1 Ref FN. 026/2019 Management Discussion and Analysis For operation of the first quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

profit sharing since the beginning of the 3 rd Quarter of 2017. Moreover, the Company could start commercial operation from SAFE Energy (Phrae) Company Limited for the Biomass Gasification Project with the

2019, the Company had earnings before interest, tax, depreciation and amortization( EBITDA) from operation pursuant Consolidated Financial Statements in the amount of THB 94.17 million decreased by THB

summary as follows: Summary of the company’s operation result The operation result for the 1st half of the year 2019, revenue from sale has increased from the same period of last year by 14.2% and having

the operation of biomass gasification power plant of 7.5 MW of Prize of Wood Green Energy Co., Ltd. (PWGE). SAFE invests 99.99% in PWGE, 49% in Bina Puri Power (Thailand) Co., Ltd., and 100% in SAFE

of Baht 1 million was described as followed: 1. SAFE Energy Holdings Company Limited (“SAFE”) is the joint venture that the Company holds 33.37%. Currently, the project has commenced the operation of

1 Translation CEN 013-2019 August 14, 2019 Subject Management discussion and analysis for business operation Quarter 2-2019 To The Manager and President The Stock Exchange of Thailand Operating

of THB 28.6 million whereas the Company’s tax expense was THB 10.2 million. Therefore, the consolidated tax was net income for the amount of THB 18.46 million. Operation : Consolidated Profit & Loss

of raw materials and packaging, which partly offset the increased of excise tax. Food business Food cost of sales was maintained due to improve efficiency in restaurant operation. Selling Expenses

DCORP 048/2018 May 15, 2018 Subject: Report on the overall operation for first quarter of the year 2018 ended March 31, 2018 and the decrease in the overall operation more than 20 percent Attention