No. CAZ 1/2019 21st January 2019 Subject: Management Discussion and Analysis year ended 2017 ending 31 December 2017 Attention: The President The Stock Exchange of Thailand CAZ (Thailand) Public

- ร่าง - 1 Aug 10, 2017 Subject Management Discussion and Analysis for the period of three months ended 30th June 2017 To President of the Stock Exchange of Thailand Secretary of the Office of

with nearly 100mn2 population in 2019. VGIMS planned to invest 25.0% in VGI Vietnam Joint Stock Company (“VGI Vietnam”) with a total investment of VND 347.7bn or an equivalent of THB 457mn3.  During 1Q

Retained Earnings (Deficit) 138.04 114.70 164.47 50.97 125.09 Treasury Stock - - - - - Shares Of The Company Held By Subsidiaries - - - - - Other Components Of Equity - - - - -68.82  - Surplus (Deficits

585.00 Retained Earnings (Deficit) 739.91 728.38 778.15 595.68 587.78 Treasury Stock - - - - - Shares Of The Company Held By Subsidiaries - - - - - Other Components Of Equity -5.69 -5.93 -0.14 -5.96

Premium (Discount) on Share Capital 547.61 547.61 547.61 547.61 824.43 Retained Earnings (Deficit) -1,001.70 -967.94 -985.37 -881.59 -927.98 Treasury Stock - - - - - Shares Of The Company Held By

365.18 417.08 177.41 Treasury Stock - - - - - Shares Of The Company Held By Subsidiaries - - - - - Other Components Of Equity 3.73 4.44 4.28 4.42 3.97  - Surplus (Deficits) - - - - - Shareholders' Equity

-2,304.52 Retained Earnings (Deficit) 620.95 572.78 544.70 475.21 460.80 Treasury Stock - - - - - Shares Of The Company Held By Subsidiaries - - - - - Other Components Of Equity - - - 24.73 24.73  - Surplus

Share Capital - - - - - Retained Earnings (Deficit) 518.71 481.91 496.08 460.40 410.06 Treasury Stock - - - - - Shares Of The Company Held By Subsidiaries - - - - - Other Components Of Equity 253.56

1,000.00 1,000.00 Premium (Discount) on Share Capital 467.90 467.90 467.90 467.90 Retained Earnings (Deficit) 1,210.92 1,198.52 1,166.13 1,181.99 Treasury Stock - - - - Shares Of The Company Held By