Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Q3/2019 and 9M/2019 ended 30 September 2019 1. Q3/2019 Highlights Figure 1: Quarterly results  In

Design Power 10,898 22.1 10,135 21.6 10,872 23.2 EVSBG (Electric Vehicle Solutions) 5,017 10.2 2,897 6.2 2,054 4.4 MPBG (Merchant Power) 7,452 15.1 6,653 14.2 5,985 12.8 FMBG (Fan & Thermal Management

conduct securities investment analysis; (9) “ investment advice ” means advice, whether direct or indirect, on the value of a securities or the suitability of a securities investment, or on the buying or

; (9) “investment advice” means advice, whether direct or indirect, on the value of a securities or the suitability of a securities investment, or on the buying or selling of any securities; (10

analyze securities investment; “investment advice” means any direct or indirect advice made related to the value of securities or appropriate of investment in such securities or any other securities

investor contact who cannot analyze securities investment; “investment advice”3 means any direct or indirect advice made related to the value of securities or appropriate of investment in such securities or

means any direct or indirect advice made related to the value of securities or appropriate of investment in such securities or any other securities; “securities investment analysis”4 means an analysis on

and management of raw material (CPO) and biodiesel’s stocks by trying to maintain inventories turnover rate between 30 – 45 days, enough for the production and delivery in each month under quarterly and

supply. In the past 2 years, CPO’s world and Thai’s market had been highly volatilized. The Company is aware of such risks and determined the policy that focused on the procurement and management of raw

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the year ended 31 December 2019 1. Year 2019 Highlights Figure 1: Quarterly results  In Q4/2019, the