Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Second Quarter and Six-Month Period Ended 30 June 2017 1. Q2/2017 Highlights Figure 1: Quarterly

Management’s Discussion and Analysis For the Financial Results of Quarter 2 Year 2017 Ended June 30, 2017 1 ABBREVIATION ADB = Asian Development Bank COD = Commercial Operation Date EBITDA = Earnings

and margin. • Review new system and reporting platform to improve visibility and analysis across all categories and consolidate the planning and open-to-buy process. • Review of private label

revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis

- ร่าง - 1 Nov 7, 2017 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2017 To President of the Stock Exchange of Thailand

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the Third Quarter and Nine-Month Period Ended 30 September 2017 1. Q3/2017 Highlights Figure 1

total revenue in Q3/ 2017 and equivalent to 5.19 million THB or 3.18% of total revenue for Q3/2017. 1. Business Performance Analysis 1.1 Revenue For the first nine months of the year 2017 the Company

system and reporting platform to improve visibility and analysis across all categories and consolidate the planning and open-to-buy process.  Review of private label assortments to refresh current

- ร่าง - 1 Feb 13, 2018 Subject Management Discussion and Analysis for the period of three months and the period of nine months ended 31st December 2017 To President of the Stock Exchange of Thailand

6.13 % of total revenue in Q4/ 2017 and equivalent to 16.26 million THB or 7.01% of total revenue in the previous year. 1. Business Performance Analysis 1.1 Revenue For the year 2017 the Company reports