the Company and subsidiary companies increased 17.32% and 0.60% respectively, most of which was the income recognition from ready-to-move-in projects and recognition of one project completed in Q1/2019

reassessed its business structure to move towards Green Businesses targeting renewable energy, materials recycling and eco management. To pursue its business strategy, 36 MW solar farms in Thailand have been

million THB, most of which is the income recognition of ready-to-move-in projects as well as the 4 projects completed and ready to be handed over. There is thus lesser number of projects under construction

million baht due to the expansion of LCL causing the higher number of employees and moving office to support expansion which leads to the expenses derived from such move and the former improvement disposal

ASEAN countries, the figure is insignificant. However, one-third of the unemployed persons were university graduates, and this share is on the rise. The situation reflects two major problems. First, the

(Decreased) % Operating profit 993.74 954.83 (38.91) (3.92%) Depreciation 188.28 191.02 2.74 1.45% Amortization 130.47 137.67 7.20 5.52% EBITDA 1,312.49 1,283.52 (28.98) (2.21%) 2. Economic Situation Overall

2019 2018 YOY % Operating profit 457.27 403.89 53.38 13.22% Depreciation 124.10 100.14 23.96 23.92% Amortization 78.25 73.92 4.32 5.85% EBITDA 659.62 577.96 81.66 14.13% 2. ECONOMIC SITUATION Thai

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q3/2018 2 2. ECONOMIC SITUATION Thai economy in Q3/2018 continuously grew. Export-oriented manufacturing businesses expanded for specific sector, automobile

traveling trips and revenue will return to normal after this situation is resolved and government relief more measures. 2. The postponement of the 2020 Annual General Meeting and interim dividend payment

COVID-19 pandemic Due to the outbreak situation of the COVID-19 virus as well as the government’s recent decision to activate the state of emergency by travel restrictions and the closure of venues