ownership Operated by 1. Mogen (Thailand) Co.,Ltd. 2. Bangkok Extreme Engineering Co.,Ltd. Construction started within 1st quarter of 2016 (Within 31 August 2015) Operated by 1. JJ Builder & Decor Co.,Ltd. 2

AIM 1 Ref.: EFORL039/2017 November 14, 2017 Subject: Management Discussion and Analysis for the third quarter of 2017 (Q3/2017) and for nine month periods ended September 30, 2017 To President The

ช่วงเวลาเดียวกันของปีที่ ผ่านมา Total Apparent Finished Steel (Unit : Tons) Quarter 3/2016 Quarter 3/2017 % Change Production 1,531,203 1,696,674 10.81% Import 3,242,891 2,843,598 -12.31% Export 329,192

, revenues reached Bt2,564mn, grew by 80% YoY and 141% QoQ, with an improvement in net earnings from net losses in 4Q16 and 3Q17 to a net profit of Bt654mn in this quarter, mainly from the recognition of the

the first quarter of 2017 approximately THB 22.11 million. However, the Company fully settled such provision in the second quarter of 2017. No more of such expense incurred in the current period

during the first quarter and exceeds from disposition of assets in the following quarter in 2018. Profit and Loss Results In 2018, the Company recorded net loss of 5,153 million Baht (59 % of total revenue

First Quarter of 2019 WHAUP finished our 1Q2019 with a Net Profit of Baht 424.2 million, a 40.8% decrease from 1Q2018 with Normalized Net Profit of Baht 394.2 million, a 15.3% decrease from 1Q2018. 1

expansion project to the northern of Thailand (phase 1 or NFPT-phase1) which is recognized in this quarter. The Gross profit margin of the Group was of 47.7% compared to 54.5% of Q2/2018. While in the first

second quarter of 2018. Costs of program rights business mainly consist of amortization, dubbing and translation costs. For the six-month period ended 30 June 2019 and 2018, costs of program rights

the previous year due to an unfavorable condition of the Company’s traditional trade channel as the Company appointed a large-sized distributor for the channel since the first quarter of 2018 but later