fourth quarter of 2019 was 10.3% , increased from 4.4% comparing with the same period of last year. The main reasons for the increase in profit from continuing operations were mainly due to an increased

of the SEC Office (if any) and/or the conditions for the Stock Exchange of Thailand’s acceptance of securities (if any), including the compliance with such obligations or conditions in the following

required to sumbmit such attachments to the Stock Exchange of Thailand (SET) as well. - 3 - SEC Classification : ใชภ้ายใน (Internal) Part 1 Business Operation and Operating Results 1. Organizational

products and also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number

also from the decline in global oil prices and the high base effect of last year expedited exports before the increase in US import tariffs on Chinese products. In the tourism sector, the number of

page 1/6 (TRANSLATION) Ref. WINNER 0004/2019 February 26, 2019 Re Management Discussion and Analysis (MD&A) for the year 2018 and for the year 2017 To The President The Stock Exchange of Thailand 1

page 1/6 (TRANSLATION) Ref. WINNER 0004/2019 February 26, 2019 Re Management Discussion and Analysis (MD&A) for the year 2018 and for the year 2017_revised To The President The Stock Exchange of

page 1/6 (TRANSLATION) Ref. WINNER 0004/2019 February 26, 2019 Re Management Discussion and Analysis (MD&A) for the year 2018 and for the year 2017_revised 2 To The President The Stock Exchange of

securities, as well as the suitability for investment and the relevant risk exposure. The effectiveness of the Registration Statement neither represents that the Securities and Exchange Commission, the Capital

registration statement has been registered by the Office of Securities and Exchange Commission. The effectiveness of this registration statement neither represent that the Securities and Exchange Commission, the