[COMPANY NAME] Ref.: EFORL IR008/2019 March 7, 2019 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2018 To President The Stock Exchange of Thailand 1. Overview financial

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

funds speculation and global sugar supply forecasted to be surplus in 2018. As a result, the Company recorded average export price increase from 16,557 THB/ton to 14,792 THB/ton or decreased by 11

price. As a result, the Company recorded average sugar price decrease from 19,735 THB/ton to 13,540 THB/ton or decreased by 31% and the Company recorded sales volume decrease from 177,461 tons to 160,774

additional of domestic price decrease from the new sugar regime that domestic price will float along with global price. As a result, the Company recorded average sugar price decrease from the previous year but

surplus in 2018 with the additional of domestic price decrease from the new sugar regime that domestic price will float along with global price. As a result, the Company recorded average sugar price

shorter approval period. By 2017, the SEC set to achieve the average listed company per auditor ratio at 3:1 whereas the current ratio is 4:1, representing 15% annual increase (30 auditors a year

supply is surplus in 2018 with the additional of domestic price decrease from the new sugar regime that domestic price will float along with global price. As a result, the Company recorded average sugar

recorded average selling price increase from 14,939 THB/ton to 17,362 THB/ton or increased by 16%. However the Company recorded sales volume decrease from 875,841 tons to 687,046 tons and marked to market

sugar supply surplus in 2018 which still affects current price, now trade around 12 - 13 cent/lb. As a result, the Company recorded a decrease in average sugar price from the previous year. Therefore the