Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Second Quarter and Six-Month Period Ended 30 June 2017 1. Q2/2017 Highlights Figure 1: Quarterly

Discussion and Analysis | 2 Executive Summary In quarter 3/2017, palm oil production both in Thailand and International Market continuously remained high after the impact from El Nino has ended. Thailand crude

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Third Quarter and Nine-Month Period Ended 30 September 2017 1. Q3/2017 Highlights Figure 1

statements of the Company and TSE, comprising statements of financial position as at 30 September 2017 and statements of comprehensive income for the year ended 30 September 2017 and 31 December 2016, which

was appreciated from 35.9 THB/USD at the beginning of 2017 to 32.5 THB/USD at the end of the year or 10% appreciation. Nevertheless, GGC’s financial position for the year ended 2017 remains strong, with

Limited (the “Company”) submitted its separate financial statement and its consolidated financial statement for the year of 2017 ended on 31 December 2017 which were audited by the auditor. The Company

Subsidiary (together referred to as “Corporate Group”) would like to clarify on the operating results according to the consolidated financial statements of Year 2017 for the year ended December 31, 2017 as

results based on its audited consolidated financial statements ended 31 December 2017 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

amounted 32.0 million Baht. For year ended of 2017, other receivables amounted 32.4 million Baht, allowance for doubtful accounted amounted 1.4 million Baht (4.32%), and year 2016 other receivables was

for the nine-month periods ended 30 September 2018 for more details). In November 2018, the Company disposed White group PCL, whose businesses comprise of industrial chemicals trading, rental property