Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

Section 105 Securities and Exchange Act B.E. 2535 Section 105. A securities company shall prepare its accounts stating true and accurate business operation and financial condition, which must conform

securities company; or (b) an appointment is made in accordance with Section 145; (c) the securities company is a state enterprise under the law relating to budget procedures. (8) being a manager or a person

President The Stock Exchange of Thailand The Company wishes to present the Management Discussion & Analysis (MD&A) on the operating and financial status for the 3rd quarter of 2018. The MD&A would enable the

Date to Complete the Transaction : Within Quarter 2/2018 Within Q2/2018. The Company will update once the transaction has been completed. Summary of Phoenix’s financial status and performance : Details

% Food Center 64 73 (9) -13% 135 158 (23) -15% Less intercompany balance 0 0 0 0% 0 0 0 0% Revenue from sales 490 612 (122) -20% 988 1,075 (87) -8% • As a results of downturn in economics condition and

shares after the Company’s newly issued ordinary shares have been traded on the SET for 6 months according to the Notification of the Stock Exchange of Thailand Re: Criteria, Condition, and Procedure in

. due to a legal restriction or a capital venture condition imposed by the government, the trust shall acquire the maximum amount of share so permit by the law which shall in no case be less than forty