minority interest adjusted for amortisation of acquisition in MACO and share of investment in JV and associates after tax. PERFORMANCE ANALYSIS (2Q 2017/18 vs 2Q 2016/17) The Company was able to achieve a

Company set the 9 years strategy (2016-2025) with Balance, Diversify and Expand strategies to achieve the following objectives: 1. Double number of rooms in hotel operation 2. Balance the Company portfolio

' development progress not achieve the Company's target. Management Discussion and Analysis For the Three-month and Nine-month Periods Ended 30 September, 2017 Page 2 2. Operation performance according to

venture to develop condominiums together will ultimately enhance the Company’s competitiveness in order to achieve its business goals and this will reduce risk of investing in large projects. It is also a

profitability. The Company has added new growth engines through both organic and inorganic expansion which enable MACO to achieve an outstanding top and bottom line performance compared to the same period last

2017/18. PERFORMANCE ANALYSIS (3Q 2017/18 vs 3Q 2016/17) The Company was able to achieve a further significant increase in revenue and net profit, as a result of our strategic realignment despite the

comprised of PHATRA, PSEC and PASSET. Both the commercial banking business and the capital market business work closely together in order to achieve combined results in the three business objectives which the

building and a THB 35 million investment in factory operating systems. The expansion will allow After You to achieve better operational efficiency, lower costs, better quality control and more production

(iv) selective asset divestment where assets are matured or strategically unaligned. To achieve the plan above, one of the most important elements is people. The industry has been disrupted fast and

Company and its subsidiaries will closely monitor and control the operation to achieve our turnaround plan.