analysis, which is in line with the government's approach of making big data freely available. In the initial stage, SEC will provide two types of information, which are information on licensee or have

1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year at the end of 31 December 2018

. This represents net profit margin of 27% Analysis of Financial Statement of Position As of 31 Dec 16 As of 31 Dec 17 Change MB % MB % MB % Cash and cash equivalents 513.4 9.8% 694.5 8.3% 181.1 35.3

. This represents net profit margin of 27% Analysis of Financial Statement of Position As of 31 Dec 17 As of 31 Dec 18 Change MB % MB % MB % Cash and cash equivalents 513.4 9.8% 694.5 8.3% 181.1 35.3

Rd., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR013/2018 10 August 2018 Subject: Management Discussion and Analysis (MD&A) Report for the

-Phanasnikom Rd., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR013/2018 10 August 2018 Subject: Management Discussion and Analysis (MD&A) Report for

., Nongeiroon, Banbueng, Chonburi, Thailand 20220 Tel. 038-160707 Fax. 033-047348 www.ndrubber.co.th No. NDR007/2019 14 November 2019 Subject: Management Discussion and Analysis (MD&A) Report for Q3/2019

Management Discussion and Analysis For the Financial Result of Quarter 1 Year 2019 Ended March 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0268/2020 10 August 2020 Subject: Management Discussion and Analysis for the Second Quarter ended 30 June 2020 To President The Stock Exchange of Thailand

due to THB 531 million positive change in foreign exchange gain (loss) and higher operating profits. Past Performance Analysis Revenue Analysis Group Sales increased 5% in 2017 at THB 21,551 million