-Translation- NO. ED-MD2020-0004 February 24th, 2020 Subject: Clarification of changes in excess of 20% in the operating results for year ended 2017 To: Director and General Manager The Stock

referenced crude oil price of every products; stemming from a state of excess supplies of finished products in the market, and declining demand from the 4 Management Discussion and Analysis of Business

between China and USA, some of the excess HRC try to commute to Thailand and our neighbor countries. This resulting in the soften of HRC price but the scrap price is also soften as well. As such, the

operators in the condition of excess supply have affected the selling price. The contracted volume and selling price therefore have a direct impact on the company's gross profit and net profit, although the

equipment and system and to produce a structural foundation and a lifting for the usage in Carnival Magic project. The detail of such transaction is as below; 1. Date of the Transaction The Board of Directors

) 19045561.pdf 5,294 (55)% Property , plant and equipment 214,435 205,182 5% Intangible assets 42,751 40,349 6% Deferred tax assets 2,583 2,714 (5)% Other assets 2,735 1,371 99% Total assets 395,465 379,195 4

from 76 to 84 airline customers for ground service equipment when comparing with the same period last year. 9. As of 30 September 2019, WFS-PG Cargo Company Limited (BFS Cargo) had 6 additional airline

due to the remaining excess capacity. Average headline inflation in the second quarter of 2017 is at 0.10 percent, slightly lower than a 0.30 percent rate in the same period last year and a 1.25 percent

, remained under pressure from excess production capacity. Headline inflation in the third quarter of 2017 averaged at 0.45 percent, up from 0.26 percent in the same period last year, following higher energy

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