PHYATHAI SRIRACHA HOSPITAL PUBLIC COMPANY LIMITED | Year 2018

KIATNAKIN PHATRA SECURITIES PUBLIC COMPANY LIMITED | Q6/2018

BANGKOK MASS TRANSIT SYSTEM PUBLIC COMPANY LIMITED | Year 2018

TISCO FINANCIAL GROUP PUBLIC COMPANY LIMITED | Year 2018

FRASERS PROPERTY HOLDINGS (THAILAND) COMPANY LIMITED | Year 2018

Waiver : Mr. Vorasit Pokachaiyapat | Application Date : 04/10/2018

2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 - On 18 July 2018, shareholders at Extraordinary General Meeting (EGM) resolved to approve the acquisition of

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND Tel: 02-0195000 18 February 2019 No. ZEN 2562-008 Subject Management Discussion and Analysis for 9

September 2018, selling expenses decreased by Baht 1.4 million or 18% when compared to the same period of last year. This main reason was adjustment of the commission policy. Moreover, the ratio of selling

lower risk from 2017 as follow: DuPont Analysis 2016 2017 2018 Return on Equity or ROE 15 (%) 16.26 14.55 8.37 Operating Profit Margin 12 (%) 11.74 12.12 8.29 Total Assets Turnover 18 (times) 1.09 1.03