Management Discussion and Analysis for Interim Business Operation ( Revised ) Financial Performance for the year ended Sebtember 30, 2019 (Unit : Millon Bath) 2019 2019 Inc/(Dec) % Construction

future the existing and new customers will gain more enjoyable time and good food experience with Hot Potwhich will reflect to sales increase. 2. Financial Position Change Unit : Million baht 31 Dec 2016

6.47 6.62 24.75 19.12 (0.15) (2.27) 5.63 29.45 Operational Profit 29.38 25.08 110.27 80.90 4.30 17.15 29.37 36.30 Share of profit (loss) of associate (9.68) (9.01) (20.51) (40.44) 0.67 7.44 (19.93

) (49.15) (49.57)) Loss Tax expenses 4.17 7.68 6.42 18.27 (3.51) (45.70) (11.85) (64.86) Operational Profit 23.90 36.43 43.59 80.89 (12.53) (34.39) (37.30) (46.11) Share of profit (loss) of associate 0.06

68.57 110.27 (4.42) (15.04) (41.70) (37.82) Share of profit (loss) of associate (8.09) (9.68) (19.74) (20.51) 1.59 16.43 0.94 4.58 Net profit 16.87 19.70 48.83 89.76 (2.83) (14.37) (40.93) (45.60

) Share of profit (loss) of associate (5.44) 0.06 (9.38) (11.64) (5.50) (9313.56) 2.26 19.41 Net profit 7.51 23.96 33.68 31.95 (16.45) (68.66) 1.73 5.41 - Operational profit amounted to Baht 12.95 million

18.27 12.50 0.48 6.67 5.77 46.16 Operational Profit 36.43 31.64 80.89 55.82 4.79 15.14 25.07 44.91 Share of profit (loss) of associate (10.99) (17.40) (10.83) (31.43) 6.41 36.84 20.60 65.54 Net profit

Page 1 of 3 GEL.CS.003/2562 28 February 2019 Subject: Management Discussion and Financial Analysis for the operating results as at December 31, 2018 To: Director and Manager The Stock Exchange of

Syndicate Public Company Limited ( the “ Company” ) and subsidiaries hereby submit the Annual Financial Statements, ending June 30, 2019 and 2018, together with the clarification of the performance of the

Encls. : A copy of Reviewed Financial Statements for the second quarter 2019 ended 30 June 2019 The Company, Land and Houses Public Company Limited, would like to submit the reviewed financial statements