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

weaker from protectionist trade policies between US and China and effect of Baht appreciation, which affected to export sector and industrial sector, especially in electronic components manufacturing

3.5% driven by higher sales of the energy drinks especially for export markets and greater sales growth from distribution of 3rd party’s products. Note: 1/ Energy Drinks and Sport Drinks 2/ Drinking

sectors. Manufacturing and exports contracted due to lower demands and shortage of raw materials and components from suppliers closed down due to the quarantine. Private investments and employment also

in Q4/2018 continuously grew. Export-oriented manufacturing businesses continuously expanded but domestic-oriented manufacturing was rather stable as slow recovery of private consumption and high

1,158 25.9% 4,241 3,611 17.5% Selling and distribution expenses 1,026 825 24.3% 2,899 2,595 11.7% Administrative expenses 433 333 30.0% 1,342 1,016 32.1% EBIT 1,008 942 7.0% 2,995 2,730 9.7% EBITDA 1,247

after commissioning of OSP’s new beverage manufacturing lines. - Q1’20 Energy drinks market grew at 0.6% YoY, where OSP recorded the market share at 54.0%, aligned with our mid term strategy. M-150 gained

wide-coverage distribution that reaches almost all regions of Vietnam will help expand the Company’s business in Vietnam. 1,533 1,741 1,760 1,507 1,515 1,370 1,500 1,531 110 143 161 117 118 61 78 28 0 20

. Revenues Classified by Distribution Channels 12 Months in 2017 12 Months in 2016 Variation THB % Domestic Restaurant and Bakery Business 6,098 5,969 130 2.2 Food and Bakery Wholesales Business 762 817 (55

percent to 11.2 percent respectively. Revenues Classified by Distribution Channels 12 Months in 2017 12 Months in 2016 Variation THB % Domestic Restaurant and Bakery Business 6,098 5,969 130 2.2 Food and