from new stores; (2) television commercial and online advertisement expenses; and (3) employee expenses of Index Living Mall Bangkruai- Sainoi and Index Living Mall Chaiyapruek. However, such increase

slightly better performance in Hotel Business. A decrease in cost of sales and services, and an increase in SG&A and employee benefit expenses linked with the closure plan of Dusit Thani Bangkok Hotel, was

Baht 3.2 million by the subsidiary company due to a decrease of Baht 3 million its employee expenses from salesperson and an increase of Baht 2 million from the Company only due to an increase of Baht 2

entities under common control, Gain on disposal of investment, and Employee benefits (6) Adjustment to earnings, net of tax The operating result for three-month period ended December 31, 2019 The company’ s

ended 31 March 2020 2 | P a g e *Value may differ by one decimal point due to rounding Highlights 1/ One-time expenses in Q1/2019 were resulted from the employee retirement benefit (net after tax). 2

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4 percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment environment of both the public and private sector remained weak, and private consumption, albeit gro...

2019 was resulted from the employee retirement benefit. Operating Highlights Q4/18 Q3/19 Q4/19 Change +/- 2018 2019 Change +/- (THB million) % YoY % QoQ % YoY Revenue from sale of goods 2,356.1 2,275.0

increasing the rate of benefit of an employee who has past service 20 years or more from 300 days to 400 days amounting to THB 20 million and pay-off for termination of employee of THB 9 million. GJS บริษัท จ

company defaulted (29) - Specialized business review & advisory fees and financial advisory fees in respect to debt-to-equity conversion scheme 17 - Employee benefit expenses 36 - Others 15 (33

respect to debt-to-equity conversion scheme 17 - Employee benefit expenses 36 - Others 15 (33) Management’s Discussion and Analysis (MD&A) for year 2017 (Revised) 12  Financial costs The Company had the