costs and administrative expenses 70.65% compared to the same period last year Because the company has increased palm oil trading business from the distribution of tap water and tap water products

because such business has commenced operations on 1 October 2018 as follows: income Jan - Mar 2019 Jan-Mar 2018 (started business on October 1, 2018) Increase (decrease) Million baht percent 1. Crude palm

1 / 3 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  Explanation and analysis of financial performance for the three-month period ended 31 March 2019

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 150.24 92.91 21.63 87.82 128.61 594.59 Service Income 9.70 6.00 0.41 1.66 9.29

Exchange of Thailand Re: Disclosure of Information and Operations of the Listed Company in the connected transaction size, B.E. 2546, with a value of connected transaction at 132,077,686.05 Baht, the

Microsoft Word - MD&A Q2-2019 (revised 2) (1).docx                 August 6, 2019 Reference no. RWI /RY/011/2562 Subject : Management’s Discussion and Analysis of Business Operations of the Second

Management Discussion and Analysis for Interim Business Operations 2019 % 2018 % Inc./(Dec.) % Construction Income 44.36 86.52 35.57 96.14 8.79 24.71 Service Income 5.94 11.59 0.00 0.00 5.94 #DIV/0

(“arcona Hotel Portfolio”) which incorporates the operating leases of 17 existing hotels (1,792 room keys) and operating lease of 2 new hotels which expect to start operations in 2020 and 2022 (251 room keys

and existing completed projects. - Revenues from hotel operations in Q1/2018 amounted 78.97 million baht slightly increased by 5.82 million Baht or 7.96% from 73.15 million baht in Q1/2017. - Others

gas and water. • Real estate project management business for the company and the general public. The Company would like to report the operating results for the year ended 31 May 2018 which were audited