E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

maintained its growth momentum. Similarly, Thailand’s major economic indicators continued to exhibit growth, as evidenced by brighter exports, government spending and private spending on certain items of

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained

, an increase of 9.9% yoy from net loss of THB 55 million in 3Q17. In 9M18, net profit was THB 170million, an increase from net loss of THB 23million in 9M17, mainly driven by the continuous growth of

. The growth resulted from the boost of promotions and marketing activities, enabling the Company to gain various and higher-potential clients and further strengthen its market position. The Company has

market environment The Thai economy for the year 2018 expanded as expected according to its potential with growth for the nine months of 2018 at 4.3%. For the last quarter of 2018, the economy continued to

Rule”). Currently, the Company focus on the business expansion of the crude palm oil (CPOA) trading business for biodiesel as there is a high potential growth and will partially conducting a trading CPOA

Economic Outlook of the International Monetary Fund for October 2019 cut this year’s global economic growth projection to 3.0 percent from the previous forecast of 3.2 percent. The figure is the lowest

E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the

increase of 4.3% YoY or THB 60mn from the same period last year. The revenue growth attributions predominantly were (i) an increase in 566 keys hotel keys during the year, including VHE Leipzig, VHE Chopin