Ref. PDI/BK-BS-011/2019 25th February 2019 Re: Management Discussion and Analysis (MD&A) For the year ended December 31, 2018 To: President The Stock Exchange of Thailand Due to depletion of Mae Sod

investments in joint ventures (37.87) - - - (37.87) - Finance costs (101.22) (76.74) - - (101.22) (76.74) SHARE OF LOSS OF INVESTMENT IN JOINT VENTURES ON EQUITY METHOD (2.62) (11.51) - - (2.62) (11.51) GAIN

8,016 5,337 2,679 50% Total Expenses (7,221) (4,956) (156) (126) (7,377) (5,082) 2,295 45% Share of Profit (Loss) 2,417 2,037 12 4 2,429 2,041 388 19% Profit (Loss) before FX, deferred income tax

in the amount of 15.97 million baht or 5.47 percent as a result of the company adjusting the marketing policy to expand the market share by adjusting the sales price decreased And increased trade

compared from the same quarter last year with an average market share of over 69 percent in the seaweed snack market. Nevertheless, the company continues to advance marketing activities through offline and

Q1/2018 in the amount of Baht 214.6 million (Q1/2017: Baht 164.8 million) which increased in the amount of Baht 49.8 million or 30.2% and reported profit before finance costs, share of profit of

Ref. PDI/BK-BS-056/2018 8th August 2018 Re: Management Discussion and Analysis (MD&A) For the 2Q 2018 and 1H 2018 To: President The Stock Exchange of Thailand Due to depletion of Mae Sod Mine’s

9.6 percent respectively. The major expenses are mainly in area of personnel costs due to salary normally increased year by year and other administrative expenses. 1.6 Share of income from investment in

company’s average daily turnover decreased from Baht 4,372 million in 2017 to Baht 4,341 million in 2018. In addition, at the same period of time, the company’s market share decreased from 5.14% to 4.02%. 2

& Calpis grew 1.5% YoY and above market growth. C-Vitt became #1 brand in functional drink with market share of 23.3% in Q3’18 from 16.9% in Q2’18. Domestic Personal Care grew 9.1% YoY. At constant FX