(“arcona Hotel Portfolio”) which incorporates the operating leases of 17 existing hotels (1,792 room keys) and operating lease of 2 new hotels which expect to start operations in 2020 and 2022 (251 room keys

capacity of 1,400 megawatts (700 megawatts per unit) according to the Power Purchase Agreement. It is scheduled for commercial operation in 2024 and 2025 respectively. At present, the project is in the

commissions of the existing and new business groups for stimulate in sales and services. Including, the Company has organize the many important seminars and exhibitions, while this quarter no this expenses. As

ranking system. to determine an initial credit rating, an upgrade of an existing credit rating, a downgrade of an existing credit rating (including to a default category), an affirmation of an existing

29% as compared to the end of the year 2017 of 30,161 million Baht. The main liabilities included: short-term loans from financial institutions of 2,976 million Baht, current portion of long-term loans

(Unit : Million Baht) 2017 2016 Inc./(Dec.) % Current Assets 216.90 189.91 26.99 14.21 Non-Current Assets 270.79 278.47 -7.68 -2.76 Total Assets 487.69 468.38 19.31 4.12 Current Liabilities 294.41 243.80

existing branches and new branches and also increasing in back office expenses. EBITDA profits from the performance in 3Q 2018 compare to in 3Q 2017, the Company EBITDA decreased from 12.9 percent to 12.8

, the Company engaged an independent financial advisory to evaluate the fair value measurement of the investments by using income approach method and discounted cash flow to present value. As a result

shall prevail. The objective of this MD&A is to present the information and the explanation of financial status and operating results as of the date hereof. However, the information provided in this MD&A

: 1.1 Current asset as at December 31, 2017 amount of Baht 170.35 million decrease by Baht 50.76 million or 22.96%, due to cash and cash equivalents decrease Baht 31.32 million, current investment