E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

condominium units in the statement of comprehensive income when the real estate project has been completed and transferred to the customers. MahaNakhon Project: The Company sold 51 residences of the Ritz

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

Utilities and services Housing Real estate and construction Agriculture and mining Others Million Baht Loans by Business Type * March 2018 December 2017 March 2017 Change (%) December 2017 March 2017

0.5% 2.0% Real estate and construction 200,467 199,224 202,600 0.6% (1.1)% Agriculture and mining 55,228 53,134 51,498 3.9% 7.2% Others 284,814 285,538 313,565 (0.3)% (9.2)% Total 2,017,314 2,029,810

at divesting non-core real estate assets which will positively impact cashflow. Net cash from financing activities increased due to the long-term borrowing for the Saraburi Quicklime acquisition. Short

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained

/61 14:31 น. 9 Portion of Loans by Business Type Manufacturing and commercial Utilities and services Housing Real estate and construction Agriculture and mining Others Million Baht Loans by Business

has deployed measures to stimulate short-term spending. Private investment also slowed due to a decline in the real estate sector. Meanwhile, the need for machinery investment was subdued due to lower