Management Discussion and Analysis Q3/2019 Financial Result Summary Q3/ 2019 Q3/19 Q3/18 Change +/(-) 9M/19 9M/18 Change +/(-) (in THB mm) YoY 9M Revenue from Sales and Services 57.4 54.3 6% 146.9

operating revenue breakdown by business segment (Unit: Million Baht) Second quarter 6-month period 2020 2019 Change % 2020 2019 Change % Revenue from sales of real estate 2,233 1,992 241 12 3,859 5,045 (1,186

Huntsman assets. 1Consolidated financials are based upon elimination of intra-company or intra-business segment) transactions 2Total of each segment may not always tally with consolidated financials due to

(0.2) 1.4 0.9 (35.7%) N.A.(>100) (0.7) 2.3 N.A.(>100) Gross Profit by Segment 420.1 427.9 446.1 4.3% 6.2% 774.6 874.0 12.8% Change Gross Profit Q2-2019 Q1-2020 Q2-2020 6M-2019 6M-2020 Change Percent

locations to ensure maximum safety of all stakeholders – customers, employees, business partners and communities. The most noticeable change since the COVID-19 pandemic is customer purchasing behavior, which

2017 Consolidated Profit & Loss of NIPPON PACK (THAILAND) PCL., Unit : Million Baht Year 2017 Year 2016 Change %YoY Revenue from sales and services 621.1 540.2 80.9 15% Revenue from food and beverage

Unit : Million Baht Quarter 3 Year 2017 Quarter 3 Year 2016 Change %YoY Revenue from sales and services 457.0 391.3 65.7 17% Revenue from food and beverage sales 420.3 243.2 177.1 73% Total 877.3 634.5

16% 0.87 0.71 0.75 16% 1Consolidated financials are based upon elimination of intra-company (or intra-business segment) transactions 2Total of each segment may not always tally with consolidated

parts segment amounting to Baht 2,259 million. Financial Position Analysis (Unit : Million Baht) Year Year Change 2019 2018 Amount % Change Total Assets 21,246 17,891 3,355 18.75% Total Liabilities 13,766

N.A.(>100) Gross Profit by Segment 426.3 446.0 463.1 3.8% 8.6% 1,200.9 1,337.0 11.3% Change Gross Profit Q3-2019 Q2-2020 Q3-2020 9M-2019 9M-2020 Change Percent Percent Percent QoQ YoY Percent Percent