expenses 10.14 10.62 11.69 -0.48 -4.52 -1.55 -13.26 31.19 34.46 -3.27 -9.49 Financial Cost 0.25 0.22 0.97 0.03 13.64 -0.72 -74.23 0.70 4.13 -3.43 -83.05 Profit (loss) before income tax expenses -10.83 -14.29

33 1% -28 -3% -186% -52 -1% -129 -4% 146% EBT 256 11% -908 -98% -455% 1,085 20% -564 -18% -152% Income tax expense -69 -3% -38 -4% -45% -199 -4% -48 -2% 76% Net profit 187 8% -946 -102% -606% 886 17

) Administrative expenses (15.00) (13.86) (1.14) 8.23 (38.98) (40.22) 1.24 (3.08) Financial cost (0.07) (0.16) 0.10 (59.92) (0.27) (0.55) 0.28 (50.89) Profit (loss) before income tax expenses (0.22) (6.21) 5.99

Microsoft Word - MDA 2017 EN SET Final.docx Page 1 of 5    L-WAVE ENT 28/2018 28 February 2018 Subject: Report on reasons of change to profit (loss) and analysis on operating results by the

statements for the year ended February 28, 2018 which were audited by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The Company has net profit attributed to owners of the parent of 2,966 million baht

) (2.63) (22.22) (21.17) (23.98) (2.81) (11.71) Financial cost (2.90) (0.09) 2.81 3,120.89 (7.59) (0.21) 7.38 3,566.67 Profit (Loss) before income tax expenses (12.16) (3.00) 9.16 305.27 (23.10) (10.64

(16.81) (5.20) (11.61) (323.27) Gross profit 7.20 2.32 4.88 310.34 Gain from sales of general investments 14.00 - 14.00 100.00 Other income 3.35 4.89 1.54 68.51 Profit before expenses 24.55 7.21 17.34

% Revenue from service incomes 0.49 0.42% 0.51 0.44% 0.02 3.86% Revenue from rental incomes 0.70 0.60% 0.63 0.54% (0.07) -10.66% Total revenues 116.70 100.00% 115.48 100.00% (1.22) -1.05% Gross Profit

Percentage 1.1 Revenues from construction Baht 8,356.43 million Baht 7,919.19 million Baht 437.24 million 5.52 1.2 Cost of construction 94.29% 92.07% - 2.41 1.3 Sales and service income Baht 919.07 million

% - 2.03 1.3 Sales and service income Baht 254.01 million Baht 93.65 million Baht 160.36 million 171.23 1.4 Cost of sales and service 79.79 % 106.45 % - (25.04) 1.5 Selling expenses Baht 23.63 million Baht