Management Discussion and Analysis for Interim Business Operations Financial Performance for the year ended December 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc./(Dec.) % Construction income

in foreign currency exchange rates. This resulted in basic earnings per share of Bt0.23 for the first quarter of 2019. Total Asset Total assets as of March 31, 2019 amounted to Bt17,775 million

increase in the cost of goods sold, a reduction in gross margin, as well as the appreciation of the THB. This resulted in basic earnings per share of Bt0.14 for the second quarter of 2019. Total Asset Total

- Translation - Management Discussion and Analysis for Interim Business Operations Financial Performance for the period ended M arch 31 , 2018 (Unit : M ill ion Baht) 2018 2017 Inc. / (Dec

Bt213.3 million, an increase of 1.7% Q-o-Q but a reduction of 58.0% Y-o-Y. This resulted in basic earnings per share of Bt0.22 for the third quarter of 2019 and Bt.0.58 for the nine months of 2019. Total

widened and SG&A remained stable. This resulted in basic earnings per share of Bt0.36 for the first quarter of 2020. Total Asset Total assets as of March 31, 2020, amounted to Bt17,370 million, consisting

opportunities for professional newcomers and the securities analysis business, and support the sustainable growth of the Thai capital market as a whole.SET President Pakorn Peetathawatchai emphasized SET's vital

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 (Revised) To: The President The Stock Exchange of Thailand 1. Analysis of

investment in all kinds of capital market products. In this regard, advices on basic asset allocation for investors are also provided.Duangmon Chuengsatiansup, SEC Assistant Secretary-General, said the SEC