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16 January 2019

Dear friends,

Thanks for your questions posted over the past week. I am happy to answer your questions online. I will repost the questions in blue italics followed by my comments in black.

Kenny the fish

Dear David, you wrote:

Is the handling income related to aquaculture business of 1.39 million under other income a one-off or recurring?

Hi David,

We are exploring various business opportunities for our aquaculture business and hope that the handling income would become a growing recurring revenue.

Happy New Year!

Kenny the fish

Dear Eric, you wrote:

1) The balance sheet of the company is again becoming weaker after the latest full year results announcement, any plans to step down as the CEO and let new blood take over to improve the company's performance?

2) The SGX watchlist deadline is approaching next year and with the yearly weakening of balance sheet, will Qian Hu be another case of listed companies being forced to delist while returning nothing back to shareholders?

Hi Eric,

1) Succession planning is important for the sustainable development of Qian Hu in the future. If you have been following our AGM minutes and various announcements made, you might be aware that after 2020, there will be a new CEO for Qian Hu. In 2025 or thereafter, I will step down from Qian Hu from the board and management team. I would become a volunteer advisor to the group.

2) When SGX asked for my opinion about the watch list, I told them it is simplistic to put a share price of below 20 cents as a criteria for entry into the watch list. This is because such action does not take into consideration of the stage of development, corporate governance, and sustainability of the companies. SGX should take a more holistic approach in deciding whether to delist a company based on criteria I've listed above.

Happy New Year!

Kenny the fish

Dear Francis, you wrote:

Qian Hu mentioned developing a fully-integrated aquaculture farm that is able to capture the entire value chain of edible fish and seafood, from breeding, to farming, and to the table. Are you going to open a chain of seafood restaurants?

Hi Francis,

We will concentrate in the farming, import and export of edible fish. We will not be going into the seafood restaurant business.

Happy New Year!

Kenny the fish

Dear Derrick, you wrote:

You sold the piece of freehold land situated in Batu Pahat at a loss of S$25K, why did you sell now and whom was it sold to?

Hi Derrick,

It took some time to find a buyer for such a big piece of agriculture land in Malaysia and when the opportunity arose, we sold it to a big diversified agriculture group. Taxes incurred selling the land within 5 years resulted in the small loss. Otherwise we would have made a profit. We are holding on to the sales proceeds in Malaysian Ringgit and hopefully make some profit when the exchange rate is in our favour.

Happy New Year!

Kenny the fish

Thanks again to all the investors who have posted their questions here. I hope I have answered them to your satisfaction. The next chance for us to correspond again will be the time when we announce our Half Year 2019 results. In the meantime, do feel free to visit our corporate website: http://www.qianhu.com/ and our IR website: http://qianhu.listedcompany.com/ for more information.

Take care and I look forward to our next online Q&A.

Kenny the fish