1/2 L-WAVE ENT 20/2020 15 May 2020 Subject : Management’s Discussion and Analysis for the first quarter 2020 operating results with variation greater than 20% compared to the same period of 2019 To

Distribution Channels Quarter 2 of 2017 Quarter 2 of 2016 Variation THB % Domestic Restaurant and Bakery Business 1,408.7 1,403.2 5.5 0.4 Food and Bakery Wholesales Business 160.0 182.1 (22.1) (12.1) Overseas

Classified by Distribution Channels Quarter 3 of 2017 Quarter 3 of 2016 Variation THB Domestic Restaurant and Bakery Business 1,615 1,652 (37) Food and Bakery Wholesales Business 231 233 (1) Overseas

malls and also the OEM products increased. -2- Revenues Classified by Distribution Channels 3rd Quarter 2018 3rd Quarter 2017 Variation THB % Domestic Restaurant and Bakery Business 1,690 1,615 75 4.7

non-compliances were resulted from failures to record employee benefit obligation in accordance with Thai Accounting Standard No. 19 ?Employee Benefits? prescribed by Accounting Standard Committee

sales and services to the international sales and services in 2017 is 81.0 percent to 9.6 percent respectively. -2- Revenues Classified by Distribution Channels 3 Months in 2018 3 Months in 2017 Variation

the first-time adoption of Thai Financial Reporting Standard 17: Insurance Contracts (TFRS 17) on 1 January 2025. Consequently, the auditor was unable to review the source of input data, the

that affected the gross profit margin variation, there were the revenues and expenses variation as follows; Net profit increased from the same quarter of last year due to the gross profit increased

Coefficient of variation = Standard deviation/Mean, higher the coefficient of variation, higher the variability in the data Note: IVL NAM Spreads over raw material based on 100% PET integration from Ethane

. Revenues Classified by Distribution Channels 12 Months in 2017 12 Months in 2016 Variation THB % Domestic Restaurant and Bakery Business 6,098 5,969 130 2.2 Food and Bakery Wholesales Business 762 817 (55