1 | MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2020 Management Discussion and Analysis for the Year 2020 1 March 2021 In the 3-month period of Q4-2020, UWC reported gross margin of THB 28.04

result of the second Quarter ended June 30, 2020 compared with the same period of 2019, the Company had the Revenue from Sale of THB 430.49 Million which was increased by THB 303.27 Million or 238.38

are as follows: 1. The subscription of newly issued shares of Hero Experience will increase from 805,264 shares, or 30 percent of registered capital of the company, at Baht 335.29377 per share for the

significantly affected by the spread of the new corona virus (COVID-19), resulted in a decrease in sales of Baht 1,389.43 million from the delaying orders of oil refinery and petrochemical customers at the amount

: Management Discussion and Analysis For the year ended December 31, 2018 Summary of Performance Sales Revenue For the year ended 31 December 2017 and 2018, the Company registered total sales revenue of THB

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2017 (Unit : M ill ion Baht) 2017 2016 Inc./(Dec

quarter of 2017. A summary of the Company’s operating performance in the second quarter of 2018 and 2017 is shown in the following table: 2Q18 1Q18 % Change 2Q17 % Change [Amount in Baht Million] Q-o-Q Y-o

fully shift to the ERP system in Q4/2017. 2. Operating Results (Company and Subsidiaries) Consolidated revenue for Q2/2017 of 96.0 million baht compared with Q2/2016 of 107.2 million baht, decreased 11.2

revenue for Q3/2017 of 95.0 million baht compared with Q3/2016 of 92.8 million baht, increased 2.2 million baht or 2.4 percent. The company reported profit for Q3/2017 of 4.7 million baht compared with

HOLDINGS PUBLIC COMPANY LIMITED FOR THE THIRD QUARTER 2018 THREE MONTHES AND NINE MONTHS 1. STATEMENTS OF COMPREHENSIVE INCOME 1.1 Revenues from sales and services (Unit: Million Baht) For the third quarter