Management Discussion and Analysis For the Financial Result of Quarter 1 Year 2019 Ended March 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the

recording NRV in the past few quarters, affecting the profitability of the Company. This situation affects all entrepreneurs in the palm oil industry as a whole. At present, the Company uses a strategy to set

obligations including trade payables and other payables, short term loans, the current portion of long- term loans from financial institutions, and interest expenses. The repayment can be made from cash flow

global raw materials and the increasing in competition among entrepreneurs under the situation of excess supply from products and raw materials coming in from various countries. Therefore those factors

weaker to previously average level. Amongst uncertain situation in many countries, Thailand’s post-election government was formed in June. That was a positive factor to promote the country’s stability in

situation that could have an effect on the Group’s SG&A expenses is being a sponsorship of the domestic broadcast for the World Cup football during the final round which incur related expenses amounting to

in HRC market price. In Q2/18, an overall market for Steel industry has dropped as cyclical situation according to a long holiday period in April and starting of the rain season which will result to a

a cost basis to a reappraisal basis, to be effective from the financial statements of the financial year 2017 onwards (effective from 30 December 2017). The reappraisal shall be made every three years

declined than CPKO. Comparing to 1Q2018, Market P2F of FA was improved by 46 USD/ton or up 11% qoq, attributable to the supply and demand situation. For 6M/2018 vs. 6M/2017, CPKO price was declined due to

made to disclose information and the vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate