Microsoft Word - 1911-033EN Management Discussion and Analysis for Q3-2019 (Ending Sep 30 2019).docx Ref. No. 1911/033EN November 12, 2019 Subject Management Discussion and Analysis for Q3/2019

MB. As the company has complied with efficiency management plan that help company reduce costs of sales and selling expenses. Please be informed. Yours Sincerely, Mr. Panya Boonyapiwat Chairman

due to the adjustment of the wheat distribution strategy and the wheat management plan, which is the main raw material during the year, to maximize benefit to the company. บริษัท ที เอส ฟลาวมิลล จํากัด

provide investment advice or to solicit customers with private fund management plan, the management company has personnel designated as an investor contact person and has a system that allows communication

intends to share the branch manager with other full-service branch offices such securities company shall submit the application together with document evidence showing the details of management plan and

offices such securities company shall submit the application together with document evidence showing the details of management plan and supervision of the operation of the full-service branch offices

Manufacturing Co., Ltd. ("ACM"), the aluminum can production facilities as a part of supply chain management plan, which had reached 100% utilization rate since 4Q/2019 after its first commercial run in November

and canning plants which enabled the economies of scales. In additions, Asia Can Manufacturing Co., Ltd. ("ACM"), the aluminum can production facilities as a part of supply chain management plan, which

material agreements; (d) The benefits or impacts of the business management policy or plan of the applicant, including the feasibility of such business management policy or plan; and (Translation) - 6 - (e

policy or management plan of the Company by the waiver requester, and the possibility of such policy or management plan Within the twelve months following the receipt of oversubscribed shares with