August 11, 2020 Re : Management Discussion and Analysis for Q2/2020 To : Director and Manager of the Stock Exchange of Thailand Revenue from sales and rendering of services L&E’s consolidated revenue

follows: S&P Syndicate PCL and subsidiaries operating performance for 2nd quarter Ending 30 Jun 2020 Revenue from Sales and Services In the second quarter of year 2019, the Company and subsidiaries

in Q3/2020 was 62.6% decreased by 2.1% from Q3/2019 and 60.6% in 9M/2020 decreased by 4.4% from 9M/2019. • The decrease in gross profit margin was mainly due to the reduction in total revenue from

follows. 1. Revenue from sales In 2017, the company’s revenue from sale was 3,589.20 million baht increased by 882.13 million baht from the corresponding period last year, or 32.59% increased. The increment

Period 2017 2018 THB Mn % (1) THB Mn % (1) Revenue from Sales and Service 1,766.1 96.7 2,142.0 96.2 Franchise Fees Income 39.0 2.1 49.3 2.2 Other Income 21.2 1.2 35.0 1.6 Total Revenue 1,826.3 100.0

Public Co., Ltd. would like to clarify the operating result of the year 2018 as follows:- For year 2018, Sabina Public Co., Ltd. had the total revenue from sales & service amount 3,089.84 million baht

, representing a smaller loss of 38.39 million baht or 49.77% versus a loss of 77.13 million baht in 2017. The details are as follows: Operating results Revenue The Company’s revenue totaled 488.00 million baht

quarter of 2018) as follows: Unit : million baht Q4/17 Q3/18 Q4/18 Change +/(-) QoQ % YoY % Net Revenue 191.39 271.57 244.40 -27.17 -10.01 53.01 27.70 Cost of Goods Sold 180.66 217.04 200.32 -16.72 -7.71

2018 (4th quarter of 2018) as follows: Unit : million baht Q4/17 Q3/18 Q4/18 Change +/(-) QoQ % YoY % Net Revenue 191.39 271.57 244.40 -27.17 -10.01 53.01 27.70 Cost of Goods Sold 180.66 217.04 200.32

of Baht 94.00 million, decreased Baht 22.48 million or 23.91 % as follow: 1. Revenue from sale and service was Baht 9,148.42 million, decreased Baht 546.20 million or 5.63% from last year , gross