3.0 1.7% 3.3 1.9% 0.3 10.0% Net Profit attribute to Shareholders (Loss) 0.4 0.2% 0.5 0.3% 0.1 25.0% Management Discussion and Analysis Q1/2019 Page 2/4 JAS Asset Public Company Limited Rental and

% (82.5) (86.8) (4.3) 5.2% Net Profit attribute to Equity Holder of the Company 119.9 148.5 28.6 23.9% 236.0 293.0 57.0 24.2% Total Revenues The Company’s total income for the second quarter of 2019 equaled

(35.9) (39.3) 9.6% (54.2) (82.5) 52.2% Net Profit attribute to Equity Holder of the Company 124.8 119.9 -3.9% 198.0 236.0 19.2% Total Revenues The Company’s total income for the second quarter of 2018

239.3 -319 -57.1% Finance Cost 71.2 111.9 40.7 57.1% 134.7 210.9 76 56.6% Tax Expenses 59.5 19.4 -40.1 -67.4% 62.4 36.6 -26 -41.3% Net Profit attribute to Equity’s Shareholders. 148.1 44.5 -103.6 -69.9

our food retailing in Vietnam category. We attribute growth in SSSG in our food retailing in Vietnam category to our ongoing turnaround efforts with respect to Big C, which have resulted in improved

business(1) Indicators 2017 2018 9 months in 2018 9 months in 2019 Self-Managed Hotels(2) Number of hotel(3) 2 2 2 2 Number of key(3) 278 291 284 297 Occupancy rate (%)(4) 81 76 78 73 ADR (THB) 8,074 8,415

than existing products; and became more experienced with the production of high-end products, resulting in higher gross margin for Company. And the Company also better managed production costs from new

Proceeds: the issuer must demonstrate the tracking of the managed proceeds for the designated project and credit the proceeds into a sub-account, in clear separation from the issuer’s other accounts; 2.4

productivity and recognition of license fee for implementation jobs in HR solution. In financial solution, despite a lower revenue of THB 6.26 million, we have managed to keep costs in check and raised gross

2019, the project department has managed the project with more tightness and the cost control methods had been improved. The company has the cost of sales in the amount 2.73 million baht, compared to the