Ref Ref. 2S_BoD013/2019 August 14, 2019 Subject: Clarification of the change in operating result more than 20% To : The president The Stock Exchange of Thailand 2S Metal Public Company Limited (the

Ref Ref. 2S_BoD024/2018 August 14th, 2018 Subject: Clarification of the change in operating result more than 20% To : The president The Stock Exchange of Thailand 2S Metal Public Company Limited (the

Ref Ref. 2S_BoD029/2018 November 14th, 2018 Subject: Clarification of the change in operating result more than 20% To : The president The Stock Exchange of Thailand 2S Metal Public Company Limited

13 November 2019 Subject : Explanation of the operating results for the nine months of the year 2019, change in excess of 20% Attention: Directors and Managers the Stock Exchange of Thailand According

change in the first half of this year as well as increasing number of beds in service. Operation : Consolidated Profit & Loss Statement 4Q 4Q % 12 mth 12 mth % Unit : THB million 2018 2017 change 2018 2017

15,464 1,240 8.02% Gross Profit 1,685 1,275 410 32.17% Gross Profit Margin (%) 9.16% 7.62% SG&A expenses 1,091 854 237 27.72% Loss on exchange rate 189 16 174 1120.52% Loss on change in status of

Gross Profit Margin Gross Profit Q3-2022 Q2-2023 Q3-2023 Change 9M-2022 9M-2023 Change THB Mn THB Mn THB Mn %QoQ %YoY THB Mn THB Mn %YoY Biomass Power Plant 231.7 206.9 259.1 25.2% 11.8% 752.2 709.6 (5.7

%) 1,872.7 1,782.3 (90.4) (4.8%) Gross Profit Margin Q1-2023 Q2-2023 Q3-2023 Q4-2023 Change 2022 2023 Change Percent Percent Percent Percent QoQ Percent Percent YoY Biomass Power Plant 27.8 25.4 28.3 26.6 (1.7

operating profit from the period and dividend payment. Analysis of performance Gross Profit Margin was affected by two major factors: 1) A change in foreign currency exchange rates Table 1: Foreign currency

. Gross profit margin was higher from 27.2 to 31.2% due to focusing on higher-margin sales. Total expenses were Baht 458.3 million, decreased by 9.2%. The temporary shutdown expenses for scheduled