THB 510mn. The land plots were part of a certain number of assets to be disposed, which received shareholders’ approval at the EGM held on 4 January 2018 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 15 MAY

and the KPNL’s projects acquisition as explained above.      Net Profit In 3Q19, the Company had consolidated net profit of THB 38.1mn, an increase of THB 104.6mn or an increase of 157.3% YoY from net

Disposal”). By calculating on a Net Operating Profit basis after tax deduction, the highest transaction size is 33.63 percent of the Value of the Net Profit of the Company according to the consolidated

345.41 -143.94 Gross profit margin (Sales of real estate) 25.39 31.33 -5.37 29.02 34.31 -15.42 Net profit margin -0.50 3.76 -113.34 -5.59 14.09 -139.69 Changing Years 2017 Years 2016 Changing Consolidated

Company had a total revenue of THB 546.45 million, increasing THB 36.17 million, or 7.09% from the previous year, while dividend received from subsidiaries increased from THB 27.71 million to THB 31.94

Limited and its subsidiaries For the Three-month period and Six-month period ended 30th June 2017 1. Overall performance Consolidated financial results of Patum Rice Mill and Granary Public Company Limited

Exchange Commission Major Development Public Company Limited (“The Company”) would like to inform total revenues 662.04 million baht and net loss 86.02 million baht in the consolidated financial statement

period in 2016. Furthermore, the Company received more dividend from subsidiaries from THB 14.85 million in the previous year to THB 27.71 million this year, or increasing THB 12.86 million. This results

million baht. Additionally, as of September 30th, 2017, the Company had debt to equity ratio (D/E ratio) at 0.36 times. Cash Flow According to the consolidated financial statement as of September 30th, 2017

amount are higher than investment cost, the company has reversed the impairment of investment in statement of income in separate financial statement, this does not effect to consolidated financial