-W2) (the “Terms and Conditions of MACO-W2”), the condition of the adjustment of rights under the MACO-W2 states that the Company shall adjust the exercise price and/or the exercise ratio to purchase

1 / 5 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS • Explanation and analysis of financial performance for the year at the end of 31 December 2018

reasonable and will eventually increase Company’s profitability and benefit to obtain stronger financial condition of the Company. Thus, the Board of Directors has approved the receipt of financial assistance

assistance is reasonable and will eventually increase Company’s profitability and benefit to obtain stronger financial condition of the Company. Thus, the Board of Directors has approved the receipt of

part of the direction to resolve the grounds of possible delisting. Board of Directors and Auditing Committee’s opinion: Considering the current economic condition, Government land appraisal price

following quarter. Clause 5 To ensure that the model or method used in the stress test are appropriate to the current and possibly changing market condition, the securities clearing house shall access the

possibly changing market condition, the derivatives clearing house shall assess the appropriateness of the scenario, parameter and assumption used in the stress test on a quarterly basis or upon significant

tracking system and cargo management of the State Railway of Thailand, etc. In Q3- 2022, the change of cost of sales and service was similar to the change of the revenue. However, when compare to the costs

management of the State Railway of Thailand, etc. The total operating expenses in Q1– 2023 decreased by 25. 3% , which was a decrease in line with the decreased revenue compared to Q4–2022, in which those

sale purchase agreement with Thanasiri Group in May 2018. The condition precedent as specified in the agreement- such as the board of directors’ and/or shareholders’ meeting of the Company has approved