ending month for the soil prepartation period thus, the Company placed less purchase orders for raw materials to oversea suppliers in this period. As of June 30, 2019 the Company and its subsidiary had a

again. This resulted in an increase in the labor cost and raw materials for the past 2nd quarter. Even though this resulted in the Company had the production cost and the cost of goods sold increased, but

(raw material), COGs/revenue ratio of Q1/2019 are at high level. This is because of high stock level carried over Q4/2018.  Increase in cost of sales of are main impact to minus in bottom line. 3 / 4

decreased by 1.8% from 1H/2020 due to the reduction in the proportion of in-store sales and sales of raw materials to Mikka franchisee which has lower margin than normal product sales • The Company’s EBITDA

mainly due to the increase in revenue from the sale of raw materials to Mikka Café. During Q2/2023, total number of Mikka Cafe was 116 branches, increased from 18 branches from Q2/2022. • Revenue from

approx. 69%:31%) • Sales of beverages and desserts across 8 company- owned outlets under “Mikka” brand • The sale of products from fresh fruit in Luggaw stores across 7 branches • Sale of raw materials to

สรุปผลการดำเนินงานของบจ -Translation- February 13th, 2018 Subject: Management Discussion and Analysis for the Quarter 1/2018 To: Managing Director The Stock Exchange of Thailand Inoue Rubber

1 8 August 2019 Subject: Explanation of operating result in the financial statement ended 30 June 2019 To: President The Stock exchange of Thailand With reference to the financial statement of Q1

สรุปผลการดำเนินงานของบจ -Translation- August 10, 2018 Subject: Management Discussion and Analysis for the Quarter 3/2018 To: Managing Director The Stock Exchange of Thailand Inoue Rubber (Thailand

August 11, 2020 Subject : Management Discussion and Analysis for Six-month and 2nd quarter ended June 30, 2020 Attention : President The Stock Exchange of Thailand Operating Performance 1. Revenues