S&P MD&A 2017-Revised Year In Comparison Table -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock

targeting tourists and focusing on duty free shop distribution. Table 1 : Sales Revenue by Product Line for the Three Months Period Ended 30 June Product Line/ Business Group Consolidated financial statements

facial cleansing products gained most popularity from customers in the Philippines. Table 1: Sales Revenue by Product Line for the Three Months Period Ended 30 September Product Line/ Business Group

Company’s operating performance in 2017 and 2016 is shown in the following table: FY2017 FY2016 % Change FY2015 % Change [Amount in Baht Million] Y-o-Y Y-o-Y [2017 VS. 2016] [2016 VS. 2015] Sales Revenue

million in the second quarter of 2018. A summary of the Company’s operating performance in the second quarter of 2019 and 2018 is shown in the following table: 2Q19 1Q19 % Change 2Q18 % Change [Amount in

Bt559.7million in the third quarter of 2018. A summary of the Company’s operating performance in the third quarter of 2019 and 2018 is shown in the following table: 3Q19 2Q19 1Q19 % Change 3Q18 % Change [Amount in

of 2019. A summary of the Company’s operating performance in the second quarter of 2020 and 2019 is shown in the following table: 2Q20 1Q20 % Change 2Q19 % Change [Amount in Baht Million] Q-o-Q Y-o-Y

material decrease in sales from China. The Company has plans to expand further to other potential countries and is in the process of conducting market feasibility studies in those markets. Table 1: Sales

2018. A summary of the Company’s operating performance in 2019 and 2018 is shown in the following table: FY2019 FY2018 % Change FY2017 % Change [Amount in Baht Million] Y-o-Y Y-o-Y [2019 VS. 2018] [2018

compared to the same period last year. Table 1: Sales Revenue by Product Line for the Three Months Period Ended 31 December (YoY) Product Line/ Business Group Consolidated financial statements Change