ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0048/2020 26 February 2020 Subject: Management Discussion and Analysis of Operating Results for Fiscal Year 2019 To President The Stock Exchange of Thailand

year, due to the delay approval process of budget expenditure of the government for the 2020 fiscal year. - Revenues from sales and beauty treatment services in Q2/2020 were THB 4 million decreased by 92

consolidated financial statement of the Company for the fiscal year end dated December 31, 2018 and for the period ended June 30, 2019, respectively, and the audited financial statement of Hello LED for the

closing date. 3.2 Transaction Size The transaction size was calculated based on the information from the audited consolidated financial statement of the Company for the fiscal year end dated December 31

last year. Meanwhile, imports of Hot Rolled Steel decreased by 14% and Domestic Production increased on 11.5% compared to same period last year. The trade war between USA-China, high imports due to

2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) (435) (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429 1,336 HRC Average Selling

) Unit: million Baht 2017 2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) 365 (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429

18.90% increased, while sale revenue only increase by 11.06% results in less profit margin compare to the year 2017 at 24.25 million baht, due to the unstable of production cost of new production line

and nearly to the end of the project. 2. The consolidated gross profit margin was 17.4%, increased from the previous year at 13.1% since the company has control of production costs that make the

pressuring net profit margin 2) higher depreciation resulted from additional investments in plant, machinery, and office renovations to improve production efficiency and reduce production cost, in order to