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

Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its subsidiary for the six-month period ended June 30, 2019 Table 1

Operating Results and Financial Position of the Company and its subsidiary 1.1 Analysis of Overall Operating Results for the Company and its subsidiary for the three-month period ended March 31, 2019 Table 1

subsidiary for quarter ended September 30, 2019 Table 1: Overall operating results for Q3/2019 In Q3/209, total revenues from the Company and its subsidiary was recorded at Baht 360 million, a decrease of Baht

Operating Results for the Company and its subsidiary 1.1 Analysis of Operating Results for the Company and its subsidiary Table 1: Overall operating results for the year 2019 (Unit: Thousand Baht

Overall Operating Results for the Company and its subsidiary 1.1 Analysis of Operating Results for the Company and its subsidiary Table 1: Overall operating results for the year 2019 (Unit: Thousand Baht

quarter of 2017. A summary of the Company’s operating performance in the second quarter of 2018 and 2017 is shown in the following table: 2Q18 1Q18 % Change 2Q17 % Change [Amount in Baht Million] Q-o-Q Y-o

summary of the Company’s operating performance in the first quarter of 2018 and 2017 is shown in the following table: 1Q18 4Q17 % Change 1Q17 % Change [Amount in Baht Million] Q-o-Q Y-o-Y [1Q18VS 4Q17

summary of the Company’s operating performance in the second quarter of 2017 and 2016 is shown in the following table: 2Q17 1Q17 %Change 2Q16 %Change [Amount: in Baht Million] Q-o-Q Y-o-Y [2Q17 VS. 1Q17

. A summary of the Company’s operating performance in the third quarter of 2017 and 2016 is shown in the following table: 3Q17 2Q17 %Change 3Q16 %Change [Amount: in Baht Million] Q-o-Q Y-o-Y [3Q17 VS