S&P MD&A Q1_2018-ENG -1- Ref. POL. 059/2018 May 08, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

revenue from the post production business increased thanks to the Company’s focus on serving clients who are in the commercials production business. 3) Revenue from equipment rental and service business

revenue from sales because the sales volume decreases as steel domestic 's consumption was discouraged by economics and loss of sales opportunities related to a low level of stocks due to a limited

was 551 MTHB, increased by 330 MTHB comparing to its amount of 221 MTHB in 2017 as a result of more machinery and equipment acquired during major turnaround in 2018. 3. In 2018, the net cash flow used

for this situation as new promotions have already been added to the Q3’s marketing plan. For now, the company is slowing down other investments as they are waiting for the revenue figure of Q4/2019 to

respectively, equivalent to 44.3% and 52.7% respectively. The main non-current assets are land and equipment which were 43.2% and 51.7% of the total assets in which the increase by land and equipment net THB

management. 2. In 2019, the net cash flow used in investing activities was 361 MTHB, decreased by 190 MTHB comparing to its amount of 551 MTHB in 2018 due to lower acquisition of machinery and equipment, plus

categories, boosting manufacturing production. Private investment indicators also signified growth, particularly in machinery and equipment. Nevertheless, public spending declined mainly from the contraction

property, plant and equipment. As of December 31, 2016 and June 30, 2017, the Company saw cash and cash equivalents to Baht 57.67 million and Baht 288.76 million, respectively. The Company’s short-term

, plant and equipment decreased from sold injection mold and factory equipment and depreciation expenses. Total Liabilities As at 30 June 2017, total liabilities was Baht 1,418 million, increased by Baht 78