Microsoft Word - letQ318MD&AE .doc ( Translation ) 13rd November 2018 Subject: Management Discussion and Analysis (MD&A) For the 9-month period ending in 30th September 2018 To: Managing Director of

\(Microsoft Word - 27 \\276.\\302.61_Eng_.doc\) November 27 th , 2018 To : Managing Director The Stock Exchange of Thailand Re : The acquisition of investment in Thippayabadin Co.,Ltd. The board of

year 2019 To: Managing Director of the Stock Exchange of Thailand The Company would like to clarify the net profit for the 3rd quarter and 9-month periods of the year ending on 30th September 2019 had

) SHARE OF LOSS OF INVESTMENT IN JOINT VENTURES ON EQUITY METHOD (0.00) (0.57) PROFIT BEFORE TAX 62.83 4.52 INCOME TAX INCOME 0.48 0.56 PROFIT FOR THE PERIODS FROM CONTINUTING OPERATIONS 63.31 5.08 PROFIT

debt to equity conversion scheme where the conversion price will be fixed at THB 0.19613 per share, aggregating not more than THB 4,275,830,130.00 (the “Allocation and Offering of the Newly Issued

% 100.0% Net profit - Equity holders of the Company 122.36 14.7% 145.42 17.5% 142.28 17.4% -2.2% 16.3% 542.89 17.5% 583.10 17.5% 7.4% Y.2018 %YoY%YoY Y.2017 Income Statement Q4/2017 Q3/2018 Q4/2018 %QoQ

interim dividend payment. Return on assets was 14.8%, slightly decreasing from previous quarter. The Company still focuses on managing assets to increase the asset utilization efficiency. Return on equity

. Total liabilities of the Company at the end of year 2018 increased 143% yoy. This was mainly due to an increase of loans from financial institutions. The shareholders’ equity at the end of 2018 decreased

financial institutions to acquire the remaining shares of the subsidiary. The shareholders’ equity at the end of the third quarter of 2018 decreased by 23% yoy due to the Company acquired additional shares

increased by 5% from end of Y2019 mainly due to higher accrued corporate income tax from profit of land sold in 2019. The shareholders’ equity at the end of 1Q’20 increased by 6% from end of Y2019 because of