% Net profit margin (%) (8.9)% 5.8% 0.1% * Excludes other income and impairment charges, profit/loss from discontinued operation MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 15 MAY 2018 U CITY PCL 1Q 2018 MD

from the connected person is from Loan from the Company, which is a working capital from business operation. Loan from related company will be complied with the Policies of the connected transactions

Trade (DIT) The fluctuation of CPO price mentioned above had reflected the Company's business operation in the production and distribution of biodiesel from CPO industry, which is the inherent risk that

broilers to GFN has been snowballing since GFN started its operation in 2010. As a result, revenue from selling live broilers to GFN in 2Q2018 improved by 17.99% comparing to 2Q2017. Revenue from farm & DOC

year operation : The 1st year revenue (“Total Revenue”) in the financial valuation consist of: (1) Revenue generated from Self-operate Restaurants of 11 branches totaling THB 44 Million per year, based

million or 6.16% up from 3Q2017. Revenue from selling live broilers to GFN has been snowballing since GFN started its operation in 2010. As a result, revenue from selling live broilers to GFN in 3Q2018

price mentioned above had reflected the Company's business operation in the production and distribution of biodiesel from CPO industry, which is the inherent risk that significantly impact on the

comprehensive income Y2017 Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 201# Page 3 2. Operation per formance according to consolidated financial statement For

14.8% 1,015.8 862.8 17.7% EBIT 941.6 1,078.9 -12.7% 2,729.6 3,249.8 -16.0% EBITDA 1,220.8 1,353.7 -9.8% 3,535.3 4,058.0 -12.9% Profit for the period from discontinued operation, net of tax 6.7 28.1 -76.0

same periods of last year because of operation management and maintenance is performed effectively in accordance with maintenance plan. Solar Energy Power Plants are in the start-up phase with only 3 COD