Microsoft Word - MD&A SET Q1'2020 ENG.doc Page 1 of 2 May 14, 2020 Re: Management Discussion and Analysis for the period ended March 31 ,2020 To: Director and Manager of the Stock Exchange of

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profit of THB 93 million the same period of previous year, representing a decrease of 37%. The details were, as followings; (1) Thai Sugar Business, the company recorded the performance from normal

1 - Translation – Bor.Chor.Ngor 0351/2018 September 25, 2018 Subject: Connected transaction : Renewal of a hotel management advisor agreement Attn : President The Stock Exchange of Thailand With

Securities Company Limited (“SBITO”), the Company has completed the partial investment disposal processes with the following details. 1. Transaction Date: July 31, 2017 2. Parties Involved: Buyer; SBI

will be made through (1) the acquisition of 25,000 ordinary shares in Aukkarawat from the existing shareholders, equivalent to 50 percent of the registered capital of Aukkarawat, at the purchase price of

% -290 -263 27 10% Administrative Expense -504 -494 10 2% -393 -391 2 28% Directors' s Remuneration -8 -8 0 0% -8 -7 1 6% Management's Remuneration -66 -53 13 24% -61 -48 13 26% Finance Cost - Interest

cost more than Baht 1 million but less than Baht 20 million in the other word which is higher than 0.03% but less than 3% of net total assets whichever is higher. As of 31 December 2017 0.03% of net

the rules on connected transaction of asset or service size that cost more than Baht 1 million but less than Baht 20 million in the other word which is higher than 0.03% but less than 3% of net total

, comparing at the same period in 2018 representing 43.78% decrease. This is mainly due to : 1. Income from medical treatments in the consolidated financial went down 6.24% due to income from Chiang Mai Ram