-TRANSLATION- 25 February 2019 Subject : Management Discussion and Analysis for 2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

, 36 MW solar farms in Thailand have been acquired in 2016 and 2017. The revenues from renewable energy are starting to contribute a significant portion of the profits since 2018 onwards. Subsequently

-TRANSLATION- 11 August 2017 Subject : Management Discussion and Analysis for Q2/2017 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

-TRANSLATION- 15 May 2019 Subject : Management Discussion and Analysis for Q1/2019 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

-TRANSLATION- 15 May 2020 Subject : Management Discussion and Analysis for Q1/2020 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

/2020 ended June 30, 2020 via electronic system. to the Stock Exchange of Thailand. It appears that the operating results of the said period has a net loss of 35.39 million baht, but in the same period of

exchange rate, resulting in a decrease in net profit ratio (ROS) from 16.00% in 2018 to 14.78% in 2019. The total expense to total revenue ratio increased from 13.32% in 2018 to 17.46% in 2019. 1. Overview

45.4% 281.47 45.9% 43.76 18.4% SG&A 97.62 18.7% 120.70 19.7% 23.08 23.6% EBIT 140.09 26.8% 160.77 26.2% 20.68 14.8% Share of Gain in Associates - - 1.94 0.3% 1.94 - Interest Expenses 0.63 0.1% 0.43 0.1

Profit 59.13 44.6% 85.50 47.7% 26.37 44.6% SG&A (20.92) (15.8%) (28.47) (15.9%) (7.55) 36.1% EBIT 38.21 28.8% 57.03 31.8% 18.82 49.3% Share of Gain (Loss) in Associates (0.40) (0.3%) 0.43 0.2% 0.83 (207.5

Association The main raw materials (Pig iron, shredded scrap) the price movement of the main raw materials, i.e. scraps and pig iron, had more fluctuated since the first quarter of 2016, by increasing in the