 In Q4/2018, the Company and its subsidiaries recorded total sales of Baht 1,456 million, a decrease of 5% YoY, mainly due to drop in export CMG, domestic CMG, and domestic branded sales. However

recorded gain on fair value adjustment of investment due to reclassification in the amount of Baht 2,030 Million, net of corporate income tax. 4. On September 21, 2018, the Supreme Administrative Court

investment in associated company to investment in available-for-sale securities, which consistent with the investment proportion and the purpose of the Company investment. The Company recorded gain on fair

December 2018. In 1Q19, THB 1,238.9mn of The Lofts Asoke project was transferred and recorded as a revenue and the Diplomat 39 project recorded a revenue from transferred of THB 271.3mn. For the future

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

, which were recorded as interest expenses in the income statement after the opening but were recorded as cost of construction in the second quarter of the previous year according to accounting standard

million Baht. Accordingly, the Company recorded impairment loss in investment of 422 million Baht in which mainly results from the sale of the Bangkok Edition hotel 3 | P a g e Pace Development Corporation

: Management Discussion and Analysis For the years ended 31 December 2019 Summary of Performance Sales Revenue For the years ended 31 December 2018 and 2019, the Company recorded total sales revenue of THB

% from last year. In addition, the company has continued launching promotions with motorcycle manufacturers and suppliers as well as increased distribution channels for motorcycle sales through our

quarter of the year 2017, the Company had the interest cost from SOE construction loans, which were all recorded as interest expenses in the income statement after the opening but were partially recorded as