Metro Pacific Agro Ventures Inc. (“MPAV”), the wholly owned agriculture unit of MPIC, is looking to further deepen its foothold in the agriculture sector.

Fresh Produce

MPAV launched The Vegetable Greenhouse Project, a 22-hectare property, housing a complex of modern greenhouses in San Rafael, Bulacan. This will be the biggest vegetable greenhouse facility in the country and will produce approximately 1,600 metric tons of high-quality vegetables annually. With Innovative Agriculture (Agro) Industry Ltd. (“IAI”), an affiliate of its Israeli-based partner, LR Group, the project will comprise of a full value chain including seedlings production, vegetable cultivation, sorting, packaging, and marketing.

MPAV entered into an agreement to acquire 34.76% ownership in Axelum Resources Corporation (“ARC”) for P=5.3 billion. ARC is a leading manufacturer and exporter globally of high-quality coconut products, and one of the major suppliers of Vita Coco, the global market leader in coconut water. The company is also a major exporter of desiccated coconut, coconut milk/cream, coconut cooking oil, and other coconut products. See Note 29, Significant Contracts, Agreements and Commitments attached to the 2022 Audited Consolidated Financial Statements.

AXELUM RESOURCES CORP.

The Philippines’ leading fully-integrated manufacturer, exporter and retailer of globally in-demand consumer food essentials, primarily best-in-class coconut products. Since 1986, Axelum has been catering to a rapidly-growing top-tier customer base composed of renowned domestic and international consumer household brands. Axelum offers an extensive range of high-quality coconut products including desiccated coconut, coconut water, coconut milk powder, sweetened coconut, coconut milk/cream, reduced fat coconut, coconut cooking oil, toasted coconut, crude coconut oil and other variants.

Axelum is the only pure coconut player listed in the Philippine Stock Exchange under the ticker symbol ‘AXLM’.

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MPAV also engaged LR Group to expand its existing dairy business. Earlier in 2022, MPIC began its foray into the dairy industry by partnering with the Carmen’s Best Group to further develop and expand the operations of its dairy farm and dairy products manufacturing facilities, by entering into an agreement to acquire a 51% interest in The Laguna Creamery, Inc. MPAV will construct a dairy farm facility in Bay, Laguna, where it plans to annually produce at least 6 million liters of milk. Operations are estimated to commence by late 2025 to early 2026.

THE CARMEN’S BEST GROUP

The Carmen’s Best Group is behind the Philippine-grown premium ice cream brand, Carmen’s Best Ice Cream, and the country’s only locally pasteurized and homogenized fresh milk, Holly’s Milk. It operates a dairy farm where it also produces artisanal cheese under the Carmen’s Best Natural Cheese and Holly’s brands.

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