Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 201# Page 1 (Translation) 1. Significant events of the , rd quar ter of 2018 1.1 Changes in Accounting Policy On January 1

dividend payment during Q2/2021. • Land, Property and Equipment decreased by THB 26 million mainly due to the depreciation following the Accounting Standard of the regular accounting period. • Other Non

Other Payables 102.7 4.3% 119.5 5.2% 16.8 16.4% Long-term Debt due within a year 122.4 5.1% 126.2 5.5% 3.8 3.1% Long-Term Loans, Net 562.7 23.4% 402.0 17.4% -160.7 -28.6% Debenture 467.0 19.4% 99.0 4.3

expanded, the price of agricultural products remained low, and the level of household debt remains high. Thus, sales in the third quarter did not meet the target. However, the Company continued to undertake

accounting for 84.92 percent of the total revenue in comparing with Baht 2,773.60 million, or accounting for 85.98 percent of total revenue of previous year. Cost of goods sold increased by 4.3 percent whereas

19 - Natural Resources Financial Position Statement of Cash Flows Statement Financial Ratios Environment Management Accounting Management Discussion and Analysis of Business Operation for Q1/2019

% Core EBITDA/ton ($) 102 113 140 (27%) 128 120 7% Operating Cash Flow5 261 250 241 8% 1,010 872 16% Net Debt to Equity (times) 0.92 0.87 0.61 51% 0.92 0.61 51% 1Consolidated financials are based upon

)% 4.12 3.26 26% Core EBITDA/ton ($) 102 113 140 (27%) 128 120 7% Operating Cash Flow5 261 250 241 8% 1,010 872 16% Net Debt to Equity (times) 0.92 0.87 0.61 51% 0.92 0.61 51% 1Consolidated financials are

107 42% 132 97 36% Operating Cash Flow 240 249 258 (7)% 923 966 (4)% Net Operating Debt to Equity (times) 0.45 0.39 0.84 (46)% 0.45 0.84 (46)% 1Consolidated financials are based upon elimination of

front, the lower employment rate and high household debt causing most of the financial institutions to offload their NPLs and NPAs for asset management companies (AMCs) to manage further. The competition