MD&A Q2Y2020 (E) - 11.8.2020 Update HPC RATCH Group Public Company Limited Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2020 Management Discussion and

results with the same period of the prior year, the group’ s profits increased Baht 7.01 million, or 40.54% due to the following reasons: Operating revenue increased Baht 55.18 million or increased 15.70

2018, the Group has revenue from construction contracts total of 1,387.08 Million Baht, or 36.08% compared with 2017, or increased around 367.80 Million Baht. The main reason of revenue growth resulted

Board of Directors meeting of Vanachai Group Public Company Limited ("VNG") was held with approval on 12 November 2018 that Particle Planner Company Limited (a subsidiary company which VNG has 99.99% of

. 7 2 ) million or (2 0 2 % ) as the following reasons: • Total income increased Baht 92.32 million or 6% from Baht 1,580.25 million in 2017 to Baht 1,672.58 million in 2 0 1 8 . The main increase was

December 31, 2019 show a net loss of 53.39 million baht, compare to the same period of previous year which a net loss of 49.96 million baht, the decreased loss of 3.43 million baht, the main reasons are as

increase in sales volume of Seasoning and Dipping Sauce group. Cost of Sales Cost of sales in 2Q17 was in the amount of Baht 153.83 million which decreased by Baht 1.26 million or 0.81% as compared to the

Baht (16.28) million or (174.6%) as the following reasons: • Total revenue decreased Baht (59.64) million or (13.5%) from Baht 443.08 million in Q2/2018 to Baht 383.44 million in Q2/2019. The main

PAP. › Mr. Somchai Lekapojpanich is the director of MH and PAP. › Lekapojpanich group is a major shareholder of MH. Mr. Prayoon Lekapojpanich and Mr. Somchai Lekapojpanich, director of MH, are brothers

Company Limited (“PAP”) › MH, holding 39.05 percent of PAP’s total share, is a major shareholder of PAP. › Mr. Somchai Lekapojpanich is the director of MH and PAP. › Lekapojpanich group is a major