% Depreciation & amortization 6,917 8,164 8,079 17% -1.0% (Gain) loss on disposals of PPE 160 7 - -100% -100% Management benefit expense (34) (24) (48) 38% 99% Other financial cost (23) (8) (6) -75% -32% EBITDA

Increase/(Decrease) THB mm THB mm THB mm % Dividend and Management income 77.1 48.1 (29.0) (37.6%) Others 12.8 18.6 5.9 46.1% Total other income 136.9 127.3 (9.6) (7.0%) Other income during the first quarter

Malee Group Public Company Limited and Its Subsidiaries Management Discussion and Analysis For the First Quarter Ended 31 March 2018 1. Q1/2018 Highlights Figure 1: Quarterly results  In Q1/2018

พ.ศ. 2558 และให้ใช้ความ ต่อไปนี้แทน “(2) การเรียกเก็บค่าธรรมเนียมการจัดการโดยอิงกับผลการด าเนินงาน (performance based management fee) ให้เรียกเก็บได้ต่อเมื่อเป็นไปตามหลักเกณฑ์ที่ส านักงานก าหนด” ข้อ 5

- ร่าง - 1 Feb 12, 2019 Subject Management Discussion and Analysis for the periods of three months and nine months ended 31st December 2018 To President of the Stock Exchange of Thailand Secretary of

% Depreciation & amortization 4,073 6,828 6,917 70% 1.3% (Gain) loss on disposals of PPE 0 23 160 NA 594% Management benefit expense (36) (41) (34) -3.9% -15% Other financial cost (59) (32) (23) -62% -31% EBITDA

management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and collaborative research and development in technology and innovation of business management

projects and other businesses, such as hotel and office building development and service and management for real estate business. Moreover, the Company will gain benefits from the exchange of knowledge and

1 (Translation) MD. 108/2017 Aug 7, 2017 Re: Management Discussion and Analysis For the Operating Results ended June, 2017 To: President The Stock Exchange of Thailand Management Discussion and

revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis