from the economic recovery in export, tourism, investment of private sector, and the expansion of government spending, which is a good sign for the Company operation in 2018. Topic Annual Balance Change

before income tax expenses 170.98 20.1% 169.68 21.3% 165.18 20.5% -2.7% -3.4% Income tax expense (20.16) -2.4% (20.57) -2.6% (20.28) -2.5% -1.4% 0.6% Net profit 150.82 17.8% 149.11 18.7% 144.90 18.0% -2.8

MANAGEMENT DISCUSSION AND ANALYSIS FOR PERIOD ENDED 31 MARCH 2018 SG&A expense against only 1.5mTHB consolidated EBITDA contribution, since the acquisition was completed only at the very end of the quarter

leisure travelers. For every 15 baht spend in foreign currency, card member will earn 1 AEON Royal Orchid Plus Reward Point. Card member will also earn cash back for up to 36,000 baht per year from spending

consumption should remain resilient owing to rising income levels and employment gains, and fixed investment is likely to pick up amid high capacity utilization and government infrastructure spending. Risks

2,097.62 1,600.35 Selling & Administrative Expense 127.83 116.99 Finance Costs 24.24 22.96 Net Profit 101.40 (18.95) Earnings per share (Baht) 0.25 (0.047) The company will explain the cause of change as

1,947.37 2,097.62 Selling & Administrative Expense 120.12 127.83 Finance Costs 20.98 24.24 Net Profit 9.12 101.40 Earnings per share (Baht) 0.02 0.25 The company will explain the cause of change as follow: 1

discipline, training students on correct financial management principles, encouraging responsibility and instilling the habit of spending time on activities that are beneficial to the community by

ICUK aligning to the spending control scheme in order to achieve an acceptable return on sales, and a reduction in sponsorship fees to support an international football club in parallel to the terms and

% with net interest income increased by 9.4% driven by lower interest expense from continuous cost management while non-interest income decreased by 26.9% from the slowdown in economic activities