As of December 31, 2018, the Company operates domestic 509 branches and 1 franchise. This group has been a major channel of distribution and main source of the revenues of the Company. The Company positions each store-type differently, per their unique identities, to better serve different groups of customers. S&P restaurants and bakery focus family customer and Mass Customization, while other specialty restaurant brands target more unique customers. Details of domestic restaurant and bakery business of the Company are as table below:

1.1 Business Group operated under S&P Syndicate PLC

	1. S&P Restaurant & Bakery S&P restaurant offers a wide variety of both Thai and international food, beverages and desserts, such as, BlueCup beverages, bakery products and ice cream, as well as various ready-meal products. The Company pays scrupulous attention to detail, quality, freshness, hygiene, and safety. Only the very best raw ingredients are selected, while creative menus are devised by professional chefs and cooked from fresh at the restaurants. S&P restaurant serves various groups of customers, e.g. teenagers, working people and all family members. The restaurant provides eat in, take away and delivery services with wide selection from the menu. The customer can buy tasty frozen ready-to-eat meal, cookies, various bakery products and Thai desserts. It is a simple choice for delicious food for everyone, all day and for any occasion.
	2. S&P Bakery & Coffee The Bakery & Coffee shops are located in the areas reachable to customers in various communities, e.g. supermarkets, department stores, office building, educational institutes, hospital and gas stations. This is a quick and convenient access to buy BlueCup coffee, bakery, cakes, cookies, sandwiches and daily freshly baked products. Last year, the company has introduced a new style of restaurants where food is the highlight under the “S&P Food and Bakery” concept. The restaurants target customers in hospitals, gas stations, office buildings and universities who want fresh, delicious and quality read-to-eat food with affordable prices. Shops are located in Bangkok, Metropolitan areas and other provinces.
	3. BlueCup Coffee BlueCup Coffee is a good spot to buy good quality coffee and other beverages. It was started up for the first time on January 21, 2002 in Siriraj Hospital, which at that time the fresh coffee market has just been developed in Thailand. Considering the potential, readiness and the available resources of the Company, S&P, then, started the BlueCup Coffee. The Company has planned to expand BlueCup Coffee to cover all target areas of the Country. In addition to the BlueCup Coffee counters in S&P restaurant and S&P Bakery Shops, there are also standalone BlueCup Coffee branches, currently 3 branches: in Siam Paragon, The Offices at CentralWorld and Suvarnabhumi Airport.
	4. Delivery service: S&P Delivery 1344 To respond to the need of living in a fast-paced life and convenient and fast lifestyle of new-generation consumers, S&P provides delivery service to deliver food, beverages, cakes, various baked goods and ready meals to customers’ home and workplaces in order to save commuting time while keeping taste just as good as eat in. Customers can order through the following channels; • Call : Just press “1334” • Website : www.snpfood.com • Mobile application : S&P Delivery
	5. S&P Catering (Outside Catering) S&P Catering provide Catering Services and prepare premium snack box for any need of the customers on any special occasion, regardless of size of events, with various selections from menu. The services will be taken care for all details to provide integrated catering services for various Thai, Chinese and International food.
	6. Trading Business – Food and Bakery and OEM (domestic and international) • Trading Business - Food and Bakery เHaving noticed the way to sell products through trading business to distribute products to wider range of customers, S&P has produced food products and ready-to-eat snacks under S&P brand or Exclusive or Only @ products under exclusive partnerships which have been distributed via domestic modern trade, including hypermarkets, department stores, and convenient stores. The products include sausage under “S&P Premo” brand, cookies and snack under “S&P Delio”, frozen food under “S&P Quick Meal”, carrageenan jelly under “S&P Jelio” and also moon cake under “Golden Dragon” brand. In 2018, the company has produced new food products and ready-to-eat snacks such as Quick Meal frozen food with the choice of Veggie preference, durian-flavored frozen cake slide. The company also expanded the distribution channels to other countries around the world e.g. China, India, the United States of America, Europe, Australia etc. The company has also aimed to open new markets in Korea and Hong Kong last year so that foreign customers can taste Thai food and desserts.
	• OEM The company also offer manufacturing service to chain restaurants and leading companies in the country by offering an OEM service such as sticky rice product, sausages, cookies, moon cakes as well as various selections of food and bakery products catered to specific demand of its business partners.
	7. VANILLA The VANILLA Group of restaurants is designed to reach modern teenagers and young professionals who are self-confident and have good taste. Restaurants in VANILLA Group offer high-quality food in unique ambiances where the customers can feel their classy good taste food. In 2018, a new branch called Vanilla Everyday is open at MEGA Bangna to serve increasing needs of customers. Vanilla Brasserie: Cafe/patisserie Salon de crêperie/ Chocolatier/ Confiserie Inspired by pattern of French Cafe, the restaurant is designed to fit modern lifestyle customers of Siam Paragon by offering creative menu, such as pasta, salad, sandwich, French sweets, including premium souvenir. Vanilla Cafeteria Vanilla Cafeteria is located in Bangkok’s modern shopping complex, The EmQuartier, which is the best spot to hang out with either friends, family and your loved one. Beautifully decorated in Art Deco style, offering a wide range of menu selections from the famous Vanilla menu, including main dishes, pasta, and appetizers as well as the best selections of coffee, tea, and well-selected bakery. Vanilla Every day The newest branch is decorated in a modern loft style featuring furniture in the Scandinavian and vintage design reflecting retro feelings with black and white color tone. The café is famous for its thin-crust homemade crepes in which savory crepes are also offered. Vanilla’s signature pasta dish is carbonara pasta packed with cream and cheese or black spaghetti with river prawns cooked in a signature butter and garlic sauce. The café was open on 18 October 2018 at MEGA Bangna.
	8. Patio Home Kitchen This international restaurant serves specific group of customers who prefer the international Home Style Cooking in the simple and relaxing atmosphere.
	9. Patara: Fine Thai Cuisine Patara, the fine - Thai restaurant, offers stylish Thai cuisine for business gatherings and special occasions, including meetings and auspicious ceremony. The décor evokes feelings of traditional and comfortable Thai hospitality. The restaurant has received the Thailand Best Restaurant Award for 9 consecutive years.
	10. Grand Seaside: Seafood The seafood restaurant offers seafood and contemporary Thai food in a relaxingambience at Laem Farm, Sriracha, Chonburi Province; it’s the perfect choice for customers who are looking for authentic Thai food and seafood with a refreshing seaside ambiance.
	11. SNP/HQ The Modern Stylish Restaurants is decorated in trendy mood and dark tone for fineness and relaxing ambience to maximize dining experience. SNP is divided into 3 zones which are Baking Lab for homemade bakery products, Cake Studio which cake making process is displayed and Espresso Bar, an open bar to show off drink mixing steps with various choice of food in the SNP unique style. “SNP/ HQ” was opened at Ital Thai Tower, New Petchburi Road and “SNP CAFÉ” was opened at FYI – Rama 4 Road
	12. Nai Harng Nai Harng restaurant is located at Lhong 1919 near Chao Phraya River where old Chinese mansions and warehouses are restored and opened as a heritage attraction. The inspiration for this restaurant comes from Suriyon Raiva or “the father” of the Raiva family who everyone used to call “Nai Harng” which means the business owner. The ambience of the restaurant represents the old Yaowarat Chinatown in 1967. The restaurant offers a wide selection of Thai-Chinese dishes from street food to famous restaurant dishes using high quality and various ingredients with a unique style of Nai Harng added to harmonize with the decoration.

1.2 Business Groups under Subsidiary Companies

	1. S&P International Foods Co., Ltd. Established on July 27, 2012 with the paid up capital of 50 million baht which 99.99% of its shares are held by the Company. It currently operates franchise Japanese restaurants in Thailand, “Maisen”. As of 2018, 11 branches are in operations. MAISEN “Tonkatsu Maisen”, is a top Japanese favorite well-accepted brand in Tonkatsu restaurant in Japan since 1965; and well known for Tonkatsu (battered deep fried pork) as soft enough to cut with chopsticks. In 2011, Tonkatsu Maisen made a big step for their 48th Anniversary by consenting business alliance with S&P to open the first Tonkatsu Maisen restaurant in Thailand at B Floor of Silom Complex to introduce soft pork-deep-fried with a breadcrumb coating that spreads like a blooming flower, served with an original sauce: the dreamful soft delicious Tonkatsu, second to none.
	2. Umenohana S&P Co., Ltd. Umenohana S&P Co., Ltd. was established on June 26, 2013 with the paid up capital of 25 million baht where 60% of its shares are held by S&P Syndicate Public Company Limited; Umenohana Co., Ltd. holds another 40%. It currently operates a franchise Japanese restaurant and sells its products under “Umenohana” brand in Thailand. There are currently 3 branches. UMENOHANA Umenohana is a Japanese restaurant operated with three main concepts as follows; 1) it is an authentic Kaiseki cuisine deeming that the food consumption is not merely feeding one’s hunger but fulfilling one’s inner satisfaction, 2) It offers beyond-expectation deliciousness focusing that each dish must always be special, especially its signature dishes – those menus made of Tofu or King Crab, and 3) It provides customers with unforgettable experience from strict well and consistently trained staffs to immerse their every-day heartfelt services.
	Umeno Café The Japanese-western café opened its first branch in MEGA Bangna and second branch at Silom Complex on March 20, 2018. The café is decorated in Zen-modern style mainly featuring wood furniture depicting the identity of Japan and uses white furniture and green couches to convey relaxing and cozy ambience. The café is inspired by food and service from Umenohana, a restaurant specializing in Kaiseki cuisine. The café serves the signature dish of Umenohana in a western style but still maintains the main ingredient imported from Japan in order to modernize the dish to attract Thai customers. The café pays attention in selecting main ingredients which are imported from Japan therefore every dish from Umeno Café is not only delicious but also healthy.
	3. S&P Delivery Co., Ltd. S&P Delivery Co., Ltd. was established on November 27, 2018 with the paid up capital of 1 million baht. The company has registered a change of name and purposes from S&P Asset Co., Ltd. to S&P Delivery Co., Ltd. with purposes of transporting and handling products and passengers whether on land, water or air, domestically and internationally as well as transporting all types of food to individuals, a group of people, juristic persons in public agencies.

1.3 Business Group under Associated Companies

	1. Foodhouse Catering Services Co., Ltd. Foodhouse Catering Services Co., Ltd. was established with a paid up capital of 10 million baht, of which S&P holds 49.97% and engages in various food businesses related to operation of canteens, food services contracts with various institutes, such as hospitals, factories, and schools. This is a joint venture with Property Care Services (Thailand) Co., Ltd., a subsidiary of OCS (U.K.) Co., Ltd. under the brand “Foodhouse”.
	2. MSC Thai Cuisine Co., Ltd. MSC Thai Cuisine Co., Ltd. has registered capital of 80 million baht in which the Company held 40% of such company’s authorized share capital with Minor Food Group Plc. and Wisdom Link Co., Ltd. to operate MSC Thai culinary school. MSC mainly focuses on developing chefs to meet accepted standards. By doing so, the school has thus prepared courses for those who wish to be a professional chef and master in cooking Thai food. The school aims to cultivate chef for food service industry ranging from restaurants to hotels domestically and international

S&P Group has been an example of successful food business operator in both the domestic market and overseas. The Company is a Thai Food Cultural Ambassador by expanding branches abroad in form of direct investments and joint investments with local investors. As of December 31st, 2018, the Company has 17 restaurants abroad in 5 countries as follows:

2.1 S&P Global Co., Ltd.

Million Baht, of which the Company holds 80% of the shares. S&P Global operate restaurant business abroad under various brands as follows:

	Patara: Fine Thai Cuisine Authentic Thai cuisine in a modern, elegant environment with a western concept. Patara has 9 branches in total; 6 branches in England with the latest branch “Wimbledon” opened on June 16, 2017, 1 branch in Switzerland, Austria and China each. As of November 22, 4 Patara branches in England were transferred to be under the management of Patara Fine Thai Cuisine Limited (PFTC), which is the joint venture company with Minor International PCL or MINT.
	SUDA: Thai Cafe Restaurant Relaxed Thai restaurant, open all day to provide varieties of Thai food, relevant for the 21st Century young customers.
	VANILLA Restaurant The latest restaurant abroad under VANILLA brand, the first VANILLA in Shanghai, decorated in beautiful Art Deco Style. VANILLA Shanghai offers variety collections from the famous VANILLA menu list, to capture modern lifestyle customer groups. There are currently 2 branches.

2.2 S&P International Foods (Cambodia) Co., Ltd.

Established on April 30th, 2014 with paid-in capital of USD 1,457,500 (around 48 million baht) and 99.99% share owned by the Company, S&P Cambodia operates restaurant business in Cambodia with 5 branches in Phnom Penh; one in AION Mall and the other on Somdej Pan Avenue, Eden Garden, AION Mall Sansuk and The Park Community Mall. The company has plans to expand its business in 2019 to 3 more branches.