accomplish the Transaction suddenly. 4.3 Calculation of the Transaction value The Transaction is calculated by the Regulation of Total Value Repayment. It bases on consolidated financial statement yearly 2017

million bath or 12.94% decrease, is an decreasing from the completely paid off foreign debt on September 20, 2019 with the amount of 24.62 million baht. Although the short-term loans from financial

1 Ref: AC.034/2019 4 November 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

previous year due to the decreased in salary of salesperson 0.41 Million Baht. 4. Financial Cost increased 2.10 Million Baht, or 59.49% because the Group using short term credit facilities from the financial

at 3.28 percent, Debt to Equity ratio at 1.87 times and Interest Bearing Debt to Equity ratio at 1.41 times. * The operational results were calculated based on the consolidated financial statements

1Q19 and 2Q19 for BT294.76mn. and dividend payment of Bt249.60mn. Key Financial Ratio Quarter Quarter Quarter 2/2018 1/2019 2/2019 Current ratio 0.53 0.63 0.61 Debt to Equity ratio 2.35 1.75 1.84

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated Financial Results: Q4’19 and FY2019 26 February 2020 FY2019 Management Discussion & Analysis Page 1/6 Financial

afterward. The capital increase from Initial Public Offering would result in the marked decrease in Debt- to-Equity ratio and financial costs going forward. On November 14, 2019, the Company entered into the

ขายหลักทรัพย III. KEY INFORMATION A. Selected Financial Data ขอมูลท่ีสําคัญทางการเงิน B. Capitalization and Indebtedness โครงสรางเงินทุนและและภาระผูกพัน C. Reasons for the Offer and Use of Proceeds

Ratio Financial Ratio As of December 31, 2019 As of December 31, 2019 Liquidity Ratio (times) 24.87 23.97 Debt to Equity Ratio (times) 0.05 0.04 Return on Equity - ROE (%) 3.79 (1.10) Return on Assets