E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

to approximately Baht 1,761.00 million. 25.10% of the equity value in SGAH that the Company will invest has a price range between USD 50.00 million and USD 100.00 million, or equivalent to between

investments by the equity method while lower depreciation due to the change in estimating useful lives of assets at Dusit Thani Manila to reflect the real future economic benefits and in line with the Company’s

including the recovery of investment signals in new projects and government spending. These are the economic stimulus that benefited the customers of the Company and its subsidiaries in various industries and

the previous period. The Company's overall performance in Q3- 2022 was consistent with the overall economic situation. The total revenue in Q3-2022 increased from Q2-2022 and Q3-2021, representing an

past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances

policy on allowance for doubtful accounts is based on past collection history, aging profile of outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful

outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated

Page 4/22 Economic Overview and Competition among Commercial Banks In the first quarter of 2020, Thai economy highly contracted from the same period last year as the COVID-19 pandemic has caused

investment while the Company and its subsidiaries have been continuously affected by the economic slowdown in Thailand in the current year. The sales volume is therefore below the volume of the same quarter of