UNOFFICIAL TRANSLATION Codified up to No. 4 As of 23 November 2020 Readers should be aware that only the original Thai text has legal force, and that this English translation is strictly for

, it has been collected in total of THB 115.06 million (up to 27 February 2019). Although the balance of trade accounts receivable which was overdue by 6 - 12 months increased from the balance as at 31

consolidation, where some of its customers are government agencies that have credit terms of not less than 90 days. AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2018 31 MARCH 2019 Not yet due 273 227 Up to 3

2.67% Liabilities 309.33 283.75 25.58 9.01% Shareholders' equity 670.98 671.07 (0.09) (0.01%) Issued and fully paid-up common share (Million Share) 565.14 565.14 0.00 0.00% Par (Baht) 0.50 0.50 0.00 0.00

, targeting steel customers, coming on line in the next few months this part of the order book will pick up. Certain other key segments like chemical and construction also show positive tendencies. The strength

(DTEC) during the development phase of customized corporate courses. DTEC was set up at the end of last year. In addition, there was PHICHE’s pre-operating expenses. Depreciation and amortization

DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 3.3. Cash Flow Analysis Cash and cash equivalents in 1Q 2018 increased to 120mTHB, up by 70mTHB from the 50mTHB at the end of 2017 Net cashflow from

LIABILITIES 677.43 28.68% 655.42 28.85% SHAREHOLDERS’ EQUITY Shareholder equity 383.00 383.00 Registered capital Issued and Paid up capital 383.00 16.22% 383.00 16.86% Premium on stock 519.67 22.00% 519.67

292.87 million and THB 263.02 million respectively. This is equivalent to a decrease of 11.35% compared to the same period last year. In addition, sales expenses to sales revenue ratio edged up a little

edged up a little from 35.04% to 37.80% as the Company incurred marketing expenses from new products launched in October. Table 7: Sales Expenses by Type of Expenses for the Three Months Period Ended 30