-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 (Revised) To: The President The Stock Exchange of Thailand 1. Analysis of
Consolidated assets (THB) Consolidated income (THB) Consolidated net profit (loss) (THB) Separate assets (THB) Separate income (THB) Separate net profit (loss) (THB) Audit fee (THB) Other fees Auditor’s opinions
shares traded on the Stock Exchange of Thailand (the “SET”) for 7 consecutive days prior to the date on which the Board of Directors resolved to propose the said offering for approval at the Extraordinary
equity method. 3 Describe the nature and proportion of other incomes, other significant incomes must be displayed in a separate row (if any). Give a separate description of each product line or business
proportion than selling price increase is the main reason why net profit decrease. Graphite Electrode’s price which is a part of conversion cost increase significantly. Separate financial statement, the
significantly, and net loss from exchange rate. Separate financial statement, the Company posted net loss Baht 1,056 million comparing with previous quarter which has net profit Baht 119 million. Total revenue
increase however raw material cost and cash conversion cost also high, therefore, result in net loss. Separate financial statement, the Company has net loss Baht 192 million, decreased in net loss comparing
the company was voted for the third consecutive years. However, the company’s securities has selected in the SET High Dividend 30 Index or SETHD from the Stock Exchange of Thailand which the price index
for the third consecutive years. However, the company’s securities has selected in the SET High Dividend 30 Index or SETHD from the Stock Exchange of Thailand which the price index reference 30 shares