. The company has planned three main practices to achieve this goal. • The first synergy are operation and maintenance, which could be assessed as 89% of the total amount of the synergy value. The

2016 Revenue from operation 42.61 41.14 Operating expense 32.54 31.28 Other revenue 0.77 0.92 Other expenses 1.70 1.65 Depreciation and Amortization 3.28 3.57 EBITDA 12.86 12.90 Note : information from

include: land, hotel, Observation Deck, Retail Cube Building, sculptures and painting, the licenses and contract which are relevant to the operation of PP1 (Hotel) and PP3 (Observation Deck and Retail Cube

management service to other companies so as to generate recurring income for the organization. All aspects of the business operation are revised, enabling the Company to grow in a sustainable manner and in

or any obligation in project investment or other similar obligations that may effect to its operation. Factors Affecting Business Operation in the Future For the year 2019, the Company expects that

million respectively were described as followed: 1. SAFE Energy Holdings Company Limited (“SAFE”) is the joint venture that the Company holds 33.37%. Currently, the project has commenced the operation of

Statements 314 400 (86) (21.4) Net Profit Margin to Total Revenues (percentage) 4.3 5.2 - (0.9) Net Profit pursuant to the Operation 354 400 (46) (11.5) Net Profit Margin per Total Revenues (percentage) 4.8

million increased by Bt118.1 million or 3.1%(y-o-y) which according to the growth of the total fuel volume that the Group provides services. However, from the start of operation of the Northern Fuel

expenses. Profit from Operation The Company's profit before interest and tax in 2019 was equal to 45.1 million Baht, an increase of 91.1 by 2018 due to the increase in revenue from transferring condominiums

Operation of the Year 2019 Attention: Directors and Manager, The Stock Exchange of Thailand N.D. Rubber Public Company Limited (“the Company”) would like to present the MD&A for the Three- Month and Twelve