Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Fourth Quarter and the Year Ended 31 December 2018 1. Q4/2018 Highlights Figure 1: Quarterly results

half year figure shows no significant change. Shares of Profits: EASON recorded 4.59 M of profits from investment which was substantially less than the same quarter of last year by 62%, solely due to the

production of motorcycle coatings while 9 months revenues was lower by 5%. Total Expenses: In 3Q18, the expenses were lower by 6% in accordance with revenues; while 9 months figure slightly dropped by 2

showed no significant change comparing to the same period of the year before. Total Expenses: The figure of THB (120.99) M in 3Q19 was very similar to THB (120.70) M of 3Q18, where the period of 9 months

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Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Fourth Quarter and the Year Ended 31 December 2017 1. Q4/2017 Highlights Figure 1: Quarterly results

THB1.225/share for 2019. IVL concurrently undertook several transformative initiatives that were announced on 4th Feb 2020 at its Capital Market Day, which are expected to generate benefits starting in 2020

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Second Quarter and Six-Month Period Ended 30 June 2018 1. Q2/2018 Highlights Figure 1: Quarterly

, % 1/ Figure after reclassification. Cost of rental and rendering of services before reclassification in Q1/2019 was Baht 77.5 million (figure after reclassification decreased by Baht 5.3 million from

benefit expenses in accordance to the labour protection act (No.7) in second quarter of 2019, moreover; during lockdown the company implemented a cost saving scheme; where 6 months figure lower by 11