governance), nor the labelling of the SLBs which the final decision is left to CHANEL. This opinion does not constitute a verification or certification. Our opinion is built on the review of the following

20.0 mm or 7.8% from the same period of previous year. The main reason was due to higher occupancy rate of Ready-Built factories and warehouses.  Gross profit from rental and service of warehouses

objectives. The ICO portal shall be incorporated in Thailand with a minimum registered capital of 5 million baht, which is in line with requirements on equity crowdfunding portals. • From a legal standpoint

% for the warehouse rental and service business which decreased from 57.0% in the same period of previous year, mainly due to change in product mix between Built-to-Suit and Ready- built facilities. 2

WHABT as mentioned above. However, the Company had higher occupancy rate for ready-built facilities as well.  Gross profit from rental and service of warehouses, distribution centers and factories during

SECURITIES AND EXCHANGE COMMISSION, THAILAND ANNUAL REPORT 2014ANNUAL REPORT 2014 CONTACT INFORMATION This report can be downloaded from www.sec.or.th For more information about this report, please contact: SECURITIES AND EXCHANGE COMMISSION, THAILAND 333/3 Vibhavadi-Rangsit Road, Chomphon, Chatuchak, Bangkok, Thailand 10900 Tel. 1207 or +66 2695 9999 e-mail: info@sec.or.th This 2014 Annual Report is about policies, strategies and performance of the SEC. We aim to supervise and develop the Thai...

gross margin in was 47.9% which decreased from 61.1% in 2017. The decrease in genuine gross margin, compared to the same period of last year, was mainly due to change in product mix between Built-to-Suit

Built-to-Suit and Ready-built facilities. Industrial Development Business Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 460.6 1,789.8 1,329.2 288.6% Gross Profit 116.5 949.2 832.7

and services increased by 5.8%, mainly from continuously increase in occupied area of ready-built factories and warehouses. • Revenue and share of profit from sale of investment properties was THB

genuine gross margin in 2017 was at 57.5% for the warehouse rental and service business which decreased from 69.0% last year, mainly due to change in product mix between Built-to-Suit and Ready-built