= Translation = Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended September 30 , 2017 (Unit : Million Baht) 2017 2016 Inc./(Dec

than 35 percent of the seaweed production in China for the year 2017 which impact to all seaweed business around the world. In addition, the first two phase of production line at Rojana factory has been

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2017 (Unit : M ill ion Baht) 2017 2016 Inc./(Dec

were Baht 218 million, similar to the first six-month period of the previous year. The Company’s brokerage fee from securities and derivative business decreased but there was an increase in the retaining

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended M arch 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc. / (Dec

(12.0) (3.3) (8.2) (2.1) Revenue from product under Company’s trademark – Net 355.2 99.0 374.3 96.8 2. Sales from OEM business 0.0 0.0 0.0 0.0 Total sales 355.2 99.0 374.3 96.8 Other income /1 3.7 1.0

property ownership transfer as well as more newly launched projects which subsequently increase the selling and administrative expenses from continuously business expansion. Financial costs For the three

business performance. From above Statements of Financial Position, D/E Ratio as of September 30, 2018 was 2.44 times, increased from ratio as of December 31, 2017 (1.44 times), resulting from the increase in

implemented beginning of 2020. In addition, there was an increase in the number of employees aligning with business expansion which accounted for total amount of 0.97 million baht, increase in doubtful expenses

standards, TFRS 16 Leases to recognize more at the amount of Baht 126.45 million. Total Shareholders’ Equity was Baht 1,510.83 million, increased Baht 66.98 million or 4.64%, resulting from income of business