year 2019 was loss of Baht 31.32 million. The operating results of Krungthai ZMICO for the years of 2019 and 2018 were as follows:- Unit : Million Baht 2019 2018 Net securities business income 1,097.54

business. 3. The company’s selling and administrative expense for the year2019 in the amount of Baht 263.91 million or 13.31 percent of its revenue from sales and services. The expenses in 2019 increased

management. Based on the Company's financial statements for the 3 months ended March 31, 2019 Business specific quarterly financial statement ended on 31 March 2019 indicates the net profit of 1.15 million

1 Translation CEN 012-2020 May 15, 2020 Subject : Management discussion and analysis for business operation Quarter 1-2020 To : The Manager and President The Stock Exchange of Thailand Summarization

sale of gas water. • Real estate project management business for company and general public. The Company would like to clarify for the case of difference between company’s operating results for the 3rd

, 416 ATMs, and 6,543 dealer members to provide a quality of financial services to AEON cardholders. For overseas business in Cambodia, Myanmar and Laos, they have active customers more than 326,000

% Total cost 7,693.4 6,897.6 795.8 11.5% Selling and administrative expense 2,104.9 1,876.7 228.2 12.2% Finance costs 40.0 -12.0 52.0 434.3% Share of profit from investment in associates 174.8 245.1 -70.3

or a decrease of 14.53 percent. The revenue decrease was partly result of lower sales of Rubber Wood Sawn Timber business to its Chinese customers as majority of customers requested for delays in

- Mar 19 Revenue from sale of goods 10,217.4 10,579.2 -361.8 -3.4% Cost of Good sold 7,243.8 7,687.7 -443.9 -5.8% Selling and administrative expense 2,051.2 2,105.0 -53.8 -2.6% Finance costs 30.1 40.0

, respectively. PERFORMANCE BY BUSINESS Rental Properties Business Q3 2018 Q3 2019 Increase/ (Decrease) 9M 2018 9M 2019 Increase/ (Decrease) THB mm THB mm % THB mm THB mm % Rental Revenue 308.1 229.4 (25.6%) 828.9