by applying Arbitrage investment strategy as well as issuing and offering financial structured products. HF focuses on equity and derivatives trading with less than 1 year investment horizon, applying

financial structured products. HF focuses on equity and derivatives trading with less than 1 year investment horizon, applying Market Neutral strategy and advanced statistical modeling. In 2Q18, DI focusing

7,218.18 100.00 7,068.16 100.00 6,687.21 100.00 Financial ratio Consolidated financial statements unit 2018 2017 2016 1. Current Ratio times 3.29 3.45 3.20 2. Debt to Equity Ratio times 0.24 0.23 0.23 3

Page 1 of 4 GEL.CS.006/2562 14 November 2019 Subject: Management Discussion and Financial Analysis for the operating results of the third quarter of 2019, ended September 30, 2019 To: Director and

by issuing debentures with fixed interest rate from 2.05 to 3.01 percent per annum to reduce financial cost and risk management from floating interest rate. As a result, the Company has saved interest

million or 34% due to the Company repaid short-term borrowing from financial institutions amounting to THB 493.15 million or 94.27% Shareholders’ equity As at 30 June 2018, the Company and subsidiaries had

Analysis of the Company’s Performance for the Six Months Ended June 30, 2018 Baht Million 6M/60 6M/61 +/(-) +/(-) % Total Revenue 537.24 698.02 160.78 29.93% EBIT 153.50 211.15 57.65 37.56% Financial Cost

. Increased in Income tax payable of THB 39.56 million. Decrease in Long term borrowings from financial institution and related parties THB 60.85 million. Equity As at March 31, 2020, the Company and its

(8,396) 1,373 (9,769) (711.5) Earnings per share of Equity holders of the Bank Basic earnings per share (Baht) 1.69 1.54 0.15 9.7 10 Statements of Financial Position Assets, as of December 31, 2018

, 2018, the Company had applied accounting policy for derivative financial instruments and hedge accounting. The changes have been applied retrospectively. The significant principles are as follows