on the back of the sale of investment in 1Q18 together with impact from the closure of Dusit Thani Bangkok hotel on 5 January 2019. Excluding these items, the Company should report net profit of around

Part 4: Financial position and operating results 13. Significant financial information 14. Financial position and operating results of REIT 15. Trustee’s opinions on REIT’s performance Part 5

results based on its audited consolidated financial statements ended 31 December 2017 as follows. Management’s Discussion and Analysis The following Management's Discussion and Analysis should be read in

of the same last year. Because of The Company and subsidiaries have increase the unit right transfer to customer more the last year 39% its effect to special business tax and transfer fee increases

in offering services to the merchants. In addition, other operators started offered lower rates on settlement services causing some customers decided transfer their settlement services providing by

Company and its subsidiaries' selling expenses amounting to THB 44.18 million, decreased of THB 3.77 million, or 7.86 percent from Q2/2016, the major reasons are specific business tax and transfer fee. The

business tax and transfer fee. The Company and its subsidiaries' administrative expenses amounting to THB 42.21 million, decreased of THB 2.95 million, or 6.53 percent. Financial Costs The Company and its

financial support to housing loan, reducing transfer fee and mortgage fee. The measures ended in April 2016. This caused transfer fees during the first 4 months of this year higher than that of the previous

/2017 totaled THB 369.95 million, decreased from the Q3/2016 totaled THB 287.47 million or 28.69 percent. As a result of effective ownership transferring was decreased: Baan Pha Piyarom Lake Grande, NC on

unit right transfer to customer more the last year 167.9% or 1.67 times its effect to special business tax and transfer fee increases more than last year too and the marketing expenses for the new