from new stores; (2) television commercial and online advertisement expenses; and (3) employee expenses of Index Living Mall Bangkruai- Sainoi and Index Living Mall Chaiyapruek. However, such increase

slightly better performance in Hotel Business. A decrease in cost of sales and services, and an increase in SG&A and employee benefit expenses linked with the closure plan of Dusit Thani Bangkok Hotel, was

Baht 3.2 million by the subsidiary company due to a decrease of Baht 3 million its employee expenses from salesperson and an increase of Baht 2 million from the Company only due to an increase of Baht 2

entities under common control, Gain on disposal of investment, and Employee benefits (6) Adjustment to earnings, net of tax The operating result for three-month period ended December 31, 2019 The company’ s

ended 31 March 2020 2 | P a g e *Value may differ by one decimal point due to rounding Highlights 1/ One-time expenses in Q1/2019 were resulted from the employee retirement benefit (net after tax). 2

allotted more than 5% of the total CCET-WC issued and offered. 3.4 Employees of the Company and/or its subsidiaries who are eligible to receive the allocation of CCET-WC must be; (a) Employee of the Company

2019 was resulted from the employee retirement benefit. Operating Highlights Q4/18 Q3/19 Q4/19 Change +/- 2018 2019 Change +/- (THB million) % YoY % QoQ % YoY Revenue from sale of goods 2,356.1 2,275.0

CCET-WC must be; (a) Employee of the Company and/or its subsidiaries on the date of allotment of CCET-WC. (b) The amount of CCET-WC that each employee of the Company and/or its subsidiaries will receive

company defaulted (29) - Specialized business review & advisory fees and financial advisory fees in respect to debt-to-equity conversion scheme 17 - Employee benefit expenses 36 - Others 15 (33

respect to debt-to-equity conversion scheme 17 - Employee benefit expenses 36 - Others 15 (33) Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 12  Financial costs The Company had the