-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

Company’s Net Tangible Assets, thus it will not have significant impact to the Company’s overall financial status and the cashflow of the Company. However, as one of the creditors of GSTEL, the Company will

as compared to last year and this was mainly due to the following: • The overall revenue from hotel operations which comprise of hotel, golf and retail operations increased by Baht 174 million over the

million, whereas Baht 2.59 million in 2018, showing an decrease of Baht 0.83 million or 32.05 % decrease. Overall nearly the same, there is no significant change. Most of them are revenues from interests

Δ %YoY Profit (Loss) from the operation for the period 3 Months 3.3 (26.0) 29.3 112.7% 6 Months (23.1) (57.8) 34.7 59.9% Overall, The Management gives priority to the net profit by increasing revenue

compared to previous year. Furthermore, Halcyon Metal Co., Ltd. (HM) has one of its main customers restructuring its business operations and transferring its overseas end customer to HM directly, resulting

as well as the Chief Executive Officer of Phatra Capital Public Company Limited and Phatra Securities Public Company Limited, taking charge of the overall business operation of Kiatnakin Phatra

was due to the changes in the Labor Protection Act This was one-time expense in the Income Statement, but no impact to Cash Flow due to its non-cash item. Compared to last year, the Company recognized

Audit Committee Board of Directors and Audit Committee have examined together that in the past 1-2 years, the joint venture company has lost operating results. One of the reasons is high interest expense

Committee and Audit Committee Board of Directors and Audit Committee have examined together that in the past 1-2 years, the joint venture company has lost operating results. One of the reasons is high