Acc. 006/2019 November 11, 2019 To: The President The Stock Exchange of Thailand Subject: Management discussion and analysis (MD&A) for Quarter 3/2019 Dear Sir, S. Khonkaen Foods Public Company

amount of Baht 157.6 million or increased 11.0 percent, and distribution costs and administrative expenses increased in the 44 หมู่ 4 ถ.แจง้วฒันะ ต.ปากเกร็ด อ.ปากเกร็ด จ.นนทบุรี 11120 โทร +66 2836 9990

income decreased by Baht 29.30 million or 28.53% 2. Income from the water management business was categorized to two types. 2.1 Income from water treatment and distribution increased by Baht 10.99 million

Distribution Center (Bangna) consist of land and building, printing machine and equipment, and (2) Office building (Klong Toey) consist of land and building, and passed a resolution to approve the Company to

of the Coronavirus Disease 2019 (“COVID-19”) at present, the epidemic continues to heavy spread among the countries of customers. As a result, the Company's main customers postpone orders and

1 Management Discussion and Analysis for the period ended Q1/2021 Ref. SPVI 006/2021 Business Overview for Q1’2021 The operating results for the three-month period ended 31 March 2021 of S P V I

of last year from Baht 50.79 million to Baht 62.24 million or increased by 22.5%.  Distribution costs for the 3nd quarter 2019 represented at 21.2% of revenue from sales while in 2018 was at 21.3

%. 2.6 Cconstruction costs were 9.44 million baht, a decrease of 5.58 million baht or 38.25 percent, decrease in proportion to the revenue decline. 3 . The company had distribution cost and administrative

million baht, a decrease of 2.83 million baht or 17.70 percent, decrease in proportion to the revenue decline. 3 . The company had distribution cost and administrative expenses of 81.17 million baht, a

the previous year, the company had a profit from the sale of investments in subsidiaries in the amount of 246.78 million baht. 3. Distribution cost increased by Baht 0.87 million. 4. Financial cost