and the consolidated net debt to equity ratio was considerably low at 0.25 time. GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2019 Page 2 of 13 Overall

% YoY and 8% QoQ, since fundamental factors supporting the overall purchasing power remained soft and did not cover all areas, especially in the low income consumers, although overall private consumption

result, Private investment has declined dramatically while the Tourism sector has not yet recovered. The overall economic support comes from the government spending. Both fixed expenses and capital

increase of 206.2 MB and 133.3 MB, respectively, due to the auctioned projects, which were bid at the end of Q1-2017, has gradually delivered in the Q2-2017. The overall economy expansion in Q2-2017 has

1 Ref: AC.034/2019 4 November 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

. Industry Overview Overall economic activities in the first quarter of 2020 contracted from the prior last year. The Coronavirus disease 2019 (COVID-19) pandemic is continuing to evolve, resulting in an

take-home products. Executive Summary 2 Overall Operating Results of the Company in Q3/2020 Q3/19 Q3/20 9M/19 9M/20 Change +/(-) (THB million) YoY 9M Operating Revenue 312 198 (37%) 911 561 (38%) Gross

distribution in other potential countries of Africa, Americas, and APAC. For domestic market, substitute products from importers got flooded as strong Thai Baht made overall imports cheaper causing intense price

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.15 31.12.16 30.06.17 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,246 1,228 1,279 Total Assets 1,378 1,361 1,407 Current

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.15 31.12.16 30.09.17 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,246 1,228 1,165 Total Assets 1,378 1,361 1,290 Current