(+9.9% YoY). Osotspa Public Company Limited Q3’19 and 9M’19 Management Discussion & Analysis 13 November 2019 Q3’19 and 9M’19 Management Discussion & Analysis Page 4/6 Strategic Investment Opportunities

% 100.00% Cost of sales (48.06 ) (37.80 ) (10.26 ) 27.14% (71.23%) (66.95%) Gross Profit 19.41 18.66 0.75 4.02% 28.77% 33.05% Other income 2.78 1.66 1.12 67.47% 4.12% 2.94% Gain on disposal of investment

for the year 2018 resulted from taxable profit from sales of ABOVE 39 condominium which calculated from the difference of selling price and taxable cost of investment received by way of Entire Business

PPE and investments and 2018 dividend payments and 2019 interim dividend payment were offset by cash inflow from operation. Current investment decreased by THB 2,201 million due to divestment in debt

period of last year, caused by loan drawdown for 2nd production line investment project. As a result, cost of goods sold and expenses on year and 4th quarter of 2019 increased significantly 63.92 and 59.53

investment in subsidiaries compared to 199.00 million baht in 2018 Please be informed accordingly Sincerely yours, (Mr. Suriya Poolvoralaks) Executive Director and Managing Director http

2,666.53 Gross profit 1,437.43 801.69 Gross profit margin 31.18% 23.11% 6. In the year of 2019, details of share of profit from investment in associates compared to the year of 2018 are as follows: Name of

lower Interest income on loan and bank guarantee from GHECO-One due to full repayment of such loan; and iii) 8.1% decrease of Share of Profit from Investment in Asscociaties and Joint Venture due to lower

investments 1,210 15.2% 894 10.9% Trade & other receivables 763 9.6% 815 9.9% Equipment – net 1,503 18.8% 1,671 20.3% Investment in JVs, associates and other long-term investments 1,373 17.2% 1,340 16.3

with 35.64THB/USD of H1 2016. Page 2 of 2 Other incomes of H1 2017 included the sales of a joint venture investment in Maesod Clean Energy Co., Ltd. of 59.06MB, while other incomes of H1 2016 included