of the Company this quarter is still in line with plan, especially the Homepro business, which continues to increase its efficiency and improve merchandise management. This includes the conversion of

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1/2018 2 2. ECONOMIC SITUATION Thai economy in Q1/2018 continually expanded, supported by every economic engine especially merchandise exports, which were

. Baht 160 million to Q3 and Q4/2019 as a result of postponed deliveries to Major Projects i.e. The New Parliament Building, The Midfield Satellite Building at Suvarnabhumi International Airport and others

outstanding shares of the infrastructure company. Types of infrastructure include rail system, toll way, electricity, water supply, airport, deep sea port, telecommunication and alternative energy, providing

total shares sold in businesses investing in or having major revenues from infrastructure businesses, e.g., rail system, express way, power plant, water supply, airport, seaport, telecommunications and

plant, water supply, airport, seaport, telecommunications and renewable energy, with no less than 1 billion baht investment value for each project or no less than 500 million baht for a small-scale

International Airport which takes approximately 15 minutes to reach downtown Bratislava. 2 Over the past 6 months, the Company and its subsidiaries have acquired other assets in the amount of Baht 1,373,050

half of the year. Against the backdrop of the global trade slowdown and uncertainty over US trade policy, merchandise exports in 2018 expanded by 7.7 percent, down from 9.8 percent growth in 2017

36.6% ▪ Revenue from Retail Merchandise 10.4 1.6% 12.0 2.0% 1.6 15.4% Franchise Fee Income 17.5 2.7% 14.8 2.4% -2.7 -15.6% Revenue from sales of goods and services 633.6 98.4% 596.6 98.6% -37.0 -5.8

product sales mix of both general merchandise and directly sourced private-label goods, product assortment planning and increasing in gross profit margin from Mega Home business which benefited from