No. B52-201911/001 11 November 2019 Subject: Management Discussion and Analysis - for the three-month period ended 30 September 2019. To: The President of Stock Exchange of Thailand B-52 Capital

Q1’20 Q1’19 %Chg As Reported (% to Sales) Total SG&A Exp. 111(22.5%) 95(14.6%) 15.8% TKS 51(10.3%) 49(7.5%) 3.2% TBSP 60(12.2%) 46(7.1%) 29.2% For the 1st quarter 2020, Company reported Selling and

export sales volume was dropped including the reduction of selling price. The fluctuation of raw material price and keen competition of selling price affected to the domestic sales whereas the appreciation

27 April 2018, the Annual General Meeting of the Company’s shareholders passed resolution approved an increase in the Company’s registered capital from Baht 474,917,334 to Baht 624,892,534 by issuing

companies to the Company’s director, the related party, calculated using book value of Baht 317 million, compared with selling price of Baht 380 million, profit of Baht 63 million. The details are as follows

last year. This is result from increasing in normal administrative expense. 5. Selling expenses were Baht 43.54 million, increased Baht 5.40 million or 14.16 % from the same period of last year. This is

increased to 14.8% when compare to the same period of 2016 which gross profit margin was 11.73%. Due to price of the raw material in stock was lower than the average market price. 3. Selling expenses was Baht

the Treasury Department and Independent appraiser and the market price. Subsequently, this issue has been approved by the Executive Board, the Audit Committee, and Board of Directors. Selling Price

Baht 713.88 million decreased by Baht 185.73 million, or 20.65% from the previous year, mainly from the decrease of sale amount and better cost controlled. 3. The Company’ s selling and administrative

margin was 2.61% because steel price trend increasing. 4. Selling expenses were Baht 45.47 million, increased Baht 8.59 million or 23.29 % from the same period of last year. This is the same trend of