Management Discussion and Analysis of quarter 1 /2020 1 | p a g e M.D. 103/2020 August 7, 2020 Subject: Notification of quarter 1/2020 operating results and financial position To: President of the

and increase the overall beverage production https://market.sec.or.th/public/idisc/Views/Download?FILEID=dat/news/202005/20053934.pdf 20025466.pdf million Baht or 37.27% of Property, plant and equipment

acquisition of assets in accordance with the Notification of the Capital Market Supervisory Board No. TorJor. 20/ 2551 re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of

this transaction date. The acquisition of IGE shares is classified as Class 1 transaction equal to or higher than 50% but lower than 100% according to the Notification of the Capital Market Supervisory

over CAZ. The transaction is considered the disposition of assets in accordance with the Notification of the Capital Market Supervisory Board No. Tor Chor 20/2551 re: Rules on Entering into Materials

-2338-3000 Fax: 0-2338-3334 www.nationgroup.com 25 May 2020 Subject : Notification on Resolution of the Board of Directors’ Meeting No. 6/2020, Change of Directors and Directors’ Power, Entering into

owned land (No. 222) The mentioned transaction is considered as connected transaction pursuant to the Notification of the Capital Market Supervisory Board No. ThorJor. 21/2551 Re: Rules on Connected

) 038-869-323 Fax: (66) 038-869-333 No. GST/ELCID-01/2562 10 April 2019 Subject Notification of Resolutions of the Board of Directors Meeting No. 4/2019 and the convening of the Extraordinary General

evaluated by the independent valuer, the Sims Property Consultant Co., Ltd., the independent valuer which is approved by the Securities and Exchange Commission, that it should be equal to Baht 2,616,000,000

involves the disposal of real property, which are convenient and of interests to general buyers and investors, and as such, the Board of Directors has not determined the Fair Price with any discount, the