204.16 23.39 12.94 20.79 11.34 Gross Margin 17.83 25.35 47.04 21.69 85.56 29.21 163.83 Admin Expenses 3.84 33.92 26.47 -7.45 -21.96 22.63 589.32 Selling Expenses 2.43 9.18 11.70 2.52 27.45 9.27 381.48 Net

Sold 183.37 180.77 204.16 23.39 12.94 20.79 11.34 Gross Margin 17.83 25.35 47.04 21.69 85.56 29.21 163.83 Admin Expenses 3.84 33.92 26.47 -7.45 -21.96 22.63 589.32 Selling Expenses 2.43 9.18 11.70 2.52

Cost of Goods Sold 194.11 204.16 217.04 12.88 6.31 22.93 11.81 Gross Margin 18.39 47.04 54.53 7.49 15.92 36.14 196.47 Admin Expenses 10.24 26.47 26.92 0.45 1.70 16.68 162.99 Selling Expenses 2.99 11.70

Revenue Increase in total revenue in 2018 due to increase in sugar sales volume from 687,046 tons last year to 1,091,228 tons or increase by 59%, however average selling price decrease from 17,362 THB/ton

capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

additional selling and administrative expenses of Baht 20.48 million. As a result, the Company had total loss for the year of Baht 24.02 million. In 2 0 2 0 , the asset was Baht 119 . 1 4 million. YCI

. Cynthia Frakes will hold the remaining 20%. Payment term is 60% of the selling price at closing date, and the remaining 40% within one year after closing date. Size of Transaction The size of transaction

No. B52-2020-05/002 7 May 2020 Subject: Management Discussion and Analysis - for the three-month period ended 31 March 2020 To: The President of Stock Exchange of Thailand B-52 Capital Public Company

compared specification and selling price with other suppliers and concluded that MKY project pricing is cheaper. 4. Total Value of the Transaction : Total value of air-conditioner is 3,150,000 baht

the following manners, for which the SEC shall specify the paid-up registered capital of at least one hundred million baht: (1) Keeping the client’s assets in its possession ; (2) Investing in or https