GFPT Public Company Limited Management Discussion and Analysis for the Year 2019 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT

GFPT Public Company Limited Management Discussion and Analysis for the Year 2018 Page 1 of 14 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated of GFPT

2017 Page 6 of 15 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated and separate statements of GFPT Public Company Limited (“GFPT” or “the Company”) and its

GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2020 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2019 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

Pack” size packaging (grilled and crispy seaweed), the “Big Sheet” (roasted seaweed) and “Whey Protein” products for health conscious consumers. In June, our seaweed products own 66 percent of all

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2017 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 1st Quarter 2019 Page 1 of 11 Management Discussion and Analysis This interim MD&A report has been prepared based on the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2019 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2020 Page 1 of 14 Management Discussion and Analysis This interim MD&A report has been prepared based on the