กลุ่ม Cyclical/Value มากกว่า Defensive และ น่าจะท าใหหุ้น้ในตลาด EM เตบิโตด ี • ด้านตราสารหนี้ Credit Spread ยงัคงอยู่ในระดบัที่น่าสนใจหลงัจากที่มกีารปรบัตวัขึ้นไปในช่วงวกิฤติที่ผ่านมา ในขณะทีผ่ลตอบแทน

estate market is explored in order to diversify business risk and boost recurring income. Apart from developing residential condominiums, the Company also provides real estate services and property

% (162.7) (14.2%) (199.4) (542.9%) 1 Non-recurring items is defined as expenses relating to the Combined Offering, pre-operation expenses for Project Crossroads Phase One, and gain on disposal of share of JV

debt securities issuance and offering and disclosure of foreign bank branches. Disclosure made in registration statement and post-offering periodic reports, such as financial statement and annual

2017. Excluding the non-recurring items, Company delivered net profit THB 346 mil. or growth of 3.2% y-y as well as primary due to higher Share of Profit of associates contribution. Page 4 of 4 T.K.S

, decrease by Baht 49.4 million or 38.7% from last year due to recognition of non-monetary and non-recurring expenses i.e. share- based payment of Baht 61 million and impairment loss on assets of Baht 13.4

representation of the debt securities holders, as well as where the investors may obtain access to the contract. Indicate whether the issuer is required to make periodic disclosure such as disclose the evidence

margin (exclude non-recurring cost) 30% 28% 2% 33% 31% 3% Administrative expenses before adj. 41.45 40.84 2% 83.09 88.68 -6% Adj. staff benefit 2.19 - 2.19 - Adj. previous year SW income 20.31 10.66 90

2,530 2,816 3,671 45% 30% 11,216 11,738 5% Excluding non-recurring items 2,445 2,816 3,468 42% 23% 10,823 11,621 7% Earnings per basic share (THB) 0.56 0.63 0.82 45% 30% 2.50 2.62 5% Excluding non

impairment of assets  Reported net loss of THB 388mn, mainly from loss on impairment of assets totaling THB 355mn. Excluding this and other one-off items totaling THB 43mn, Recurring net profit stood at THB