required to sumbmit such attachments to the Stock Exchange of Thailand (SET) as well. - 3 - SEC Classification : ใชภ้ายใน (Internal) Part 1 Business Operation and Operating Results 1. Organizational

Assets and Connected Transaction for the Entire Business Transfer and Allocation of Securities to the Specific Investor (Private Placement) To The President The Stock Exchange of Thailand Attachment 1

and Allocation of Securities to the Specific Investor (Private Placement) To The President The Stock Exchange of Thailand Attachment 1. Information Memorandum regarding the Acquisition of Assets and

to listed companies with outstanding performance in investor relations activities organised by the Stock Exchange of Thailand (SET) and Money & Banking Magazine. MACO is one of the companies that

-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

portion of debentures of 3,614.5 Million Baht, debentures (net) of 2,299.7 Million Baht and advances and deposits received from customers of 4,001.2 Million Baht, deferred tax liability on gain from JV

) 74.6 85.0 Return on equity* (%) 40.3% 34.7% Payable days (days) 100.8 94.3 Efficiency Ratios Leverage Ratios Return on assets* (%) 12.2% 8.7% Liability to Equity (times) 1.6 1.3 Return on fixed assets

Million Baht, debentures (net) of 2,299.7 Million Baht and advances and deposits received from customers of 4,001.2 Million Baht, deferred tax liability on gain from JV transaction of 1,897.6 Million baht

assets* (%) 12.2% 8.6% Liability to equity (times) 1.6 0.6 Return on fixed assets* (%) 75.8% 68.5% Debt to equity (times) 1.0 0.4 Assets turnover* (times) 0.5 0.4 Remark: - Financial ratios were calculated

assets (%) 12.2% 9.6% Liability to equity (times) 1.6 0.6 Return on fixed assets (%) 75.8% 75.2% Debt to equity (times) 1.0 0.3 Assets turnover (times) 0.5 0.5 Remark: - Financial ratios were calculated