Analysis (MD&A) Page 2 of 16 Major Events in 2018 The acquisition of GLAND, which has high potential assets, is an important step for CPN to become a leader in mixed-use projects The acquisition of shares in
the share purchase agreement for NML shares on the date on which such meeting granted the above resolution, because there are several important condition precedents under the share purchase agreement
properly implemented. The IOSCO CRA Code does not address the equally important obligations that rated entities, obligors, underwriters, and arrangers have of cooperating with and providing accurate and
bid to promote and maintain the readiness of important systems of derivatives clearing houses so that they can operate continuously; (5) disclosure of information in a clear, transparent, and adequate
below-the-expectation sales in other product categories due to the strong competition and becoming another stable sources of revenue in the future. - Translation - Page 6 of 11 Gross profits margin by
highly intense competition which caused the average fare to drop by 6.3 percent, particularly in Indochina routes. The average passenger load factor was 68.5 percent, decreased from 69.2 percent. Passenger
competition particularly in domestic sectors which caused overall number of passenger, passenger yield and average fare dropped by 1.9 percent, 1.6 percent and 2.8 percent respectively. The Company reported net
slightly declined by 4.2 percent from highly intense competition particularly in domestic sectors which caused overall number of passenger, passenger yield and average fare dropped by 1.9 percent, 1.6
base and to reduce impact of high competition from lower population under educational age. In 2Q19, EBITDA from education business was negative by THB 12 million, a decrease of 9.1% yoy, due to decrease