salary adjustment and an increase of Baht 201 million in premises and equipment expenses, while other expenses decreased by Baht 530 million mainly due to a decline in provisions for contingencies. In 2017

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

% Rental Revenue 1,118.2 1,025.3 (92.9) (8.3%) Gross Profit 672.9 485.8 (187.2) (27.8%) Gross Profit Margin 60.2% 47.4% GPM before adjustment with PPA 61.1% 47.9% Revenue from Sale of Investment Properties

Manesar amounting to Baht 6.34 million. (c) Recognition of gain on fair value adjustment of investment property during the 3- months period ended 31 October 2018 amounting to Baht 5.56 million. 2.2 PBT for

and closing restaurant business in Q3/2019.  However, company can secure bottom line with net profit 2019 increase of 12%, mainly are from o Business adjustment on rice business by focusing on mix

restaurant business in Q3/2019.  However, company can secure bottom line with net profit 2019 increase of 12%, mainly are from o Business adjustment on rice business by focusing on mix fragrance rice and

-recurrence start-up costs of setting up new branch offices in Vietnam and representative offices in Malaysia and Indonesia, including company annual salaries adjustment and lastly a higher CIT Baht 6.8 million

85.4 million mainly from variable expenses that rose along with revenues, annual salaries adjustment, and non-recurring items i.e. the pre-opening expenses of L&E Vietnam together with all registration

million baht, due to the increase of claim and loss adjustment expenses net of reinsurance in the amount of 85.12 million baht because there are several major claim incurred in this year. At the same time

up Baht 10.8 million Y-O-Y mainly from annual salaries adjustment; 3. and lower CIT of Baht 11.6 million and non-controlling interests Baht 0.2 million Yours sincerely, Mr. Anant Kittivittayakul