R&B Food Supply Public Company Limited 24 February 2020 Re Management Discussion and Analysis for the year 2019 (Revised) Attn. The President The Stock Exchange of Thailand (SET) R&B Food Supply

R&B Food Supply Public Company Limited 24 February 2020 Re Management Discussion and Analysis for the year 2019 Attn. The President The Stock Exchange of Thailand (SET) R&B Food Supply Public Company

RBF MDA En Q319_12.11.19 R&B Food Supply Public Company Limited 12 November 2019 Re Management Discussion and Analysis for the 9 month period ended 30 September, 2019 Attn. The President The Stock

Assets Property, Plant and Equivalents 326,511,114.61 20,763,637.86 Goodwill 14,116,234.54 14,116,234.54 Other intangible assets 67,141.01 184,560.57 Deferred Tax Assets 3,160,628.50 2,899,356.64 Advance

536 (1.8) Consolidation goodwill 430 438 (1.9) Property, plant and equipment 9,045 8,177 10.6 Other assets 2,485 2,200 13.0 Tota Assets 49,518 48,201 2.7 Trade and other payables 11,816 11,801 0.1

for obsolete and decline in value of inventories of THB 5.99 million. Decrease in property, plant, and equipment for THB 444.48 million, mainly due to reclassifying PPE to right–of-use assets under TFRS

million; property, plant and equipment of Bt9,510 million net; investment property of Bt166 million; intangible assets of Bt317 million; goodwill of Bt117 million; investments in associates of Bt110 million

drastic decline in Ethylene and Glycerin price from ample supply plus lower crude oil price. 2. In 2019, distribution costs, administrative expenses, and doubtful debt expenses was 1,390 MTHB, increased by

% Inventories 9,461 7,684 7,297 23.1% 29.7% Investments in associated 536 593 0 (9.5%) N/A Consolidation goodwill 438 450 307 (2.5%) 42.9% Property, plant and equipment 8,177 7,302 5,966 12.0% 37.1% Other assets

626.8 -4.8% 1,776.7 1,584.1 12.2% Supply Chain Services 855.5 812.4 5.3% 2,151.6 2,785.4 -22.8% Other Segments 50.5 53.4 -5.4% 150.6 146.9 2.6% Total other income 161.2 54.7 194.9% 487.3 259.9 87.5% Gross