( “ the Company” ) would like to submit our management’s discussion and analysis for the fiscal year ended December 31, 2019, as follows: For the year ended December 31 Change 2019 2018 MB MB % Sales

. - Overall Revenue from sales was at THB 24,297 million, or -2.9% YoY, driven by Unicharm distribution agreement termination, and 33.7% dropped in OEM sales of glass bottles due to planned furnace repair in

2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) (435) (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429 1,336 HRC Average Selling

) Unit: million Baht 2017 2016 Gr ou p Group Revenues 25,705 21,684 Group EBITDA 2,306 1,555 Group Net Profit (Loss) 365 (1,048) HR C HRC Sales (k tons) 1,381 1,326 HRC Production Volume (k tons) 1,429

-production - - 0.61 100.00 Income from concert organization 38.84 94.92 - - Income from sales 2.08 5.08 - - Total Income 40.92 100.00 0.61 100.00 Costs for the right of co-production - - - - Costs for concert

2017. In 2018, the revenues from renewable energy are starting to contribute a significant portion of the profits. Sales and services of Q1 2018 reached 1,289.28MB, a decrease of 15% from 1,516.71MB in

31, 2018 which is differenced more than 20% compare from previous financial year same quarter as follows: 1. The company consolidated revenues from sales and services for this period increase from

from sales: details as follow. The decrease in sales revenue is a result of the reduced sales volume. Due to the fluctuation of raw material prices and exchange rates in the past, the company has to

revenue from sales of THB 4,165 million in 2Q2017, representing an increase of THB 263 million or 6.74% up from 2Q2016. This mainly support by revenue from chicken processing segment amounting THB 1,885

quarter of 2017, customers were unable to install due to heavy rain and flooding. Delayed delivery and installation resulted in Q3 2017 performance as follows; - Decreased on sales from Baht 305.90M in