No: AH 02022023 February 28th, 2023 Subject: Management Discussion & Analysis (MD&A) for the financial statements of fiscal year 2022 ended as of December 31, 2022 To: The President The Stock Exchange

industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. The

the event that the Company utilize all of such short-term loan from financial institutions for the purchase of all shares in Hello LED, the Company’s debt to equity ratio (D/E Ratio) will be increased

the completion of the Transaction, the business organization and the management of Hello LED will be as follows: List of shareholders of Hello LED No Name Number (Shares) Shareholding Ratio (Percent) 1

financial strength of the Company as debt to equity ratio improves which is beneficial to the Company and shareholders. 5. Warranty of Directors The Board of Directors certifies that the Board of Directors

” means a property fund established according to the Notification of the Office of the Securities and Exchange Commision concerning Rules, Conditions and Procedures for Establishment and Management of

Company’s debt to equity ratio (D/E Ratio) will be increased from 0.61 to 1.30 according to the audited consolidated financial statements of the Company for the period ended June 30, 2019. In this regard, the

interest-bearing debt to equity ratio increased from 1.5 times as of December 31, 2018 to 1.6 times as of September 30, 2019. FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION ABBREVIATION & OUR

can be no assurance that the Fund will achieve its investment objective. Fund Basics Total Fund Assets (in millions) $271.46 Management Fee 0.95% Estimated Total Expense Ratio 1.13%1 Minimum Investment

ratio is 1 unit of warrant for 1 ordinary share. The exercise price is Baht 0.55. The last exercise date is September 15, 2019. The purpose to use the funds in this section is to reserve for debt