(“the Company”) has already submitted the consolidated reviewed the 1st quarter financial statements as of May 31, 2018 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The

Page 1 of 3 GEL.CS.006/2563 15 May 2020 Subject: Management Discussion and Financial Analysis for the operating results of the first quarter of 2020, ended March 31, 2020 To: Director and Manager The

Subsidiaries Financial Statement as of December 31, 2018 MDX Public Company Limited (“MDX”) would like to explain major factors that affect Y2018 consolidated operating results as follows: ▪ MDX has THB 137.76

supporting our financial statements for period ended December 31st, 2019. Performance for year ended December 31st, 2019 Total revenues decreased to THB 1,065.4 million from THB 1,132.2 million over the same

December 2018, compared to those for the same period ended 31st of December 2019. The consolidate financial statement reported a net loss of 17.29 million baht in the year ending 21st of December 2019, as

172.65 178.85 (6.21) (3.47) Earnings before interest and taxes (EBIT) 10.58 32.79 (22.21) (67.73) Financial costs 4.75 0.72 4.04 559.72 Income tax expenses (2.87) 2.86 (5.73) (200.35) Net profit 8.70 29.21

the Stock Exchange of Thailand For the Q3/2017 period ended of September 30, 2017 operating result of S.Pack & Print Public Company and Its Subsidiary in Statement of Comprehensive Income net loss Baht

of scrap materials and tax cards income. 4. Profit from foreign exchanges decreased by 18.17 million baht (from 105.44 million baht in 2017 to 87.27 million baht in 2018) due to an impact from

) (49.27) Depreciation and amortization 19.76 15.96 3.80 23.81 2 95.25% 96.18% 4.75% 3.82% 1Q18 1Q19 Sale Other income 62.13% 62.66% 37.87% 37.34% 1Q18 1Q19 House brand Other brand Key financial ratio

our financial statements for period ended March 31, 2019. Total revenues slightly decreased to THB 265.6 million from THB 301.1 million in the previous year. Revenue from sale of goods declined by 13.0