Thai Wah Public Company Limited (the "Company") was formed by the amalgamation of Thai Wah Starch Public Company Limited and Thai Wah Food Products Public Company Limited.

The Company’s core business is divided into two main categories: manufacture of tapioca products, and manufacture of vermicelli and noodle products for local and international distribution, details as follows:

• Tapioca products include tapioca starch, alpha starch, sago (or tapioca pearl), all of which are manufactured and sold by the Company and its subsidiaries, namely Thai Nam Tapioca Company Limited, DI Company Limited, Thai Wah Alpha Starch Company Limited, and Tay Ninh Tapioca Joint Stock Company.
  
  The Company and its subsidiaries have a total of five tapioca manufacturing plants, four of which are in Thailand (located in Nakhon Ratchasima, Kalasin, Udorn Thani, and Kamphaeng Phet) with an aggregate production capacity of 335,000 tons per year and an average total capacity utilization rate of approximately 65 percent. The remaining plant is in Socialist Republic of Vietnam with a production capacity of 40,000 tons per year and an average capacity utilization rate of approximately 84 percent of total annual production capacity. Total capacity does not include the production capacity of Vietnam Tapioca Company Limited (VTC) which operates a tapioca factory in Vietnam and is owned by Asia Tapioca Products Company Limited in which the Company holds only a 30 percent interest.

• Vermicelli and Noodle products include vermicelli, rice noodle, rice vermicelli, and mung bean starch noodles (Shanghai noodles) which are manufactured and sold by the Company, having vermicelli as its main product. The raw materials for vermicelli and the other noodle products are pea starch, potato starch, tapioca starch, and rice.

  The Company has one factory for manufacturing vermicelli and other noodle products. The factory is located at Banglen district, Nakorn Pathom Province on a land plot of 230 rai 3 ngan and 50 square wah and it has a factory floor area of about 48,700 square meters. The total production capacity of vermicelli and other noodle products is approximately 22,000 tons per year and 1,100 tons per year respectively. The total production capacity of vermicelli and other noodle products will increase to 23,100 tons per year and 4,050 tons per year respectively by the end of 2015. The production process employs a modern and efficient manufacturing technology which emphasizes quality and safety of the products for the consumer. Its production policy is based on a production plan which mainly determined by consumer’s demands.

The Company has invested in the ordinary shares of Laguna Resorts & Hotels Public Company Limited and Tropical Resort Limited and is currently holding 2.1% and 19.8% of the total paid-up capital of each company, respectively. The purpose of investing in these non-core business is to diversify the Company’s business risks. By investing in such ordinary shares, the Company expects to derive returns in the form of dividend.

The Company and its subsidiaries have invested in real property by possessing many pieces of land with great investment prospects in almost all regions of Thailand i.e. in the north, upper part of the northeast, central, east, and west). Land investment represents less risk than investment in other assets because land in itself is unlikely to depreciate. The Company expects to derive returns from a higher selling price which is expected to increase in the future as Thailand’s economy improves. Currently, the Company has no development plans for its properties.