the signing between HHC and WCIG had been completed and further progress shall be informed to SET accordingly. Opinion of the Board of Directors on Doing the Transaction The Board of Directors

1,694.9 1,520.4 Net Profit 2,544.5 3,038.7 -16.3% 2,240.1 +35.7% 17.9% 22.0% 18.0% The year 2017 was another challenging year for KCE when construction of the new Lat Krabang factory was completed, and

from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same direction from investment motivation of both governmental and private

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1/2018 2 2. ECONOMIC SITUATION Thai economy in Q1/2018 continually expanded, supported by every economic engine especially merchandise exports, which were

demand growth for our products across all regions and volume impact of Glanzstoff and Durafiber acquisitions completed in 2017, contributing to 77% of the total increase in volumes. This increase in

company still managed to maintain the gross profit margin at 39.9% and started to realize the profit from 2 new completed joint venture condominium projects (Joint Venture) with Nomura Real Estate

income. The income base has been expanded to include rental property business as it is one way to efficiently manage the Company’s assets while purchasing power is decreasing as well as to reduce risks

commenced after all conditions are completed. For more detail, see “Resolutions of the Board of Directors Meeting Regarding Connected Transaction on the Offer to Tender the Entire Ordinary Shares of CSL

foreign currencies are expanded to cover more investment products; units of foreign collective investment scheme, for instance.The consultation paper is available on www.sec.or.th. Stakeholders and

construction of the new Latkrabang factory was completed and production capacity of Phase 3 was partly expanded, which led to solid revenue growth and profitability. We still experienced a number of challenging