1 Translation CEN 025-2017 November 13, 2017 Subject : Management Discussion and Analysis for business operation of quarter 3/2017 To The Manager and President The Stock Exchange of Thailand For 3

follows: 1. Total sales revenue and service was 31.80 million Baht, decreased 758.01 million Baht or 95.97% from the same period last year due to the Company and its subsidiary received decreased orders

favorable. The company received orders for 17 Hydraulic Press machineries, resulting in outstanding backlog of up to 222 million Baht. However, during the third quarter of 2017, customers were unable to

are excluded dividend received of 334M THB • Net profit by segment of 101MTHB are already reflected the impairment of loss in goodwill of Food Centre. 3. Financial status analysis Detail 2017 2016 diff

securities business of Baht 706 million, Brokerage fees from derivatives business of Baht 211 million. The decrease in Brokerage fee income was mainly due to a decrease in average daily trading volume of the

., Ltd, and Chiang Rai Frozen Foods Co., Ltd. - River Kwai International food industry co., Ltd buy machinery for 1,686,300.00 Baht Related business consideration Subject Selling Machinery between

contract) 2nd installment 50% of the total amount (within 30 days after the service recipient has received all the work completed from the service provider) Hardware Full payment when the company receives

recipient has received all the work completed from the service provider) Hardware Full payment when the company receives the goods Maintenance Monthly payment .../3 - 3 - (7) Funding source : From the

same period last year. Because the company has revenue from business that have higher gross margin, such as coffee shop business. However, the gross margin for nine months of 2019 was 74.7 million baht

Vibharam is the associated company of Ramkhamhaeng and need to develop and expand business. So, it is necessary to increase fund for growth business in the future. 6.2 Ramkhamhaeng expects to receive benefit