added to the health and safety team in order to ensure improvements are swift. Business wise 2019 has started well despite challenges in the macro economy and some of the key market segments along with

the full effect of Saraburi Quicklime addedon March 19th. Similar to Q1 2018, the revenue was from core business, that is a major shift compared with H1 2017 when the contribution of Engineering was a

| www.shotelsresorts.com Page 1 of 7 Management’s Discussion and Analysis for the performance of the six months ended of the year 2019 Business Overview In the six months ended, S Hotels and Resorts Public Company Limited

. Reasons and Justifications for the Transaction : Since the Company regularly organizes events under the Superstar Marketing concept, as part of its business strategies, e.g., press release for clients

, representing a decrease of THB 1,025. 54 million or 23. 59% down from 2Q2019 mainly from lower revenue of chicken processing business which decreased by THB 811.14 million or 37.48% down comparing to 2Q2019

55,431,700 by issuing 154,317 new ordinary shares with a par value of Baht 100 per share, in order to enhance KTMS’s business potential. The Board of Directors approved a resolution to subscribe for the newly

broadband business focused on quality of subscription and ARPU improvement. We witnessed a decent take up on network utilization in the key cities, supported by the active sale forces and promotions. In 1Q17

272.20 23.64 GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2017 Page 2 of 13 Financial Performance and Profitability Business Segment 3Q 2017 3Q 2016 Change 9M

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

price appraised by the independent appraisal. 6) Expected Benefits of the Transaction The Company is in need of working capital for its business operation and liquidity supplement, including to resolve