company holding shares in subsequent levels, beginning with the company under 2., provided that the shareholding in each level exceeds fifty percent of the total paid-up shares with voting rights of the

/USD 32.31 in 2018 which was 5% stronger than the THB/USD 33.93 in 2017. Exceptional Items There were no Exceptional Items in 2019, 2018 or 2017. Subsequent Event None reviewQ419.xlsx MD&A 2019 24/02

34.25 in 2015. Exceptional Items There were no Exceptional Items in 2017, 2016 or 2015. Subsequent Event None

be disclosed. Subsequent filings of the documents under the first paragraph shall always be prepared in the same language as that used in the first filing except in the cases where it is necessary and

investment in USA, China, Indonesia and Vietnam, causing subsequent costs; and the expansion of the existing subsidiaries and newly established one. NCL expected higher profit after the completion of such

means these are potential markets. We will work hard to maintain our market share in domestic market by improving our sales strategy, developing new products fulfilling market needs and continuing to grow

team of developing the new software. Besides, it also increased from the relocation costs during the end of the year. 73.21% 73.99% 67.82% 71.76% 10.49% 11.34% 17.82% 20.28% 13.55% 9.90% 6.78% 4.03% 2.74

year. However, the Company realized financing costs of developing projects as expenses and income derived from the reversal of liabilities (which already passed the legal deadlines) in 2016, these caused

keep it for operating and developing company. The budget for this project is in consideration and the company will inform in the future. 6. The transaction is Disposition of Asset of Listed Companies

million or approximately 189.2 million baht as ASB Cambodia is planning to utilize the increased capital in developing Riel-based e-Money in its finance business such as mobile payment, E-money, QR code and