Management Discussion and Analysis of quarter 1 /2020 1 | p a g e M.D. 103/2020 August 7, 2020 Subject: Notification of quarter 1/2020 operating results and financial position To: President of the

ากัด (มหาชน) (“บริษัทจัดการ”) ว่าข้าพเจา้เป็นผู้ลงทุนประเภทดงัต่อไปนี้ (โปรด เลือกเพียงข้อเดียวเทา่นั้น) I would like to affirm with MFC Asset Management Public https://market.sec.or.th/public/mrap

policy directions. The SEC has completed the amendments, which are expected for publication in the Government Gazette in early December this year. In the meantime, asset management companies are

employment rate, and income distribution throughout the country. The Ministry of Interior strongly supports this project and will help disseminate the information to entrepreneurs nationwide with the help of

quarter of 2017. Thus it will become more challenging for the global steel industry participants in all the regions. Careful estimation for raw material purchasing and production cost management is

all the regions. Careful estimation for raw material purchasing and production cost management is seriously needed in order to cope with the more dynamic business environment. Management’s Discussion

cost management for electricity generation of our gas- fired power plants which contribute approximately 70% of our portfolio capacity. Land Lease Agreement for U-Tapao hybrid project On June 26, 2020

increase by Baht 42.70 million or an increase of 11.57 percent from the same period of previous year, due to effective management of production cost and selling expenses. Details of the changes or impacts

- Translation - Page 1 of 6 CBG 044/2018 9 November 2018 Subject Management discussions and analysis for the 3-month and 9-month period ending 30 September 2018 To President The Stock Exchange of

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Q1’20 Consolidated Financial Results 12 May 2020 Q1’20 Management Discussion & Analysis Page 1/6 Financial Highlights