3,293.90 -537.46 -16.3% Other income 19.49 25.33 -5.84 -23.1% Total revenue 2,775.93 3,319.23 -543.30 -16.4% Cost of goods sold & service 2,427.69 2,882.47 -454.78 -15.8% Selling & distribution expenses

% in 9M/2021. The increase was mainly due to a higher increase in total revenue than total expenses, as a result of the Company’s efficient cost management. E B I T D A a n d E B I T D A M A R G I N

rights or interests which the Company is entitled to receive under the law; Article 11 The Company’ s shares shall be freely transferable without any restrictions, and the total number of shares held by

representation or warranty of any type whatsoever on the accuracy or completeness of the information contained herein. หนา้ 1 1. Executive Summary The overall business operation of the company in 2019 is

Thai economy growth (Source: FPO, Ministry of Finance) Overall aviation industry for this quarter affirmed 7.9 percent growth in revenue passenger kilometers (RPK) of all region in which RPK of Asia

Bank of Thailand). The overall global aviation industry in the first half of 2019, a growth in passenger traffic was supported by 4.7 percent increase in revenue passenger kilometers (RPK) where Europe

Total Revenues 267.79 100.0% 346.35 100.0% 29.3% Overall, the Company’s recurring revenue decreased from 81.7% in 1H 2019 to 70.2% this year, while non-recurring revenue increased to 29.8% from 18.3%. The

Page 1 of 5 - Translation - Ref. WINNER 0018/2019 May 13, 2019 Re Management Discussion and Analysis (MD & A) for Q1/2019 To The President The Stock Exchange of Thailand 1. Analysis of Overall

business interruption. The export sales continued to grow significantly, which helped overall beverages sales. Food business The food sales in the fiscal year 2018 was Baht 6,610 million, increased slightly

remains sluggish, resulting in the contraction of advertising expenditures by 11.4% YoY to 26,351mn in the third quarter of 2017. Overall advertising spending was weighed down by TV sector (Analogue TV