return on equity at 7.80% lower than the year 2016 having the return on equity at 13.73%. Asset Management As of 31st December 2017, the Company’s financial position was analyzed from changes in the assets

Veranda Resort Public Company Limited Management Discussion & Analysis Q1/2020 Management Discussion & Analysis Q1/2020 Revenue Structure Hotel 45.3% Property development 46.4% Food and beverage 6.1

1/2 (Translation) Ref. HPIR 004/2018 February 28, 2018 Subject : Management Discussion and Analysis for the year ended December 31, 2017 To : The President The Stock Exchange of Thailand Duplicate

MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) FINANCIAL POSITION (THB mn) ASSETS ASSETS BREAKDOWN 31 DECEMBER 2017 31 DECEMBER 2018 (THB mn) % out of total (THB

Acc.001/2563 February 24, 2020 To: The President The Stock Exchange of Thailand Subject: Management discussion and analysis (MD&A) for the Year 2019 Dear Sir, S. Khonkaen Foods Public Company Limited

on the quality and cost management of goods, so imports from Europe instead of imports from China, resulting in lower costs from the Thai Baht strengthens, compared with the previous year. - Other

from dumping price by competitors 2) decrease in warehouse management solutions 3) even through less proportion on incremental in business forms and digital printing including revenue from packaging

Interim Management Discussion and Analysis For the three-month period ended 31 March 2020 Lam Soon (Thailand) Public Company Limited and its subsidiaries Page 1 of 2 Financial performance analysis

baht or decreased by 19.14 % revenue rate compare with the previous year. Most of other revenue are from room management for customers who participated in the return guarantee program of compensation and

Interest Method. Management Discussion and Analysis For the Year Ended December 31, 2018 Page 10 3. Analysis of Statement of Financial Position 3.1 Analysis of Assets As at December 31, 2018, the total