growth of food business. For hotel business, the Company still plans to open the new hotels. However, the hospital industry in Thailand may remain under pressure due to the strong Thai Baht that adversely

milk, drinks 564.30 472.24 1,071.06 975.79 92.06 19.49 95.27 9.76 Immovable property business 3.06 3.47 6.10 6.42 (0.41) (11.82) (0.32) (4.98) Agriculture and dairy farm 13.66 15.33 29.38 32.43 (1.67

-drink milk, drinks 599.30 498.91 1,670.36 1,474.70 100.39 20.12 195.66 13.27 Immovable property business 2.96 3.15 9.06 9.57 (0.19) (6.03) (0.51) (5.33) Agriculture and dairy farm 12.44 13.73 41.82 46.15

ready-to-drink milk, drinks 602.33 564.30 1,230.38 1,071.07 38.03 6.74 159.32 14.87 Immovable property business 1.23 0.47 0.95 0.87 0.76 161.83 0.08 9.67 Agriculture and dairy farm 13.72 13.66 32.69 29.38

million. The revenue from sales and services increased in the amount of Baht 53.69 million or 2.75 percent income increased due 1.1 The company has revenue from sales and services from the leather business

its subsidiaries (the “Company”) reassessed its business structure to move towards Green Businesses targeting renewable energy and real estate business. To pursue its business strategy, the Company

1 Translation CEN 012-2020 May 15, 2020 Subject : Management discussion and analysis for business operation Quarter 1-2020 To : The Manager and President The Stock Exchange of Thailand Summarization

Summary 3 Operating Performance 4 Market Overview by Business 6 ▪ Market Overview of Methyl Ester Business 6 ▪ Market Overview of Fatty Alcohols Business 8 Operating Performance by Business Unit 10 ▪ Methyl

THB 3,682.20 million in 1Q2020, representing a decrease of THB 283.81 million or 7.16% down from 1Q2019 mainly from lower revenue of farm business which decreased by THB 123.30 million or 9.01% down

year 2022, cause some time the realized cost CPO used in production was higher than the Company’s product selling price approximately 8.00-10.00 Baht per Kilogram and the Company had to recognized loss