MD&A Q4_2019 (Eng ) February 19, 2020 Subject : Yearly Management Discussion and Analysis of 2019 Attention : President of The Stock Exchange of Thailand We attach herewith the financial statements

: Price depending on the actual negotiated transaction prices between the buyer and seller (Referring to the book value as of December 31, 2016 at Baht 150.89 per share) Summary of financial statements

more than 0.03% but less than 3% of the net tangible assets (“NTA”) based on the Company’s consolidated financial statement as of June 30, 2019. The size of transaction is considered as a medium size

transaction value of 12.22 percent calculated based on the first calculation basis i.e. Net tangible assets criterion based on the Consolidated Financial Statements ending 31 March 2017. Information Memorandum

or received criteria, The size of the transaction is equal to 1.31 percent which is calculated by the financial statement as of June 30, 2019. Regarding, the accumulated transaction size over 6 month

criteria, The size of the transaction is equal to 1.31 percent which is calculated by the financial statement as of June 30, 2019. Regarding, the accumulated transaction size over 6 month in this criteria is

first calculation basis i.e. Net tangible assets criterion based on the Consolidated Financial Statements ending 31 March 2017. In addition, after combining the said transaction value with all asset

submit herewith the audited consolidated financial statements of Lee Feed Mill Public Company Limited and its subsidiaries (“the Company”) for the year ended December 31,2018, of which the business

the growth rate of company’s revenue; therefore, SG&A/Sales decrease from 11.06% in Q1/2018 to 10.13% in Q1/2019. 3. Financial Expenses The financial expenses in Q1/2019 were 5.94 million baht increased

technology, such as provision that requires business operators to disclosure its financial statements to the public via traditional channel only. Moreover, the current laws do not clearly state the SEC’s