* Note Please find further information in the consolidated financial statements. 1 12th November, 2019 Subject: Management Discussion & Analysis (MD&A) for the 3rd quarter of 2019 Attention: The

flows from investing activities resulted from advance payment for buying the machines for production and from investing in government bonds. Cash used in financing activities was the cash payment for the

million or 0.01 Baht per share, representing a total increase in profit of Baht 24.31 million or 291% of the previous year mainly came from the significant transactions as below : 1. The gross profit of

the cost of sales varies according to the decrease in revenue while the subsidiary cost of sales was decreased due to its production was increased compare to the same period of previous year. (3) Gross

quarter of 2020 is equal to 8 percent due to affiliated company. There has been an increase in hiring of labor to increase production capacity to meet the project’s deadline. 3. The Group had selling and

, total liabilities were increased by THB 102. 93 Million or 30. 60% compared with December 31, 2019 mainly came from increasing in trade payable due to increase of production order. In conclusion, the

previous year which total gross profit were Baht 14 million, due to delay in work delivery and production order. As a result, the cost of sales per unit increased. (4) Administrative and Selling expenses The

a result the company has a higher gross margin from the same period last year. 2. Sales cost to revenue ratio decreased by 10.12% (from 94.14% in 2019 to 84.02% in 2020) due to production efficiency

increased, as a result the company has a higher gross margin from the same period last year. 2. Sales cost to revenue ratio decreased by 10.00% (from 93.58% in 2019 to 83.58% in 2020) due to production

shortage of refined glycerine in the market, resulting in a significant reduction in production. In addition, the domestic market has limited availability of refined glycerine as raw materials from biodiesel