1 Ref: AC.042/2017 14 November 2017 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

11.63% Other income 19.27 9.54 9.73 101.90% Selling and administrative expenses 107.06 93.90 13.15 14.01% Operating profit 457.27 403.89 53.38 13.22% Finance cost 41.60 33.63 7.97 23.69% Income tax

positively from operating performance and net negative working capital of Baht -110.43. Most negative in working capital was from the payment of trade creditors and financing the growth of account receivable

each operating segments for the year ended 31 December 2019 of the Company and its subsidiaries had changed from the previous period of last year as follows (1) Revenue from sales of program rights

utilisation and lead time to construct new plant or expand in an existing plant. Source of Financial Capital As the group as no net interest bearing debt and operating working capital is positive the groups

 Financial Capital As the group as no net interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Major Factors which could have an Impact on the

. Source of Financial Capital Page 2 of 3 As the group as no net interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Major Factors which could

group as no net interest bearing debt and operating working capital is positive the groups funding is from the shareholders equity. Page 2 of 3 Major Factors which could have an Impact on the Company's

% 301.13 336.19 35.06 11.64% Operating profit 412.15 421.06 8.90 2.16% 1,366.98 1,217.90 (149.08) (10.91%) Finance cost 35.10 35.33 0.23 0.65% 105.82 102.39 (3.43) (3.24%) Income tax expenses 86.45 82.22

1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating