which is the best price under the market situation in the period of the offering shares to investors, after authorized by the Extraordinary General Meeting of Shareholders No. 1/2019, by which the

situation in Thailand in 2017 is in a state of omission, festivals and entertainment media, as a result, and the advertising business has been affected both directly and indirectly. In 2018, the advertising

information provided in this MD&A may vary if any factors or situation are changed in the future; the investors are, therefore, required to have their own discretion regarding the usage of this information for

: International Tourist Arrivals to Thailand January-August 2019 , Ministry of Tourism & Sports). The Company was fully aware of the situation and took actions by implementing new strategies and marketing plans to

same period in the previous year. Drop in revenues mainly came from closed non-performance branches together with high competitive situation focusing on the pricing competition directly affecting to

, the necessity of the loan, and the current situation of the Company that cannot seek financial support from local financial institutions. According to the mentioned reasons, the Board of Director has

period last year (source: International Tourist Arrivals to Thailand April-June 2019, Ministry of Tourism & Sports). The Company was fully aware of the situation and took actions by implementing new

in the past. As a result of this economic situation, the Company's revenue from sales and services increased by Baht 31.61 million from the same quarter of last year. The forecast of the minimum wage

sales experienced a major decline especially revenue generated via traditional trade channels. The Company is aware of the situation and its impacts and already overhauled its strategies and marketing

situation. As of November 30, 2018, the Company’s total cards reached 8.43 million cards, increased by 4% from the end of fiscal year 2017 (including 2.59 million credit cards, increased by 4% and 5.84