more manufacturing and delivery of products in year 2018, increases were 47%. Immovable property business saw its income increase Baht 5 million, because rental building leasable area increase from last

rental area for some branch for reduce rental fee and moreover the Company has promotional activity, made an advertisement in each area for increased sale. Management’s discussion and analysis for the

1,805.73 331.85 18.38% Tap water revenue 378.49 364.08 14.41 3.96% 1,130.42 1,076.44 53.98 5.01% Rental and services revenue 26.66 34.80 (8.14) (23.38%) 95.12 117.75 (22.63) (19.22%) Construction revenue

Analysis (MD&A) 2019 Page 4/8 6. Property Development Business and Retail Rental Space JAS Asset Public Company Limited ("J"), a company considered as the property developer, conducting in the business of

profit of Baht 103.39 million increasing from last year 7.15%. 3) Other income increased by Baht 10.16 million due to rental income increase Baht 2.60 million, other income increase Baht 5.84 million and

as branch office rental, and depreciation of the new office building. Net Profits For the year ending 31 December 2018 and 2019, the Company’s net profits were 94.55 million Baht and 120.12 million

revenue 372.74 361.96 10.78 2.98% 1,503.16 1,438.40 64.76 4.50% Rental and services revenue 33.98 38.44 (4.47) (11.62%) 129.10 156.20 (27.10) (17.35%) Construction revenue under Concession Agreements1

period.  Cost of office rental operations decreased by Baht 4 million due to property tax was charged in the 1 st quarter as compared to the prior year which was charged in the 2 nd quarter and lower of

shareholders as per attached information memorandum regarding the connected transaction. 2. Approved the Company to pay an amount of Baht 13,200,000 and annual rental fee of Baht1 million commencing from the

property sales were recognized during the period offset by the lower of cost of sales of holiday club memberships. • Cost of office rental operations decreased by Baht 3 million due to decrease in common