100 percent, calculating based on the total value of consideration criterion, which gives the highest transaction value, pursuant to the Acquisition and Disposition of Assets Notifications. Therefore

-Controlling interests at 30.89% (32,092) Total Net Asset obtained GLOW at 69.11% 56,911 Goodwill 36,090 Proportion of acquisition cost 69.11% 93,001 From the fair value measured in the table, the majority

operation, Nava Nakorn Electricity Generating Company Limited will have the total electricity generation capacity of approximately 185 megawatts and the net steam generation capacity of approximately 40 tons

transaction under the Notification on Acquisition or Disposal of Assets. Therefore, due to such transaction of Acquisition or Disposal of Assets is exceed 50% of the company’s total assets. The Company has to

and its subsidiaries’ operating results for the quarter ended June 30th, 2018 Unit: THB Million Q2/2017 Q1/2018 Q2/2018 YoY QoQ 6M2017 6M2018 YoY Total Revenue 42,828 44,226 45,558 6% 3% 86,823 89,783 3

declined from the end of last year, while the ratio of non-performing loan (NPL) to total loans increased from the end of 2019. The BOT’s Senior Loan Officer Survey indicated that in the first quarter of

1 1. ANALYSIS OF FINANCIAL PERFORMANCE Income statement (MB) Q4/2016 Q4/2017 YoY % 2016 2017 YoY % Total Sales and Services revenue 1,043.98 1,039.90 (4.09) (0.39%) 4,376.96 4,308.04 (68.92) (1.57

Non-Café 7 6 (14%) 8 36 350% Revenue from Catering / Pop-Up 3 12 300% 10 23 130% Revenue from Franchising - 0* n/a - 0* n/a Total Operating Revenue 215 312 45% 620 911 47% Other Income 1 3 200% 7 7 0

Summary of operations and the factors that make a significant change Summary of Operations for the Year 2019 Topic Annual Balance Change 2019 2018 2019 VS 2018 (MB) (MB) % Total Revenue 7,076.7 4,237.6

shares of Co-Mass Company Limited (“COMASS”) with total investment of THB 160mn, thereby increasing MACO’s stake in COMASS to 100.0%. As a result, MACO fully controls COMASS, allowing us to utilise