reporting periods beginning on after 1 January 2018 1Q 2019 PERFORMANCE ANALYSIS (YoY) Since 2018, MACO has added new products from new acquisitions and business development to its portfolio, therefore, our

malls, enhancement of existing malls, new mixed-use development projects, such as residential development, study into value-accretive merger and acquisition (M&A) opportunities, as well as apply efficient

-1 1 Ref. LPN/SorKor/098/2564 6th May 2021 Re: Financial Statements Analysis Report Q1/2021 Dear: President The Stock Exchange of Thailand L.P.N. Development Public Co.,Ltd. would like to submit the

profit attributable to equity holders of the parent company of 838.86 million Baht, decreased by 42.17 million Baht or 4.79%. Income statement (Million Baht) For the three-month period For the nine-month

due to the raising in raw water sales volume and net profit attributable to equity holders of the parent company of 609.48 million Baht, increased by 28.85 million Baht or 4.97%. Income statement

novation has no effect to the required Debt to Equity ratio due to the MRTA is fully responsible for the loan repayment according to the concession agreement. Overview Operational Results In the third

focusing on house brand products to emphasize FN brand awareness and increase FN brand equity in a long run. The Company was able to maintain house brand product proportionate in 3Q18 compared with 3Q17 and

consolidated sales and services income excluding construction revenue under concession agreement of 3,075.80 million Baht, decreased by 186.46 million Baht or 5.72%) and Net profit attributable to Equity holders

second quarter of the year 2019, the Company sold some TTW’s shares. As a result, the interest in the equity of TTW decreased to 18.47 percent. Following this sale, the Company reclassified the investment

% 12.9 33.1% Property development costs 243.9 9.8% 242.9 9.7% -1.0 -0.4% Other current asset 23.4 0.9% 28.9 1.2% 5.5 23.5% Management Discussion and Analysis Q1/2018 Page 3/4 JAS Asset Public Company