P a g e 1 | 8 Management Discussion and Analysis For the nine-month period ended September 30, 2017 The analysis of consolidated financial position as at 30 September 2017 The group’s assets

Limited. (“Seahorse”) shall invest to purchase the newly issued ordinary share of Seahorse by 379,999 shares at the price of Baht 100 per share, total investment value is Baht 37,999,900 (par value of Baht

Limited. (“ERV”) shall invest to purchase the newly issued ordinary share of ERV by 24,999 shares at the price of Baht 100 per share, total investment value is Baht 2,499,900 (par value of Baht 100 per

Revolution Company Limited. (“ERV”) shall invest to purchase the newly issued ordinary share of ERV by 24,999 shares at the price of Baht 100 per share, total investment value is Baht 2,499,900 (par value of

Company in the consolidated financial statement ended June 30, 2019. The company has to ask for the approval from the Board of Directors and disclose the transaction to SET immediately. Details of the

shareholders meeting to consider approving the disposition of shares from connected persons. The details of the transaction are described in the attached document. This transaction is connected transaction due

Public Company Limited (“GPSC” or the “Tender Offeror”), convened on 24 August 2018, resolved to approve the entering into of the direct and indirect acquisition of shares of Glow Energy Public Company

money received from the IPO after deducting the actual expenses 4. Acquisition of all ordinary shares of Modern Pharma Company Limited, "Modern Company", which is a transaction concerning asset

shall be reflected in the Company and subsidiaries’ consolidated financial statement with increasing proportion from 51.0% to approximately 84.3% of shares after the transaction is settled which is

Company and SGAH in order to grow their business in the global market. The total investment of USD 65 million consists of (1) newly issued ordinary shares in SGAH in the amount of 4,977 shares at the par