ONE ASSET MANAGEMENT LIMITED|Retirement Mutual Fund : RMF | Offering Date : 03/12/2001 - 10/12/2001

1/2 L-WAVE ENT 20/2020 15 May 2020 Subject : Management’s Discussion and Analysis for the first quarter 2020 operating results with variation greater than 20% compared to the same period of 2019 To

Distribution Channels Quarter 2 of 2017 Quarter 2 of 2016 Variation THB % Domestic Restaurant and Bakery Business 1,408.7 1,403.2 5.5 0.4 Food and Bakery Wholesales Business 160.0 182.1 (22.1) (12.1) Overseas

Classified by Distribution Channels Quarter 3 of 2017 Quarter 3 of 2016 Variation THB Domestic Restaurant and Bakery Business 1,615 1,652 (37) Food and Bakery Wholesales Business 231 233 (1) Overseas

malls and also the OEM products increased. -2- Revenues Classified by Distribution Channels 3rd Quarter 2018 3rd Quarter 2017 Variation THB % Domestic Restaurant and Bakery Business 1,690 1,615 75 4.7

") from Miss. Kantima Rodsatru, valued at 450.00 million baht. HECH is a Hong Kong-listed company incorporated under the name of Gold Shores Co., Ltd. ("GS") totaling 692,439 shares or 34.62% - Change as

showed of 25.1% in the same quarter of last year. Excluding TBSP of 22.6% GP, Company’s %GP represented at 19.4%, primary by lower Gross Profit of High-Valued Document and Flexible Packaging. THB million

service valued of , THB 186.06 million, NDT services (Non-Destructive Testing) of 153.09 million and The Water Supply of THB 8.34 million. 2. Cost of Sales and Services In The year 2018, the costs are THB

services of oil & gas service valued of THB 74.71 million, NDT services (Non-Destructive Testing) THB of 83.3 million, Manpower supply services of THB 15.58 million and The Water Supply of THB 4.1 million. 2

sales and services to the international sales and services in 2017 is 81.0 percent to 9.6 percent respectively. -2- Revenues Classified by Distribution Channels 3 Months in 2018 3 Months in 2017 Variation