June 30, 2019 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2019 Overall Group Performance Table 1

S&P MD&A Q3_2018-ENG -1- Ref. POL. 119/2018 November 09, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P

Catering Co., Ltd (“Epicure”); the Company’s subsidiary, entered into the purchase agreement to buy 100% shares in The Caterer Joint Stock Company, which it operates catering and beverage business in Vietnam

resulted in continuous drop in price announced by Department of Internal Trade (CPO-DIT) to 22.4 Baht/Kg in quarter 3/2017 down from quarter 2/2017 which was at 25.8 Baht/Kg and from quarter 3/2016 which was

Ref. No. IVL 003/08/2020 13 August 2020 The President The Stock Exchange of Thailand Subject: Submission of Quarterly Review of Financial Statements and the Management Discussion and Analysis of

Public Company Limited (“the Company”) reported 1Q2020 total revenue of THB 2,186m, decreased by 27% YoY. The major driver of such decline was 56% drop in revenue from sales of house and condominium due to

for Biofuel Business, performance declined from crude palm oil price drop which led to inventory loss. In the quarter, the company and its subsidiaries realized inventory loss of THB 1,096 million, and

% yoy) because EBITDA from FA business was lower due to stock loss as CPKO price drop. Moreover, the company recognized profit of THB 20 million from investments in the Thai Ethoxylate Company Limited

pushing biodiesel B10 to be the mandatory diesel in 2020 that lead to sharply rise in crude palm oil ( CPO) and crude palm kernel oil (CPKO) prices at the end of 2019. Since early 2019, the stock of crude

) in 2Q2020 was at 639 USD/ ton, increased from 2Q2019 by 85 USD/ton or 15% due to a slightly lower in international CPKO stock compared to 2Q2019 driven by a drop in palm production from a direct impact