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including accrued bonuses, advertising and promotional expenses and effective management of expenses during the COVID-19 pandemic. Expected Credit Losses To allocate a provision in accordance with Thai

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Protection Policy applies to the business operators who have been licensed by the SEC Office, the market professionals who have been approved by the SEC Office, other persons approved by the SEC Office, as

Iran after the country was previously sanctioned before the US revoked the sanction of the 8 countries, thus leading to excess crude supplies in the market. In addition, the bearish US stock market

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February 24, 2020 Subject: Management Discussion and Analysis For the year ended December 31, 2019 To: The President, The Stock Exchange of Thailand Home Pottery Public Company Limited (“The Company