IDH-AC-000-อส6302/30.00 20 February 2020 Re: Management Discussion and Analysis Operating results for the year ended 31 December 2019 To: President The Stock Exchange of Thailand Overview of the

Thailand Overview of the operating result for the second quarter of 2019 ▪ The company’s total net income was Baht 192.49 million, representing an increase of 76.9% over the same period last year and revenue

of Thailand Overview of the operating result for the third quarter of 2019 ▪ The company’s total net income was Baht 133.97 million, representing an increase of 46.2% over the same period of last year

Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand : Adjusting

Financial Reporting Standard No. 15 (Revised) : Revenue from Contracts with Customers, effective 1 January 2019 has impacted on the Company and its subsidiaries’ financial statement as follows : o Brand

% 63.0 8.7% 9.4 17.5% Net Profit 6.4 0.9% -17.4 -2.4% -23.8 -371.9% Retail Industry Overview and Overall of the Company‘s Performance During the past 2-3 years, the growth rate of retail sector industry in

Limited (“the Company”) would like to submit this Management Discussion and Analysis for the three-month period ended 31 March 2019 with details as follows: Summary overview In the first quarter of 2019

Limited (“the Company”) would like to submit this Management Discussion and Analysis for the six-month period ended 30 June 2019 with details as follows: Summary overview In the first six months of the year

prepare for the Company’s upcoming leaping growth in the future. 2. Overview of Domestic Economy and Ready-to-Drink Fruit Juice Market In Q2/2017, domestic RTD fruit juice market decreased 15% YoY due to

. The conclusion was as follows: Overview of the business group in Q2/2019 The Company operates as a holding company and invests in businesses related to the retail and consumer finance, which have a