Siam Cement Public : Shares Subscription in Private Placement and Establishment of Joint-Venture Company in Vietnam

-Translation-

CSO S63-217

October 29, 2020

To President

The Stock Exchange of Thailand

Subject: Shares Subscription in Private Placement and

Establishment of Joint-Venture Company in Vietnam

The Siam Cement Public Company Limited (or "SCC") hereby announces that its Board of Directors Meeting held on October 29, 2020 has approved SCG Chemicals Co., Ltd. (or "SCG Chemicals"), a wholly owned subsidiary of SCC, (i) to invest in A.J. Plast Public Company Limited (or " AJ"), listed company in the Stock Exchange of Thailand and one of the leading flexible packaging manufacturers in Southeast Asia, by subscribing 40,560,773 newly issued ordinary shares ("Subscribed Shares") (equivalent to 9.22%) in AJ at the offering price of Baht 17. 15 Baht per share totaling of approximately 696 million Baht via private placement ("Private Placement Offering"), and (ii) to establish a joint-venture company with AJ that will engage in the production and distribution of Biaxially Oriented Film ( or

• BO Film" ) in Vietnam. The total capital value of this investment is 700 million Baht while SCG Chemicals will hold a 45% stake and the remaining 55% will be held by AJ which SCG Chemicals investment will be 315 million Baht. SCG Chemicals' obligations to subscribe the Subscribed Shares from the Private Placement Offering is conditional upon the execution of joint venture agreement between SCG Chemicals and AJ.

This investment provides SCG Chemicals entry into a high- growth business amid rising demand for food and beverage packaging. Establishing a BO film JV in Vietnam and Southeast Asia will enable the company to serve the country and region' s fast- growing economy and increasing appetite for consumer- related food and beverage products. This reinforces SCG Chemicals' strategy to move further downstream with a goal of enhancing downstream products portfolio. The JV aims to leverage the strength of both, AJ and SCG Chemicals for future BO Film platform expansion in Southeast Asia.

In accordance with the Stock Exchange of Thailand' s rules and regulations, at the time of the transaction, should the agreed Private Placement Offering price be less than 90% of the prevailing market price of AJ' s ordinary shares, SCG Chemicals will be required to hold onto the Subscribed Shares for a period of one year after the date that the Stock Exchange of Thailand issued an order to list Subscribed Shares on the SET. During this period, the company will be eligible to sell up to 25% of the subscribed shares after six months have passed.

This transaction is considered an asset acquisition transaction. The size of this transaction is 0.14% of the total assets in SCC in consolidated financial statements as of June 30, 2020, and when combined with other assets acquisition transactions in the past six months prior to the date of this transaction, the total size is 0.22%. Thus, the disclosure of this transaction is not required pursuant to disclosure rule for the acquisition and disposition of assets. This transaction is not a connected transaction.

Please be informed accordingly.

Yours faithfully,

-signed by-

(Mr. Roongrote Rangsiyopash)

President & CEO

The Siam Cement Public Company Limited