March 2018) 14 MAY 2018 MANAGEMENT OUTLOOK In the past few years, MACO has continued to drive the inevitable consolidation of the outdoor advertising industry in Thailand in order to build a stronger

. The company plans to open 10 projects each year with potential markets both in Thailand and overseas. On 31 March 2018, the company has 6 hotels under development under the ASAI brand in Thailand

ratio was 9.2 times; increasing as compared to 2017 of 8.9 times The Company’s outlook after disposing of the Bangkok Edition Hotel, Observation Deck, Retail Cube Building: Property Business Although the

the 16th of January 2020 onwards. March The Thai Government declared an Emergency Situation in all areas of the Kingdom of Thailand due to the outbreak of the COVID-19. Management outlook and future

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

whether or not there would be any proposals for such Trade Debt as mentioned above to SSG Group. On 4 October 2017, 2. Business Outlook on Q4/2017 Management’s Discussion and Analysis (MD&A) For Q3/2017 3

our fibers business to achieve Assets full potential and Operational excellence across 13 sites of Combined PET and Integrated Oxides and Derivatives segments. As we look ahead for 2020, we feel

service revenue. To develop 5G service for enterprise, strategic partnership has been formed with leading industrial estate developers to provide 5G infrastructure aiming to serve potential 5G enterprise

maturity with fixed coupon rate of 3.5% per annum, semiannually paid throughout the term with TRIS rating BBB+ and stable outlook. Unit: THB mn 3Q18 3Q17 9M18 9M17 Hotel business 1,008 997 11 1.1% 3,328

loans from financial institutions of THB 1,044mn, which was partially offset by repayment of loans from financial institutions THB (1,735)mn. BUSINESS PLAN AND OUTLOOK In 2020, our Hospitality business