GFPT Public Company Limited Management Discussion and Analysis for the Year 2019 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT

calculation as the transaction value, the total transaction value shall be equivalent to 185.54 percent calculated based on the Net Tangible Asset Basis which is the basis that results in the highest

2017 Page 6 of 15 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated and separate statements of GFPT Public Company Limited (“GFPT” or “the Company”) and its

sales to the public; (4) In case of initial public offering of shares for the purpose of listing such shares on the Stock Exchange, if any securities underwriter does not follow the fair allocation

for the purpose of listing such shares on the Stock Exchange, if any securities underwriter does not follow the fair allocation procedures, such securities underwriter shall also proceed as follows: (a

Stock Exchange, if any securities underwriter does not follow the fair allocation procedures, such securities underwriter shall also proceed as follows: (a) prepare a name list of the top one hundred

securities company to follow. Clause 5. A securities company shall arrange to have compliance unit and an internal audit unit with recognizable and reliable standard. Such units shall undertake independent

, the Office may specify conditions for the securities company to follow. Clause 5. A securities company shall arrange to have compliance unit and an internal audit unit with recognizable and reliable

results of securities sales to the public; (4) In case of initial public offering of shares for the purpose of listing such shares in the Stock Exchange, if any securities underwriter does not follow the

offering of shares for the purpose of listing such shares in the Stock Exchange, if any securities underwriter does not follow the fair allocation procedures, such securities underwriter shall also proceed