to reach the mass market, which will extend the Company’s expansion into new segments in the future. Figure 2: MAT Dec 2017 RTD Fruit Juice Market Value breakdown by Market Segment 3. Results of

696,157.30 2,388.5 Equity Shares 1,048,056.8 3,595.9 385,896.80 1,324.0 232,000.00 796.0 Retained Earnings 114,143.9 391.6 158,649.80 544.3 15,439.90 53.0 Total Shareholders’ Equity 1,162,200.7 3,987.5

. Governing law Thai law 7. Approved the expansion of the flexible packaging business in the amount of Baht 75 million, comprising the construction of a factory warehouse at Baht 35 million and the purchase of

unless deposits are demanded without interest. 8. Governing law Thai law 7. Approved the expansion of the flexible packaging business in the amount of Baht 75 million, comprising the construction of a

review to support our management towards better credit management standards.  Market Risk Management Market risk may arise from changes in interest rate, foreign exchange, equity and commodity prices, as

Nakorn Electricity Generating Company Limited (NNEG) Expansion Phase (92.3% construction progress) 2. Rayong Waste to Energy (WTE) (57.5% construction progress) 3. Energy Recovery Unit: ERU Project (29.0

as well as a favorable expansion of private consumption and investment of both private and public. For electricity industry situation in 2019, Thailand’s peak demand in Electricity Generating Authority

% Core EBITDA/ton ($) 102 113 140 (27%) 128 120 7% Operating Cash Flow5 261 250 241 8% 1,010 872 16% Net Debt to Equity (times) 0.92 0.87 0.61 51% 0.92 0.61 51% 1Consolidated financials are based upon

)% 4.12 3.26 26% Core EBITDA/ton ($) 102 113 140 (27%) 128 120 7% Operating Cash Flow5 261 250 241 8% 1,010 872 16% Net Debt to Equity (times) 0.92 0.87 0.61 51% 0.92 0.61 51% 1Consolidated financials are

GDP (Gross Domestic Product) in fourth quarter expanded at 1.6 percent, slowdown growth from the previous quarter which grew at 2.6 percent. These factors limited Thailand’s GDP expansion in 2019 to