percent To The President of the Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Results for the three-month and the six-month : Q2/2017 For the three-month ended 30

The Company has sold its land to the subsidiary and gains profit of Baht 29.85 million, but not presenting in the consolidated financial statements. In the consolidated financial statement, the amount

) 116.33 -99.52% Shares of loss in of associates - 1.28 (1.28) -100.00% Financing Cost 19.03 17.16 1.87 10.87% (19.59) (135.33) 115.74 -85.53% Corporate Tax (Expenses) Rev (7.61) (39.81) 32.19 -80.87% (27.20

% (Gain)/Loss from sales investment in subsidiary 70.62 52.14 9.36 197.48% Shares of loss in of associates 28.93 9.36 9.36 209.11% Financing Cost 69.37 67.70 67.70 2.47% (773.56) (609.40) (385.37) 42.60

70.62 52.14 9.36 197.48% Shares of loss in of associates 28.93 9.36 9.36 209.11% Financing Cost 69.37 67.70 67.70 2.47% (773.56) (609.40) (385.37) 42.60% Corporate Tax (Expenses) Rev (48.82) 11.38 11.38

from operation only accounted for 70.73 million. 2. Discussion of Financial Position 2.1 Assets As of September 30, 2019, total assets on consolidated basis amounted to THB 2,409.99 million dropped from

residential condominium and single house projects i.e. 7,300 million THB in 2019 and 500 million THB in 2020. -Translation- Performance in Q1/2019 and 2018 Consolidated financial statements The net profit of

value of consideration criterion and the 3-month interim consolidated financial statements ended 3031 March 2019 of the Company; 2) the acquisition of ordinary shares in NAT Business Connect Co., Ltd

the transaction amount Baht 5,500,000 from the purchase 1,000 ordinary shares at 5,500 Baht per share. 3.2 Size of the transaction according to consolidated financial statements of the Company as of

May 15, 2019 Subject : Management Discussion and Analysis for quarter ended March 31, 2019 Attention : President The Stock Exchange of Thailand 1. Operating Performance 1.1 Revenues Consolidated