Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

Microsoft Word - 1905-022EN Management Discussion and Analysis for Q1-2019 (Ending Mar 31, 2019) Ref. No. 1905/022EN May 9, 2019 Subject Management Discussion and Analysis for Q1/2019 (Ending March

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because the gross profit of feeds was higher than the previous year which increased by 30 million baht, due to mainly from the efficiency improvement of production cost management. Sincerely Yours, ( Mr

% increased from Q3/2016 or in Baht 33.8 million mainly due to decreasing of pock price and effective production management. - QSR business recorded its GPM of Baht 23.2 million that 25.1% increased from Q3

due to decreasing of pock price and effective production management. - QSR business recorded its GPM of Baht 86.8 million that 14.3% increased from year 2016 or in Baht 10.9 million. - Swine farm

production management. - Seafood business recorded its GPM of Baht 67.5 million, 22.3% increased from Q1/2017 or by Baht 12.3 million mainly due to effectiveness in raw material and production cost management

pork price and effectiveness in production management. - Seafood business recorded its GPM of Baht 71.2 million of which 15.1% increased from Q2/2017 or in Baht 9.4 million mainly due to effectiveness in

which increased by amount of Baht 47 million, mainly due to the efficiency improvement of production cost management. 2. Other incomes from dividend received for the year 2019 had amount of Baht 21million