, Samutprakarn 10280, Thailand Tel. 66 2323 1085..96 Fax. 66 2323 9283 (Translation) August 14, 2019 Subject: Management Discussion and Analysis (MD&A) of Q2/2019, changed more than 20% compared to the same period

2019 (1 April to 30 June 2019) as follows ; 1. The total revenue of the company decreased by 84.21 million baht or 6.01% from the same period last year in accordance with the reduction of car and

to report our Q3 performance (Jan.2018- Mar.2018), which are differed over 20% compare to Q3 of same period of previous financial year as following: 1. Sales and Services decrease from 76.72 Million

with net loss of Baht 3.22 million on Baht 12.92 million revenues over the same period in 2017. The change in loss for the quarterly operating result ended on March 31, 2018 is due to Baht 1.94 million

minimized loss from the operations result compare with the same period of previous year with the significant detail as follows; 1. Operating Results Revenue In the 1st Quarter of 2018, the Company’s sales

residences “The Ritz-Carlton Residences, Bangkok” at MahaNakhon transferred in the Q2 2018 of 58 residences which was greater than the same period last year of 33 residences. The Company’s gross profit from

its subsidiaries for the ended 31 December 2017 represented a loss of Baht 2,156.49 million. Compared to the same period of 2016, the loss was Baht 1,179.47 million (restated), an increase loss of 83

an increase from the same quarter of the previous year by Baht 149 Million or 15.9 percent. However, when included gain on fair value adjustment of investment due to reclassification, net of tax, in

, while showed of 22% in the same period of 2017. Excluding TBSP of 16% GP, Company’s %GP represented at 24%, 2% growth primary by higher Gross Profit of Security business in 3Q18. For 9M18, Company showed

% from the same period of the prior year. The total income was 1,024.23 million baht, an increase of 61.22 million baht or 6.36%, the financial cost was 263.90 million baht, an increase of 44.40 million