1.4% Total Expenses 36.4 20.4% 37.1 20.8% 0.7 1.9% Earnings Before Interest and tax 9 5.1% 9.8 5.5% 0.8 8.9% Finance Cost 12.9 7.2% 13.3 7.5% 0.4 3.1% Management Discussion and Analysis Q1/2018 Page 2/4

(MB) 83.9 209.3 -59.9% EBITDA (%) 9.6% 23.0% Earnings per share (Baht) 0.08 0.28 Remark : EBITDA = Profit before finance costs, income tax, Depreciation and Amortization Statement of Income : Million

faithfully, Mr. Hiroaki Sano Managing Director 2018 2017 Gross profit margin 21.5% 19.9% Net profit margin 15.2% 11.6% Debt to Equity ratio 0.09 0.11 Earnings per share 2.58 1.90 ROA 15.8% 12.3% ROE 16.3% 13.2%

% Net Profit 1.3% 6.7% EBITDA (MB) 9.0 20.8 -56.9% EBITDA (%) 5.1% 11.7% Earnings per share (Baht) - 0.02 -100.0% Remark : EBITDA = Profit before finance costs, income tax, Depreciation and Amortization

) (37.20 ) (0.71 ) 1.91% (23.73%) (26.47%) Tax income (expense) (3.15 ) 0.00 (3.15 ) N/A (1.97%) 0.00% Profit (loss) for the period (84.18 ) (59.89 ) (24.29 ) (40.56%) (52.68%) (42.62%) Basic earnings per

million, increased by Baht 71.02 million or is equal to 37.1% from last year. Earnings per share is Baht 1.50, increased from last year that show Baht 1.10 per share. Statement of Comprehensive Income For

half of year 2018. 6. Income tax expenses were Bath 1,426.98 million, an increase of Baht 117.47 million or up by 8.97% as compared to the previous year. This was due to the higher earnings before tax

% Debt to Equity ratio 0.08 0.09 Earnings per share 3.07 2.58 ROA 14.4% 15.8% ROE 17.5% 16.3%

dated August 5, 2017 approved the Company’s Interim Financial Information ending June 30, 2017. The Company would like to clarify the six-month period ended June 31, 2017 earnings results, as follows

control 20.64 20.64 - 0.02% Retained earnings 56.65 78.02 (21.37) (27.39%) Total parent’s equity 782.82 804.19 (21.37) (2.66%) Non-controlling interests 56.75 53.44 3.31 6.19% Total shareholders’ equity