action process to decrease the proportion shareholding in beauty business to reduce the negative impact to the Company. The Company; therefore, has a plan to acquire land and buildings to do the new

[COMPANY NAME] Ref.: EFORL IR008/2019 March 7, 2019 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2018 To President The Stock Exchange of Thailand 1. Overview financial

. But the park reopening of the company cannot reduce costs as much as the number of tourists decreases since the park offer the show performance on a fix basis (1 show per day). Therefore, the decrease

which are fixed cost still exist and not variable to the income such as animal feed, utilities, water-electricity bill. Therefore, the company has managed to reduce some unnecessary expenses during the

of the Company’s shares. However, the dilution UAPC’s shares held by the Company will reduce the realized profit of the Company from UAPC from 100% to 63.75%. 11. Opinion of the Board of Directors and

MB. As the company has complied with efficiency management plan that help company reduce costs of sales and selling expenses. Please be informed. Yours Sincerely, Mr. Panya Boonyapiwat Chairman

company to reduce credit guarantee to International Commercial Coordination (Hong Kong) Limited from HKD 1,500,000.- to the balance amount of HKD 500,000.- to Bangkok Bank Plc. (Hong Kong branch), according

baht to 31.98 million baht) due to an impact from fluctuation of exchange rate. However the company attempted to reduce financial risk by hedging against forward exchange contracts. 5. The Net Profit

to the profit of 23.44 million baht) due to an impact from fluctuation of exchange rate, However the company tried to reduce financial risk by hedging against forward exchange contracts. 4. The

baht (from 14.37 million baht in 2016 to 25.24 million baht in 2017) due to an impact from fluctuation of exchange rate, However the company tried to reduce financial risk by hedging against forward