S&P MD&A 2017-Revised Year In Comparison Table -1- Ref. POL. 028/2018 February 23, 2018 Re: Clarification of the Performance of S & P Syndicate Public Company Limited Dear The President The Stock

that bolstered purchasing power. Government expenditure also plays important role in sustaining the economy with fixed expenses continuing to expand in comparison to the same period last year, especially

the year 2017 period ended of December 31, 2017 operating result of S.Pack & Print Public Company and Its Subsidiary in Statement of Comprehensive Income net loss Baht 17.54 Million in comparison with

profit Baht 1.31 Million in comparison with the previous year 2017 net loss of Baht 17.54 Million a decreased of loss Baht 18.85 Million or 107.47%. The reasons for such decreases are:- - Sale increased

/2017 period ended of June 30, 2017 operating result of the company net loss Baht 2.43 Million in comparison with the previous Q2/2016’s net loss of Baht 11.33 Million a decrease of loss Baht 8.90 Million

Million in comparison with the previous Q1/2018 net loss Baht 1.71 Million increased of Baht 2.69 Million or 157.31%. The reasons for such increases are:- - Sale increased from Baht 269.92 Million in Q1

Company and Its Subsidiary in Statement of Comprehensive Income net loss Baht 1.71 Million in comparison with the previous Q1/2017 net loss Baht 6.65 Million a decrease of loss Baht 4.94 Million or 74.29

Stock Exchange of Thailand For the Q2/2018 period ended of June 30, 2018 (6 months) operating result of the company net loss Baht 6.02 Million comparison with the previous Q2/2017’s net loss of Baht 9.08

Manager of the Stock Exchange of Thailand For the Q2/2018 period ended of June 30, 2018 (3 months) operating result of the company net loss Baht 4.32 Million comparison with the previous Q2/2017’s net loss

Stock Exchange of Thailand For the Q3/2018 period ended of September 30, 2018 (3 months) operating result of the company net profit Baht 4.79 Million comparison with the previous Q3/2017’s net loss of