Green Ad Co., Ltd. (“Green Ad”), the subsidiary whose 100 percent shares held by the Company, to acquire the ordinary shares in Gold Star Group Company Limited (“GSG”), a private limited liability company

LIMITED TO (1) THE EXISTING SHAREHOLDERS PRO RATA TO THEIR SHAREHOLDINGS (RIGHTS OFFERING) AND (2) A SPECIFIC INVESTOR (PRIVATE PLACEMENT) (Additions) (Amendments) July 14, 2017 Reference is made to the

AND TAX ABBREVIATION & OUR PROJECTSEXECUTIVE SUMMARY FINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION FINANCIAL PERFORMANCE 8 Finance Cost • Finance costs decreased 61.1

Mana Patanakarn Company Limited were higher when compared to 2016 by Baht 9.96 million. The company also had to pay special business tax and local tax, when transferred the right of ownership to the

1.4% Total Expenses 36.4 20.4% 37.1 20.8% 0.7 1.9% Earnings Before Interest and tax 9 5.1% 9.8 5.5% 0.8 8.9% Finance Cost 12.9 7.2% 13.3 7.5% 0.4 3.1% Management Discussion and Analysis Q1/2018 Page 2/4

shop business and employee remuneration. Earning before Tax and Interest (EBT) The Company‘s earning before tax and interest for 2018 was 23.7 million baht, a slightly decline from 2017. This was due to

million baht or 24.4 percent compared to current liabilities as of December 31, 2018. The significant change was mainly from the company paid corporate income tax for 2018 in amount of 18.5 million baht in

Loss before income tax from continuing operations (28.7) (1.6) (31.3) (10.3) 2.6 8.3 Tax income 3.0 0.2 - - 3.0 100.0 Loss for the year from continuing operations (25.7) (1.4) (31.3) (10.3) 5.6 17.9

and Metal Fabrications segment, net profit margin decreased due to the expiration of corporate income tax exemption privilege from BOI since April 2019, resulting in 2.58 million baht increase in tax

%) Selling & Administrative Expenses 253.64 223.16 30.48 13.66% Finance Cost 61.61 83.03 (21.42) (25.80%) EBT 175.02 158.75 16.26 10.25% Tax (21.45) (22.25) (0.08) (3.58%) Total Comprehensive Income 153.57