the accounts of the Company and its subsidiaries which the operation of subsidiaries have not yet significant, the Management Discussion and Analysis have been submitted based on separate financial

Chiangmai Hotel invested by Premium Foods Co., Ltd. and Novotel Chumporn Beach & Golf invested by Thai Flavour and Fragrance Co., Ltd. Operation Results Statement of Comprehensive Income (MB) 2018 2019 MB

generate retained earnings from operation, while incurring an insignificant amount of total liabilities. The Company and its subsidiaries recorded a debt to equity ratio of 0.13 times. Yours sincerely, Mr

mobilization via the IPO and could generate retained earnings from operation, while incurring an insignificant amount of total liabilities. The Company and its subsidiaries recorded a debt to equity ratio of

increase of 10.3 million baht, or 3.9% compared on the same period from last year. Due to increasing of interest expenses from debentures for business operation. V Income tax expenses In the period for year

supporting on the business operation including marketing research and support as well as system support in total amount of 14,400,000 baht or 0.12% of NTA of the Company and approved the transaction with AEON

to make a profit from the operation. Please be informed accordingly, Sincerely yours, Vee Worasakyotin Managing director

decreased by 439.4 MB, or 23.4 % the mainly reason is that the dividend payment for operation period of year 2016 was paid in Q2-2017. In addition, debt collection takes longer time to collect the money. As a

Ref. FN. 036/2017 Management Discussion and Analysis For operation of the second quarter of year 2017 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

Baht 350.86 million which decreased from as at December 31, 2016 by Baht 31.27 million or equivalent to 8.18 %, resulting from operation loss. Please be informed accordingly. Yours sincerely, (Dr.Wattana