current investment which is cash received from the private placement capital increase in Q1/2018. 2. Cost of sale , Profit margin In Q1/2018 the company had cost of sale Baht 78.13 million compare with the

THB million % THB million % Sales THB million % Sales THB million % Revenue from Sales 4,544.26 100.00 4,492.38 100.00 51.88 1.15 12,856.87 100.00 12,205.06 100.00 651.81 5.34 Gross Profit 713.64 15.70

of the REIT; (8) taking advantage of trust property; (9) money borrowing and encumbrances of the REIT; (10) property valuation; (11) the transactions between the REIT and the REIT manager or related 3

Osotspa Public Company Limited Q1’19 Management Discussion & Analysis 14 May 2019 Q1’19 Management Discussion & Analysis Page 1/6 Financial Highlights - Q1’19 Net profit* was at THB 888 million

: Operating Result Company’s Financial Statement in the Quarter 2/2019 has net profit amount to Baht 1.56 million or Baht 0.09 per share compared to the net loss of Baht 7.39 million in the Quarter 2/2018. Our

compared to the same period of last year. Non-recurring Item In Q3’2018-2019, the company booked provision for retirement benefit amounted Baht 22 million. This was due to the changes in the Labor Protection

Quarter 1 /2018. The major part was income from transportation revenue, income from voucher unused from customers and compensation from delayed construction. Cost of Sales and Gross Profit Unit : THB mm

: (Unit: Thousand Baht) Revenue Gross profit Selling Admin Net profit Q2/18 221,202 78,238 21,637 19,916 35,335 Q2/19 229,355 83,001 22,124 18,495 28,250 Change 8,153 4,763 487 (1,421) (7,085) % Change 3.7

current investment. 2. Cost of sale , Profit margin For year 2018, the company had cost of sale of 396.52 million bath compare to 333.48 million baht last year with the increasing of 63.04 million bath or

any facts that are material. 3. Opinions of the independent expert on the entering into the transaction The Company has appointed Capital Advantage Company Limited as the independent financial advisor