gradually. Nowadays the occupancy of Major Tower Thonglor is almost 100%. - Cost of units in condominium projects sold in 2017 was 1,709.23 million baht or 61.44% of revenue compared to 3,053.36 million baht

decreased by Baht 85 million over the prior year as a result of a reduction in occupancy of Laguna Phuket hotels.  Revenue from property development operations which comprise of property sales and the sale

operations which includes retail leasing improved by Baht 4 million due largely to the increase in occupancy and rental rate of Thai Wah Tower I. • Other income declined by Baht 283 million and this is

hotel, hotel management, and share of profits/losses from investments. • Owned Hotel 2017 2016 % Chg Occupancy (%) 73.3 73.2 1.5 ADR (THB/night) 3,597 3,727 -3.5 RevPar (THB/night) 2,636 2,690 -2.0

39 million over the prior year as a result of the decrease in occupancy of Laguna Phuket hotels and Banyan Tree Bangkok.  Revenue from property development operations which comprise of property sales

18.1% Education business 124 128 -4 -3.1% 32 27 5 18.5% Others 199 386 -187 -48.4% -25 290 -315 -108.6% Total revenue 1,621 1,792 -171 -9.5% 307 570 -263 -46.1% Change Change 4Q18 4Q17 % Change Occupancy

the same period of 2017 as the result of the increase in revenue from hotel business of Baht 18 million, due to the higher room rate and occupancy rate. 3) Other income: Other income in the first

community mall also has some impact on the growth slowdown in retail sector. However, the Company was able to maintain the occupancy rate of the rental space at a good rate. In addition to diversify its

history occupancy rate, rental rate and operation plan of the Company.   JAS Asset Management Discussion and Analysis for FS2017 Page3/4 Financial Cost The Company financial cost in 2017 was 53.6 million

value in financial statement was based on fair value from Income Approach which was apprised by Independent Appraiser. The Appraisal value is based on history occupancy rate, rental rate and operation