[COMPANY NAME] Ref.: EFORL IR008/2019 March 7, 2019 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2018 To President The Stock Exchange of Thailand 1. Overview financial

The Stock Exchange of Thailand 1. Overview financial performance of E for L Aim Public Company Limited (“EFORL” or “the Company”) and its subsidiaries (collectively as “the Companies”) for Q3/2018

of short- term borrowings from financial institutions by using money gained from trading of its ordinary shares in the MAI stock exchange. • Other current assets decreased by Baht 19.58 million. This

, such as, the Stock Exchange of Thailand, the financial institutions, the main service providers and the selling and redemption agents. 8.3 In order that relevant persons are able to comply with the BCP

cooperating with relevent agencies, such as, the Stock Exchange of Thailand, the financial institutions, the main service providers and the selling and redemption agents. 8.3 In order that relevant persons are

-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

. Therefore, the Company is required to disclose the information memorandum on execution of the connected transaction to the Stock Exchange of Thailand (the “Stock Exchange”), appoint its independent financial

of 8.96 percent of the net tangible asset value under the consolidated financial statements as at December 31, 2017. Upon combination with other connected transactions over the past six months prior to

consolidated financial statements as at December 31, 2017. Upon combination with other connected transactions over the past six months prior to the date on which the Board of Directors’ Meeting would resolve to

days from the day of making the disclosure to the Stock Exchange of Thailand. Details of calculation in acquisition of assets transaction size Financial information used for calculation Financial