1 GLOCON.018/2020 May 15th, 2020 Subject Management’s discussion and analysis for 1st quarter of 2020 Attn. The President The Stock Exchange of Thailand Management’s analysis Consolidated Financial

1 Ref FN. 031/2020 Management Discussion and Analysis For operation of the second quarter of year 2020 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

1 Ref FN. 023/2020 Management Discussion and Analysis For operation of the first quarter of year 2020 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

THB 145.59 million, and Water Supply of THB 11.75 million. 3. Administration Expenses In The year 2018, such expenses are THB 90.84 million which decreases from that of year 2017 by THB 61.66 million. a

support department 0.35 million baht. Other expenses increased 0.11 million baht. The cost of administration for the three months ended March 31, 2017 amounting to 7.30 million baht (2016: Baht 6.65 million

under negotiation such as details of management and administration of the company by the board of directors and the shareholders. Please be informed accordingly. Sincerely Yours, Demeter Corporation

such as rights and duties of each shareholder and details of management and administration of the company by the board of directors and the shareholders. In this regard, the Company anticipate that the

. Anukool Tuntimas) Director and Executive Vice President, Human Resource and General Administration

decreased 1,360,678 baht compared to the same period of the last year mainly from the decrease of personnel costs such as incentive and bonus. 4. Administration expenses increased 1,277,144 baht compared to

increase by 0.39 million baht due to cost reduction of advertising and support department increase by 0.69 million baht. Other expenses decreased 0.30 million baht. The cost of administration for the three