resulting in capital inflows to the bond and equity markets in emerging markets, including Thailand. Consequently, in 2017 the Thai baht appreciated by 10 percent from 35.82 THB/USD at the beginning of

education business, including the share of profits from investment, totaled THB 122 million, a decrease of 9% yoy, mainly from the decrease in the academic service fee following the postponement of the

driven by larger rental areas and gain on redemption of partial investment to support the expanding of Company’s business. The Company targets to increase its income from rental and service fees from

Company’s business. The Company targets to increase its income from rental and service fees from larger rental areas from existing branches and new outlets in the future. 2. Cost of goods sold and gross

estimated the new car sales for the year 2018 to end at 1.02 million units, a growth of 17%. 3 In the equity market, the average daily turnover (SET and mai) for the year 2018 increased 15.1% from Baht 50,114

Page 1 Date 25 February 2020 Re: Management Discussion & Analysis for the Year Ended 31 December 20020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 016/2019/EN 14 August 2019 Subject : Clarification of Q2/2019 the total revenues and the Net profit change more than 20% To : The President of the Stock

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 015/2018/EN 14 November 2018 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 30 September 2018 To: The President

วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 021/2019/EN 11 November 2019 Subject: Management Discussion and Analysis of the Company and subsidiary for the period ended 30 September 2019 To: The President

major customer in the future. Then, the Company had entered the agreement with those entity by set up the strict payment conditions. At the present, 10% of the program right fee has been collected and the