, more staff hiring in headquarter to serve expansion and new business plan and asset write-off, The percentage of Admin. / sales from 15% in Q2/ 2017 to 19% was mainly brought by Don Muang branch closing

per annum. However such issuance and offering of debenture caused from the objective to prepare the source of fund for the business expansion in the future. 3. Profit for the period Unit: Million Baht

. In 3Q18, the Thai economy extends its growth momentum following the GDP expansion by 4.6% in 2Q18. The growth is attributed to a number of factors, namely 1.) strong export growth despite a slight

support business expansion and traveling and other expenses related to the study and development of renewable energy project overseas. However, unrealized loss from exchange rate incurred from an equipment

impairment of power plant under construction of SAAM Solar Power Two Company Limited, (2) increase in employee and management expenses from new hires supporting business expansion, and (3) increase in

hit merchandise exports, and domestic demand. Private consumption indicators indicated the slower expansion in most sectors. Manufacturing production and private investment contracted. Nevertheless

consumption expanded gradually, in line with the expansion of consumption expenditure on durable goods and greater consumer confidence, as well as improvements in farm income. Meanwhile, private investment

ผลให foreign issuer ตองทําตามกฎหมายบริษัท (Company Act) ของประเทศที่ตน จดทะเบียนจัดตั้งขึ้น (home country) ซ่ึง Company Act ในแตละประเทศอาจมีหลักการคุมครองสิทธิ พื้นฐานของผูถือหุนที่แตกตางกัน อย

เลือกไทยเป็นหน่วยงานก ากบัดแูลหลัก (“home regulator”) และ บ. ตปท. ที่ไม่มีหลักเกณฑ์ก ากบัดแูลในเรื่องดังกล่าว ให้มีหน้าที่ ตามเกณฑ์ไทย 7 4.1.1 การออกประกาศเกี่ยวกับหลักเกณฑ์การก ากับดูแล บริษัทต่างประเทศ

February 26, 2019 Subject: Management Discussion and Analysis For the year ended December 31, 2018 To: The President, The Stock Exchange of Thailand Home Pottery Public Company Limited (“The Company