power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

main reason for the decline in user spending was the inflationary situation of the country's economy, causing the consumer purchasing power to decrease, together with the concerns of users about future

%, compared to the same period of last year. As the Company recorded deferred revenue from selling assets to WHA Business Complex Freehold and Leasehold Real Estate Investment Trust (“WHABT”) on 6 November 2015

the company's products are existing projects. There is also a matter of measures for housing loans that were officially adopted in April 2019. Causing the purchasing power and customers' purchasing

Covid-19 pandemic, which severely affected purchasing power and demand globally. Tourism sector faced a catastrophe, started heavily in March, after most of the countries announced travel restrictions

quarter of 2019 continued to expand driven mainly by domestic demands. Private consumption expanded in all categories supported by the improvement in purchasing power from the rise in farm and non-farm

impact from exercise of warrants to newly issued ordinary shares and 2) the restatement of excess of acquisition costs and net assets of Co-Mass, a subsidiary of MACO. More details are as follows:- 1. On

significantly by 13.4% YoY to THB 1,783mn, predominantly due to higher operating revenue from the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises

that bolstered purchasing power. Government expenditure also plays important role in sustaining the economy with fixed expenses continuing to expand in comparison to the same period last year, especially

% Reversal of Impairment of Assets -3.6 -0.4% 0.2 0.0% 3.8 105.6% Profit from Dispose Investment in 0 0.0% 27.3 2.9% 27.3 n.a. Management Discussion and Analysis (MD&A) for 2019 Page 2/5 2018 2019 YoY Mio