GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2019 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

and the increasing in competition among entrepreneurs under the situation of excess supply from products and raw materials coming in from various countries. Therefore those factors have been affecting

Governance Project" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between

customers. The power plant has already been commercially operating since October 31, 2013. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2019 Page 4 2

before falling in March 2020. However, the Company had been managed inventories turnover to maximize efficiency. ▪ In the 1st quarter of 2020, the Biodiesel’s ratio of cost of sales to total revenue was

giving more importance to speed and convenience. As a result, the readiness of food delivery and the speed of service has been gaining more importance, which Mikka was able to meet this demand well with

decreased from the 3rd quarter of 2019 by 24.52% which decreased by 21.09%. The Company has received the increased orders and the price of crude palm oil does not fluctuate much. However, the Company had been

to COVID-19 lockdown prevention measures in Yangon and Mandalay. However, the Company has been expanding more online service channels to customers and reduced the Company’s operation cost. As a result

as the country's standard diesel fuel. So, the revenue from sale of biodiesel is increased by 201.45%. However, growth in biodiesel consumption has not been as predicted as the impact of the

”, with 10 branches in Bangkok and 1 branch in Udon Thani. Mikka has recently became the main focus among the coffee shop franchise business. After the performance in the past year has been highly