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

- ร่าง - 1 May 28, 2018 Subject Management Discussion and Analysis for the year ended 31st March 2018 To President of the Stock Exchange of Thailand Secretary of the Office of Securities and Exchange

because a project with an outstanding project cost management can commence recognizing its revenue in quarter 3 of 2017 leading to a higher gross margin. When considering the gross margin ratio of 14.28% at

Ref. FN. 040/2017 Management Discussion and Analysis For operation of the third quarter of year 2017 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

operations in 2017, the Company's net profit margin to total revenue was 4. 8% which is the same rate as last year. Net Profit 12 Months In 2017 12 Months in 2016 Variation THB % Net Profit pursuant to the

consideration of the net profit from operations in 2017, the Company's net profit margin to total revenue was 4. 8% which is the same rate as last year. Net Profit 12 Months In 2017 12 Months in 2016 Variation

1 Ref. FN. 011/2019 Management Discussion and Analysis For operation of the year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet business, featuring

2,478.7 2,551.4 Gross margin, % 21.09% 22.75% 25.84% SG & A 403.1 403.1 466.2 Operating Profit * 248.2 309.0 -19.7% 409.9 -39.4% Net Profit per FS 268.6 355.5 -24.4% 541.6 -50.4% 8.63% 11.08% 15.74% [Remark

Microsoft Word - 2020-Q1_MDA_Eng_R0.docx   No. CAZ 010-2020 11 May 2020 Subject: Management Discussion and Analysis for the 1st Quarter ended 31 March 2020 Attention: The President, The Stock

1 Ref FN. 047/2019 Management Discussion and Analysis For operation of the third quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet