( “ the Company” ) would like to submit our management’s discussion and analysis for the fiscal year ended December 31, 2019, as follows: For the year ended December 31 Change 2019 2018 MB MB % Sales

23.95 16.34 6.55 49.71 41.38 20.14 1 Key financial ratio related with operating result (%) 3Q18 3Q17 %YoY 2Q18 %QoQ 9M18 9M17 %YoY Gross profit margin (%) 42.44 44.80 -2.36 41.28 1.16 41.88 44.79 -2.90

performance Unit: Million Baht 2017 2016 Sales 2,055.79 1,576.09 Cost of Sales 1,844.15 1,479.34 Gross Margin 211.64 96.75 Gain (loss) on exchange rates 21.92 5.17 Other Incomes 19.91 19.09 Total Revenues

Company had gross profit for the second quarter of 2019 equal to 22.2 million baht which represent gross profit margin of 13.2% which was higher from the same period last year. Because the company has

higher from the second quarter of 2018 23.9 percent. This represent net profit margin 25.3%. The Company’s the 6-months end of 2019 net profit was 293.0 million Baht, which was higher than the same period

performance Unit: Million Baht 2018 2017 Sales 1,863.61 2,055.79 Cost of Sales 1,797.16 1,844.15 Gross Margin 66.45 211.64 Gain (loss) on exchange rates 72.27 21.92 Other Incomes 11.49 19.91 Total Revenues

represent net profit margin 26.7%. The Company’s the 6-months end of 2018 net profit was 236.0 million Baht, which was higher than the same period last year 19.2%. The Company’s 6-month end net profit margin

Ref Ref. 2S_BoD009/2020 May 13th, 2019 Subject: Clarification of the change in operating result more than 20% To : The president The Stock Exchange of Thailand 2S Metal Public Company Limited (the

Profit Margin was affected by two major factors: 1) A change in foreign currency exchange rates Table 1: Foreign currency exchange rates and sales in foreign currency (Unit: Million) 2Q 2019 1Q 2019 Q-o-Q

Baht 207 million and gross profit margin for the second quarter of 2019 was 24%. There was no significant change compared to the same period of the previous year. Q2’ 2019 Q2’ 2018 Increase (decrease