9,064 -5.7% -3.5% Net foreign exchange gain (loss) -223 163 -42 -81% -126% Other income (expense) 117 196 153 31% -22% Finance cost 1,386 1,366 1,320 -4.8% -3.4% Income tax 1,477 1,522 1,543 4.5% 1.4% Non

Operation of the Year 2019 Attention: Directors and Manager, The Stock Exchange of Thailand N.D. Rubber Public Company Limited (“the Company”) would like to present the MD&A for the Three- Month and Twelve

10,879 5.3% 5.5% Net foreign exchange gain (loss) 150 21 (129) -186% -702% Other income (expense) 176 223 248 41% 11% Finance cost (1,293) (1,346) (1,292) 0.0% -4.0% Income tax (1,668) (1,512) (1,658) -0.6

Baht 60 million, loss decreasing from Q4/2018 that recognized net loss Baht 143 million. Greater performance resulted from efficient process improvement as well as selling and administrative expense

2,001 1,322 -11% -34% Admin and others 4,119 5,437 4,568 11% -16% Operating profit 9,410 10,205 12,529 33% 23% Net foreign exchange gain (loss) 62 412 -198 -417% -148% Other income (expense) 133 282 414

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 22 February 2019 Re: To clarify the financial statements as of 31 December 2018 To: President The Stock Exchange of Thailand WHA Corporation Public Company

ที่บชง (1/6) At Bor Chor Ngor 0391/2017 13 November 2017 Subject: Management Discussion and Analysis of Operating Results for the Third Quarter of 2017 To President The Stock Exchange of Thailand

) 45.84 Income tax expense 3.27 2.41 0.86 36% Profit for 9 months (75.19) 43.43 (118.62) -273% Consolidated financial information (Unit : Million Baht) 2 / 7 Financial performance for the nine months at the

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 28 February 2020 Re: To clarify the financial statements as of 31 December 2019 To: President The Stock Exchange of Thailand As WHA Corporation Public Company

) selling and administrative expense reduction according to the Company target.  EBITDA in Q1/2020 was Baht 90 million, an increase of 1,003% from Q1/2019 that recognized EBITDA Baht 8 million.  Thai