-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

all existing products, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales

* (%) 75.8% 62.9% Debt to equity (times) 1.0 0.8 Assets turnover* (times) 0.5 0.4 Remark: financial ratios were calculated based on The Stock Exchange of Thailand’s formula. *The Company didn’t restate the

1 (Translation) MD. 182 /2017 Nov 8 , 2017 Re: Management Discussion and Analysis For the Operating Results ended September, 2017 To: President The Stock Exchange of Thailand Management Discussion

. Additionally, in September 2017 the Company has registered to the Stock Exchange of Thailand / Market for Alternative Investment for raising fund resulting in cash and cash equivalent in the proportion of 34.50

คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 10 November 2017 Re: To clarify the financial statements as of 30 September 2017 To: President The Stock Exchange of Thailand WHA Corporation Public Company

. Attention: President Stock Exchange of Thailand Demeter Corporation Public Company Limited (“DCORP”) (“The Company”) would like to submit the reviewed financial statements for the first nine-month of the year

(Translation) 14th November, 2017 Ref: SET-2017-020 Re: Management's Discussion and Analysis and operating results for the 3rd Quarter 2017 Dear: The President The Stock Exchange of Thailand Filter

, reducing Stock Keeping Unit (SKU) and cutting off the unproductive tail of products, and developing new core assortment to reflect market trends which will lead to improved sales and margin.  Review new