held for sale. UWC plan to reinvest the proceeds in a higher return business to accommodate growth and streamline the company’s efficiency. PERFORMANCE OVERVIEW 2 | MANAGEMENT DISCUSSION AND ANALYSIS

Ref. PDI/BK-BS-011/2019 25th February 2019 Re: Management Discussion and Analysis (MD&A) For the year ended December 31, 2018 To: President The Stock Exchange of Thailand Due to depletion of Mae Sod

) November 8, 2017 Re : Report the operating result for the year ended September 30 ,2017 by more than 20 percent. To : Director and Manager the Stock Exchange of Thailand Approved by the Board of Directors of

Stock Exchange of Thailand Dear Sir, With reference to the Minutes 11/2017 of the Company Directors’ meeting dated November 13, 2017, the Board resolved to approve the reviewed financial statements of

ETF operator are subject to supervision of foreign regulator which is a member of International Organization of Securities Commissions (IOSCO); (2) having objective to create return for unit holders

Ref. PDI/BK-BS-036/2019 10th May 2019 Re: Management Discussion and Analysis (MD&A) For the three-month period ended March 31, 2019 To: President The Stock Exchange of Thailand PDI reassessed its

Microsoft Word - MD&A_Q1_2019_ENG 1 NPPG.036/2019 13 May 2019 Subject Management Discussion and Analysis for the quarter 1 year 2019 Attention The President The Stock Exchange of Thailand

1 10000/055/2018 20 June 2018 Subject: Notification of the Investment in OKEA AS To: Directors and Manager The Stock Exchange of Thailand Bangchak Corporation Public Company Limited (the “Company

Ref. PDI/BK-BS-056/2018 8th August 2018 Re: Management Discussion and Analysis (MD&A) For the 2Q 2018 and 1H 2018 To: President The Stock Exchange of Thailand Due to depletion of Mae Sod Mine’s

OVER 20 PERCENT FOR 3rd QUARTER AND 9-MONTH PERIOD 2018, COMPARE TO THE PREVIOUS YEAR ATTENTION PRESIDENT, THE STOCK EXCHANGE OF THAILAND Khon Kaen Sugar Industry Public Company Limited and its