-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

(Decrease) Amount % Dentist remuneration 55.47 51.01 4.46 8.74 Rental of office and branches 13.08 13.27 (0.19) (1.43) Employees’ salaries of branches 16.86 14.26 2.59 18.17 Depreciation 5.04 5.27 (0.23

power an Project by e t e s t e e y t n e r y e e r y Selling an For the six printing bu by WPS in obligations new labor plant busin the amount For the sec increase of million in employees power plan the

perceived cost of the additional compensation in the case of an employment termination of employees who have worked for 20 years or more from 300 days to 400 days and from project cost adjustments due to

expenses of the second quarter of the year 2018 of Baht 133.57 million decreased from Baht 154.56 million for the second quarter of the year 2017 of Baht 20.99 million or -13.6% due to decrease in employees

) Dec. 31, 19 Dec. 31, 18 Amount % Dentist remuneration 236.14 221.91 14.22 6.41 Rental of office and branches 51.57 52.71 (1.15) (2.18) Employees’ salaries of branches 70.10 64.29 5.81 9.04 Depreciation

million or 36.70%. (3) Golf Course and Property Management Business Since the opening of the new club house in February 2018, the new club house increased the Company’ s competitive advantage in services of

declined because of high employee benefit expenses and utility costs last year. In 2019, the high employee benefit expenses were due to an amendment of a labour protection law that employees were entitled to

of the tax is specific business occurred in the date of the transfer), aadministrative expenses of Baht 12.51 million (Most of the costs will be as staff salaries and fees related to the operation of

, which decreased Baht 4.88 million or 14.24% from the same period of 2017. Such decrease stemmed from the decrease in staff costs and reclassification of fixed costs at the new factory that incurred as a