E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the

Overview In the year 2017, the overall picture of the apparel industry remained stable in line with the Thai and global economy. The sale of goods to foreign countries has been affected by the appreciation

, bill payment, and social insurance contributions payment. As a result, the company was able to find new customers. This is consistent with the top up value, which continues to grow consistently

well as medical service concerning health and esthetics. 2. Overview of operating results in the Quarter 1’2018. The global economy has continued its steady growth as a result of a tightening monetary

, performance of this business was still a growth, mainly from a steady rental increase at Suntowers. While performance was strong and stable, Suntowers underwent various value enhancement projects, including

Industry (Laos) Co., Ltd. of 50.10MB was included in year 2016. The company sustained steady progress in its make-over strategy into renewable Energy by acquiring another 30MW of solar farms in Thailand in

for milk and yogurt and consumer was in steady state. 2. The consolidated gross profit margin was 13.48%, decreased from the same period of last year at 15.43% due to increase in plastic resin cost

electronics and screens was steady. The automotive and oil related segments saw severe drops in off-take and for the first time we saw the shutdown of the retail segment which impacted our apparel demand. • Our

2017. TRIS Rating, an associate of S&P in Thailand has affirmed the Company’s rating of “A+” and revised upwards its outlook to ‘Positive’ from an earlier ‘Stable’. From a performance perspective, this

39% to 0.54 (Net Operating Debt/Equity) and TRIS Ratings (a strategic part- ner of S&P Global) ascribed the Company’s rating at “A+”. They also upgraded the outlook of IVL to “Posi- tive” from “Stable