Page 2 Management Discussion and Analysis 1. Significant events in the first Quarter of 2018 1.1 The progress in construction projects 1.1.1 Process of construction - Xayaburi Project, a project of the

purchasing power of foreign investors, to which the Company has continually adjusted its marketing and selling plans. For projects under development, the progress is still on track and has little impact from

intangible assets of Baht 0.97 million, decrease in cash advance payment for purchase of assets of Baht 0.81 million and decrease in deferred income tax of Baht 0.03 million. The Corporate Group’s total

acquisition date, non-recurring expenses and share of investment in JV and associates. PERFORMANCE ANALYSIS (2017/18 vs 2016/17) 2017/18 was another year of solid progress for VGI. The Company achieved the

Thailand Demeter Corporation Public Company Limited ( the “ Company” ) informed the Stock Exchange of Thailand (SET) of the progress of investment in the Biogas Power Plant Project on November 12, 2019 that

Page 2 Management Discussion and Analysis 1. Significant events in the second Quarter of 2018  The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

used in its business operation of One Sukhumvit 59. The Company plan for the investment in the real estate development project of the hotel and serviced apartment. In this regard, such transaction

Page 2 Management Discussion and Analysis 1. Significant events in the third Quarter of 2018  The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

used in its business operation of One Sukhumvit 59. The Company plan for the investment in the real estate development project of the hotel and serviced apartment. In this regard, such transaction

finished products, 24.01 percent are work in progress and 34.11 percent are raw materials. The Corporate Group conducts inventory inspection every month and has employed accounting policy for setting