expenses did not increase significantly. Management Discussion & Analysis YE 2019 Summary of new products in 2019 Through consistent R&D effort, After You continues to develop both in-store and To-Go menus

%, respectively, from the same period of previous year, mainly due to increase in management income from property fund and REITs as higher asset value, together with increase in dividend received from Glow IPP

. Operating Profit margin stood at 37.4%, mainly attributed to the increase in management income of CPNRF and further operating cost efficiencies and effective cost management. On a quarterly basis (excluding

of the year. In addition, the Company has an increase in Management Discussion and Analysis, Q1/2020 Page 4/ 7 Jaymart Public Company Limited shareholders' equity from the sale of Big Lot's shares of

snow condition in Japan during the first quarter of 2018, resulting in the increase in gross profit by Baht 88 million. Management Discussion & Analysis Management Discussion & Analysis (MD&A) Q2/2018

– a system integration and total solutions services provider by MACO as well as the increase in project management fees and card sales of Rabbit Group. http://maco.listedcompany.com/misc/mdna/20181106

3,137mn, from the assumption of a 50% stake in the joint venture with Sansiri, Keystone Estate joint venture and Keystone Management joint venture, (iv) an increase in land and project awaiting development

for the Quarter 2’ 2018 Page 5 / 7 business strategy in new business. However, losses incurred from the expenditures that prepare and increase efficiency the management of the business is a priority. 4

the expenditures that prepare and increase efficiency the management of the business is a priority. Management's Discussion and Analysis and operating results for the Quarter 3’ 2018 Page 5 / 7 4

sales gallery of project “The Estelle Phrom Phong” in Singapore to increase oversea customers. Management outlook and future projects In the second half of the year, since August, the Monetary Policy