Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

) (6.7) Overseas Restaurant Business 873 945 (71) (7.5) Others 52 45 7 15.5 Total 7,786 7,775 11 0.1 Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) In 2017, the Company has earnings

Bakery Wholesales Business 762 817 (55) (6.7) Overseas Restaurant Business 873 945 (71) (7.5) Others 52 45 7 15.5 Total 7,786 7,775 11 0.1 Earnings before Interest, Tax, Depreciation and Amortization

to clarify the significant reasons for the decrease in profits for the second quarter and increase in profits for the first six-month period of 2019 compared to the same periods of the previous year

Company earnings from the food and bakery sold in wholesales channels are decreased by THB 22.1 million or 12.1 percent due to decreased sales in the supermarkets and retail malls. Revenues Classified by

Food and Bakery Wholesales Business 236 231 5 2.2 Overseas Restaurant Business 153 219 (66) (30.14) Others 4 10 (6) (60.0) Total 2,083 2,075 8 0.4 Earnings before Interest, Tax, Depreciation and

approved the Company’s Interim Financial Information ending June 30, 2018. The Company would like to clarify the six-month period ended June 30, 2018 earnings results, as follows. Statement of comprehensive

net profit of 177.26 million baht, while the separated statements show the net profit of 88.95 million baht. Comparing to year 2016, both statements show the decrease of the net profits by 54.08 million

172.65 178.85 (6.21) (3.47) Earnings before interest and taxes (EBIT) 10.58 32.79 (22.21) (67.73) Financial costs 4.75 0.72 4.04 559.72 Income tax expenses (2.87) 2.86 (5.73) (200.35) Net profit 8.70 29.21

compared with the same period of the previous as follows; 1. Overall operating results The Company had net profit 12 million Baht decreased 1 million Baht, as a result of Dividend income and Gains on sales