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

was increased from Financial Institutions Policy Committee announce to decrease the interest’s policy rate. 4.3 Shareholders' equity The overall shareholders' equity from the year end 2019 was decrease

the increase in sales and overall gross profit margin, the reduction in sponsorship fees to CFC and the effective management over selling and admin expenses, which compensated higher financial expenses

year even though the situation seems to get better in this quarter but the overall sales of 6 month-period of this year were still less than last year. 2. Cost of sales of goods and Expenses 2.1. Cost of

revenue decreased by approximately 18 percent from the 1st quarter of last year, which still resulted in the overall revenue in the 6-month period of 2020 from such a decrease. By the 1st quarter continued

to TFRS 16 Leases. 4.3 Shareholders' equity The overall shareholders' equity in the first half of 2020 was decrease from the end of 2019 in an amounting of Baht 44.80 million mainly came from operation

year remains uncertain, depending on the domestic COVID-19 containment and the hope of getting a thorough vaccination program. For the overall Group's business operations, in the first quarter of 2021

in sales and overall gross profit margin and effective management over selling and admin expenses, which compensated higher financial expenses and corporate income tax expenses as mentioned above. Net

of Baht 2.67 million. 4.3 Shareholders' equity The overall shareholders' equity as at 31 March 2020 was decreased from the year end in an amounting of Baht (6.99) million or (1.70) percent. Mainly came

operating revenue of THB 512mn, a decrease of 25.9% YoY. The decrease of overall performance was significantly affected from the coronavirus outbreak, which started since early of 2020. This led to an