decrease was due to closely monitor the debt collections and the better ability to pay of receivable accounts which support the better of overall quality account receivables. As of the end of the first

. Total revenue for the three-month period decreased by Baht 205 million as compared to the same period last year due largely to the following:  The overall revenue from hotel operations which comprise of

increased 7.45 million baht or 7.66% comparing to the same period last year, which was an effect from the labour wages adjustment. Overall, in Q2/FY2019, the Company had net profit around 50.78 million baht

Page 1 of 5 - Translation - Ref. WINNER 0018/2019 May 13, 2019 Re Management Discussion and Analysis (MD & A) for Q1/2019 To The President The Stock Exchange of Thailand 1. Analysis of Overall

and that the impacts derived from the material shortages back in year 2018 has now resumed back to its normal condition. Consequently, the Company has shown an overall upstream performance as compared

last year. As a result financial cost increased from THB 159 million to THB 183 million compare to the same period last year. For overall the 2nd quarter year 2019 performance, the Company recorded total

%. The decrease was due to closely monitor the debt collections and the better ability to pay of receivable accounts which support the better of overall quality account receivables. As of the end of the

million as compared to the same period last year due largely to the following:  The overall revenue from hotel operations which comprise of hotel, golf and retail operations decreased by Baht 52 million

was due to closely monitor the debt collections and the better ability to pay of receivable accounts which support the better of overall quality account receivables. As of the end of the second quarter

financial position for the second quarter ended 30 June 2019, changed more than 20% compared to the same period of the previous year, clarify as follows; 1. Overall operating results (Unit : 1,000 Baht) Q 2