Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 201# Page 1 (Translation) 1. Significant events of the , rd quar ter of 2018 1.1 Changes in Accounting Policy On January 1

No. MVP055/2020 August 13, 2020 Subject: Management Discussion and Analysis for the three – month and six- month periods ended 30 June 2020 To: President and Manager The Stock Exchange of Thailand M

MD&A Q2Y2020 (E) - 11.8.2020 Update HPC RATCH Group Public Company Limited Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2020 Management Discussion and

56-1 and Form 69-1 are expected to become effective for the financial periods ending 31 October 2017 and 1 April 2018, respectively.The consultation paper is available at www.sec.or.th/hearing

dates of the interest payments. The remaining principals of  the bonds will be repaid on the maturity dates of the extended periods. The SEC requires that the bondholder representative analyze the

rules, issuer will be barred from the following PO submissions for a certain periods of time. Aforementioned revised rules has already been effective.

following periods. A Business operator, if ready, may apply these rules to the financial statements for the accounting period commencing from 1 January 2019.The consultation paper is available at

investment fund would depreciate.Therefore, the SEC instructed EIC to submit the financial statements for the five said accounting periods, which have been audited and reviewed by its auditor, and disclose

periods etc. 2. Price movements graphs, e.g., share prices during one year after IPO compared with IPO prices, graphs showing relative returns compared to sector’s benchmarks and to SET index or MAI index

cooperate with the auditor to supply all necessary information and evidence and to rectify the financial statements of both accounting periods. The rectified and reviewed financial statements must be