capacity

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Sugar Business

International customers

Domestic Customers

Pulp Business

International Customers

Domestic Customers

• Strong and longstanding relationships with a broad base of customers - some for decades

• Our attentiveness to client’s needs and requirements, strong responsiveness and consistent delivery of quality products is our winning formula

Ethanol Business

International Customers

Domestic Customers

7 Established Relationship with Blue-Chip Customers

Electricity

Domestic Customers

BiodegradablePackaging forEnvironment

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Sumitomo Corporation and Nissin Sugar Co., Ltd joined us, as strategic partner

One of the biggest Japanese trading house

2nd biggest refinery in Japan and has strong retail brand and items

8 Strategic Partners

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Company information

～Future Projects

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Project: Liquid sucrose and super refined sugar

Investment: ~ Baht 980 million

Benefits: increase competitiveness (in terms of

product variety & value-added product) and

expand customer base including carve out a

niche market whilst obtain additional refined

sugar for export

Progress: expected to be completed by 2015

Liquid sucrose & Super refined sugar project

Expand existing

products

together with

continuous

increase of

efficiency of

operation

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Expand existing

products

together with

continuous

increase of

efficiency of

operation

Project: 2 Biomass power plants (100 MWH in

total) using high pressure steam technology

Under 76 MWH (in total) contract signing process

with Electricity Generating Authority of Thailand

(EGAT)

Investment: ~ Baht 1,920 million

Benefits: reduce electricity costs of factories and

contribute revenue by selling electricity to EGAT


Biomass power plant projects

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Biomass power plant projects

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Diversifying

KTIS’s Product

portfolio with

New

Downstream

Project

Project: Fertilizer for commercial use utilizing

unused filter cake mixed with waste water

Investment: ~ Baht 20 million

Benefits: assist farmers in their cane growing

process and create additional revenue stream to

KTIS through the sales of fertilizers


Fertilizer project

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Q1-2014 Operating Results

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Summary of operating results - 1

546 587

0

500

1,000

Q1-2013 Q1-2014

617 482

286388

903 870

0

500

1,000

1,500

Q1-2013 Q1-2014

selling

Administrative

4,5613,668

0

1,000

2,000

3,000

4,000

5,000

Q1-2013 Q1-2014

Sales & service revenue SG&A Net profit

Sales & service revenue decreased due to delay of overseas shipments

KTIS’s cost control policy resulted in SG&A reduction

Net profit was better than last year

Unit: Baht million Unit: Baht million Unit: Baht million

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Sales & service revenue Gross profit Margin

Summary of operating results - 2

72.8%

9.7%

9.7%

1.4% 6.4%

sugar

paper pulp

ethanol

electricity

others

57.9%

13.4%

12.4%

9.2%

7.0%

sugar

paper pulp

ethanol

electricity

others

“KTIS - More Than Sugar” strategy

reflected increasing portion of

revenue from bio business

Gross profits and margins were

therefore better than last year

415693

629

8581,044

1,550

12.5%

32.6%

50.7%

55.6%

10%

20%

30%

40%

50%

60%

0

1,000

2,000

Q1-2013 Q1-2014

Q1-2013

Q1-2014

Unit: Baht million

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Sugar revenue

1,287 1,069

1,851

656

182

400

3,321

2,125

0

1,000

2,000

3,000

4,000

5,000

Q1-2013 Q1-2014

Unit: Baht million

Sugar revenue Sugar sales volume (‘000 ton) & price (Baht)

68 54

14350

211

104

19,640 19,710

12,90313,205

10,000

15,000

20,000

0

100

200

Q1-2013 Q1-2014

sugar- domestic

sugar - international

domestic sales domestic selling price

international sales international selling price

Source: Office of the cane and sugar board

molasses

54

953,406

4,202

2,000

3,000

4,000

5,000

0

20

40

60

80

100

Q1-2013 Q1-2014

Production 2012/13 2013/14Thailand Cane 100.0 103.6 MMT

Sugar 100.2 112.9 MBgMolasses 4.6 4.3 MMT

KTIS Cane 9.9 9.9 MMTSugar 9.3 10.5 MBgMolasses 0.4 0.4 MMT

Molasses sales volume (‘000 ton) & price (Baht)

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Pulp revenue

87136

357357

443493

0

100

200

300

400

500

Q1-2013 Q1-2014

domestic

international

Unit: Baht million

Pulp revenue

5,014 8,027

21,68118,612

26,695 26,639

17,26716,99316,616

18,508

0

5,000

10,000

15,000

20,000

0

10,000

20,000

30,000

40,000

Q1-2013 Q1-2014

domestic sales

international sales

domestic selling price

international selling price

Sales volume (‘000 ton) & selling price (Baht)

Retailed demand of pulp, especially in China rebounded

International selling price is better than last year

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Ethanol revenue

328

456

1120

440 456

0

100

200

300

400

500

Q1-2013 Q1-2014

14,904 18,019

6,209

0

21,113

18,019

22.01

25.31

18.08

15

20

25

30

0

5,000

10,000

15,000

20,000

25,000

Q1-2013 Q1-2014

Unit: Baht million

Ethanol revenue Sales volume (‘000 litre) & selling price (Baht)

domestic

international

domestic sales

international sales

domestic selling price

international selling price

Domestic demand is increasing

Domestic selling price is better than last year

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Electricity revenue

66

338

0

100

200

300

400

Q1-2013 Q1-2014

Unit: Baht million

electricity revenue

19,338 95,383

3.41

3.54

3.30

3.35

3.40

3.45

3.50

3.55

3.60

0

20,000

40,000

60,000

80,000

100,000

Q1-2013 Q1-2014

Electricity supplied (MWH) & selling price (Baht)

Electricity supplied selling price

Revenue increased due to KTIS’s new power plant - KTBP

Selling price is better than last year

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agenda

Q & A

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Important Notice

This presentation is confidential. This presentation is not a prospectus. This presentation does not constitute or form part of any offer

for sales or solicitation of any offer to buy any securities nor shall it or any part of it form the basis of or be relied on in connection

with any contract or commitment whatsoever.

This presentation has been prepared for the purpose of providing certain individuals with business, financial and other information

concerning Kaset Thai International Sugar Corporation Company Limited (“KTIS”)

The information contained in this presentation is intended solely for your personal reference only. If you are not an intended

recipient, you must not read, disclose, copy, circulate, retain, distribute or take any action in reliance upon this material. This

presentation is not intended to substitute your own analysis and investigation, and should not be considered a recommendation to

any recipient of this presentation. Some statements contained herein are forward-looking statements identified by the use of

forward- looking terminology such as “may” , “will” , “expect” , “anticipate”, “intend” , “estimate” , “continue”, “plan” or other similar

words, which are subject to various risks and uncertainties. These statements include statements with respect to KTIS’s corporate

plans, strategies and beliefs and other statements that are not historical facts. This presentation is prepared based on the

assumptions and beliefs of KTIS’s management in light of the information currently available to KTIS involving risks and uncertainties

which may cause the actual results, performance or achievements to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements. Nothing in this presentation is, or shall be relied on as

promise or representation of KTIS as to the future.

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For more information, contact : [email protected]

Thank You

sugar outlook and our business

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