-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

Rnj, (Translation) MD. 036/2020 February 26, 2020 Re: Management Discussion and Analysis For the Year Ended December 31, 2019 To: President The Stock Exchange of Thailand Management Discussion and

R&B Food Supply Public Company Limited 24 February 2020 Re Management Discussion and Analysis for the year 2019 Attn. The President The Stock Exchange of Thailand (SET) R&B Food Supply Public Company

1 (Translation) MD. 045/2019 February 27, 2019 Re: Management Discussion and Analysis For the Year Ended December 31, 2018 To: President The Stock Exchange of Thailand Management Discussion and

S&P MD&A YE2018-ENG -1- Ref. POL. 029/2019 February 27, 2019 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

1 (Translation) MD. 045/2019 27 February 27, 2019 Re: Management Discussion and Analysis For the Year Ended December 31, 2018 To: President The Stock Exchange of Thailand Management Discussion and

1 (Translation) MD. 083/2019 May 8, 2019 Re: Management Discussion and Analysis For the Operating Results ended March 31, 2019 To: President The Stock Exchange of Thailand Management Discussion and

from sale of investment in securities (2.36) (0.76) (1.61) -212.75% Shares of profit (loss) in of associates (2.66) (28.93) 26.27 90.80% Financing Cost (42.35) (53.53) 11.18 20.88% (80.36) (595.34

S&P MD&A Q3_2018-ENG -1- Ref. POL. 119/2018 November 09, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

) 116.33 -99.52% Shares of loss in of associates - 1.28 (1.28) -100.00% Financing Cost 19.03 17.16 1.87 10.87% (19.59) (135.33) 115.74 -85.53% Corporate Tax (Expenses) Rev (7.61) (39.81) 32.19 -80.87% (27.20