Bangkok--13 Aug--CPF The Board of Directors of Charoen Pokphand Foods Public Company Limited or CPF resolved the Company to perform the Share Repurchase Program (Treasury Stock) through the main board of the Stock Exchange of Thailand. The amount to be repurchased is 10% of its total paid-up capital. The Company declared its consolidated Sales for the first six months results of 72,944 million baht, a 14% growth from the same period of the previous year. The consolidated net profit is reported of 1,436 million baht, better from the lost results of 2007. The Board also approved the interim dividend of 0.08 baht per share. The improved consolidated sales from the last year mainly resulted from the better performance of the Thailand operations. In the first half of 2007, the domestic meat sales of Thailand operations faced with the material depressed on pricing. However, the situation had been better from the slowdown of animal husbandry, resulted from the lessen consumption demand together with the continual high price of raw materials. That has been made the average price of domestic meat adjusted upward from the level of below cost to be above. Lately, with the higher demand of Thailand’s chicken for export, the chicken at farm price stands about 44 baht per kilogram. The pork price also adjusted, along with the higher farming cost, to be about 54-55 baht per kilogram. In addition, the meat export, even with the stronger baht than last year level, has been continued to expand. That was because the Company could negotiate a better price due to the higher cost. This business has still been posting a better outlook towards the year end. Mr.Adirek Sripratak, the President and CEO, mentioned of the overall outlook for the year 2008 results that the Company would meet its consolidated sales target of 150 billion baht with a higher profit than the level of 2007. With the profit performance for this first half 2008, the Board of Directors approved the dividend payout of 0.08 baht per share. And upon the considerations of the next 6 months performance, the Board believed that we should have a positive cash flow from operations. To enhance the Company’s return on equity, the Board then convened the Share Repurchase program with the amount of 10% of the Company’s paid-up capital. In the next 5 years, the Company expects to achieve 200,000 million baht for its consolidated Sales, with the return on equity (ROE) of 10% at the minimum. For the short term plan of next 1-2 years, from the unclear global economic situation, the Company has cautiously plan on its investment. The expansion will mainly in the existing invested countries such as Russia which is posted high opportunity on business expansion. For Thailand operations, the Company has been focusing on the innovation of all aspects to enhance the corporate efficiency, including production, work process, research and development, and people. On August 13, 2008, its Board of Directors approved the Share Repurchase Program (Treasury Stock) for financial management purpose in the amount not exceeding 3,000 million baht. Number of shares to be repurchased is 10% of the total of paid-up capital. The repurchasing of shares will perform through the main board of the Stock Exchange of Thailand. The repurchase period will be started from August 28, 2008 to February 27, 2009. Reason for the proposed share repurchase is to manage and maximize the benefits of Company’s excess liquidity. The impact after the share repurchase on the shareholders is, since the repurchased shares are not eligible to receive dividend, the dividend per share and return on equity should increase. The Board of Directors’ meeting also approved the interim dividend payment for the operating results of the first half of the year 2008 ended June 30, 2008 at 0.08 baht per share. The payment of 0.04 baht per share will be paid from the tax-exempted profit, whereby recipients are not subject to withholding tax; and the other payment of 0.04 baht per share will be paid from dividends received from the Company’s subsidiaries. Such dividends are appropriated from the taxable profits of the subsidiaries which are subject to 30% corporate income tax. Therefore, recipients are subject to withholding tax. However, recipients who are natural persons shall be entitled to a tax credit in accordance with Section 47 bis of the Revenue Code. In this regards, the dividend payment will be made on September 11, 2008 to the shareholders whose names appear in the share register book on August 28, 2008 at 12.00 noon (XD = August 25, 2008).