decline of Baht 0.28 million. This resulted largely from bonus foregone by an executive of Baht 2.25 million; an increase in salary of Baht 5.5 million due to the yearly salary base adjustment and the

46.2% -56.0 -11.5% Cost of Sales 238.2 26.0% 291.8 31.4% 53.6 22.5% Gross profit 156.2 17.1% 169.5 18.3% 13.3 8.5% Profit (loss) Fair value adjustment of investment property -3.6 -0.4% 6.1 0.7% 9.7 269.4

adjustment of operating strategies and the proportion of underwriting, resulting in the rate of the insurance claim is decreased. Please be informed accordingly. Sincerely yours, - Singed – (Mr. Wongsakorn

total 44.96 million Bath, inventory in amount 85.09 million Baht, and has increased the valuation adjustment of the available for sale of investment in amount 100.97 million Baht, decreased investment in

adjustment in Maldives, to increase occupancy and total income. Hotel Management Business The Company earned THB 27.6 million from hotel management service, decreased by THB 12.8 million or 31.7% yoy. Most of

the reduction adjustment of income of last year 3rd quarter due to project cancellation resulting in higher construction cost than income gained. Service Cost The service cost in this quarter was Baht

and Cash Equivalents Taking into account all the aforesaid as well as (i) an increase in translation adjustment, (ii) cash and cash equivalents of subsidiaries at acquisition date, (iii) cash and cash

Baht ,decreased trade account receivables, receivables from related companies increased total 66.88 million Bath and inventory increased in amount 135.77 million Baht, the valuation adjustment of the

account all the aforesaid as well as (i) a decrease in translation adjustment, (ii) cash and cash equivalents of subsidiaries at acquisition date and (iii) cash and cash equivalents of subsidiaries at

the offshore companies are represented in foreign currency, the effect of the change in the exchange rate is shown by the movement of the foreign currency 'Translation Adjustment' in the shareholders