situation as Ft charge already increased in January 2019 and more scheduled maintenance during Q4’2018 relative to Q3’2018. • EBITDA margin was lower to 25.1% in 2018 because of more scheduled maintenance

the country as much as possible, resulting in disruption of many businesses. In addition, the drought situation has reduced the income of the labor and farmers sector greatly. Gross Profit and Gross

(Decreased) % Operating profit 993.74 954.83 (38.91) (3.92%) Depreciation 188.28 191.02 2.74 1.45% Amortization 130.47 137.67 7.20 5.52% EBITDA 1,312.49 1,283.52 (28.98) (2.21%) 2. Economic Situation Overall

2019 2018 YOY % Operating profit 457.27 403.89 53.38 13.22% Depreciation 124.10 100.14 23.96 23.92% Amortization 78.25 73.92 4.32 5.85% EBITDA 659.62 577.96 81.66 14.13% 2. ECONOMIC SITUATION Thai

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2018 2 2. ECONOMIC SITUATION Thai economy in Q3/2018 continuously grew. Export-oriented manufacturing businesses expanded for specific sector, automobile

planting season has shifted to this quarter and the raining season has started so the water situation was getting better even though a severe drought is still causing extensive damage in some areas. Moreover

Civil Aviation Authority of Thailand (CAAT) regarding to COVID-19 spread out situation. However, the company resumed domestic routes from Bangkok to Samui since 15 May 2020 and Bangkok to Chiang Mai

of trade and other payables. - Net cash flows from the investing activities was 2.3 MB decreased by 0.4 MB when compare with Q2/2018 due to the decrease of fixed assets. - Net cash flows from financing

emergency declared in all areas of the Kingdom of Thailand dated 25 March 2020, and according to Section 9 of the Emergency Decree on Public Administration in Emergency Situation, B.E. 2548 (No.1) and Bangkok

SEC Secretary-General Ruenvadee Suwanmongkol said that SEC and the related agencies had discussed the COVID-19 situation and acknowledged limitations on the AGM holding of listed companies. The