lower than the market price at March 31, 2019. The company has recognized the future loss from the investment in trade securities. Nevertheless, if the stock price is higher than the market price at June

%. Current assets decreased by 7.8% from trade accounts receivable. Non-current assets increased by 0.2% due to investment in cold repair furnace B. Total liabilities decreased by 2.5% due to trade payables

11,823 375 3% Trade and other receivable 213 334 (121) -36% Inventories 347 540 (193) -36% Other current assets 26 24 2 7% Investment in parent company available-for-sale security 10,934 10,235 699 7

-TRANSLATION- 14 August 2019 Subject : Management Discussion and Analysis for Q2/2019 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

SRF factory has been operating since February and started receiving from customers, however, the company has not delivered SRF to any customer in Q1/2017. The company is developing the suitable SRF

-TRANSLATION- 15 May 2018 Subject : Management Discussion and Analysis for Q1/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

1,210 15.2% 1,905 19.8% Trade & other receivables 763 9.6% 1,143 11.9% Equipment – net 1,503 18.8% 1,615 16.8% Investment in JVs, associates and other long-term investments 1,373 17.2% 1,421 14.8

performance for the second quarter ending 30 June 2018 which has already been reviewed by the Company’s auditor can be summarized as follows: The Company’s performance for the second quarter in 2018 showed a

-TRANSLATION- 14 August 2018 Subject : Management Discussion and Analysis for Q2/2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

consolidated financial statements increased by Baht 152 million or 5.94% compared with last year. An increase mainly caused by trade accounts receivable of Baht 128 million as sales increased at the late of