% Adjusted EBITDA(1) 217 444 -51% 310 -30% Adjusted EBITDA Margin (%) 7.7% 9.6% -1.9% 8.5% -0.8% Net Profit 22 64 -66% 171 -87% Extra item - - n.a. 272(2) n.a. Net Profit 22 64 -66% 443 -95% EPS (Baht/share

-50% 273 637 -57% EBITDA Margin (%) 1.4% 7.8% -6.4% 2.7% -1.3% 3.0% 5.1% -2.1% Stock Gain/(Loss) & NRV 13 -57 -123% -58 -122% -119 -439 -73% Adjusted EBITDA(1) 31 346 -91% 146 -79% 392 1,076 -64

the Stock Exchange of Thailand (the SET) within March 1, 2013. However, the audited financial statements for the year 2012 were later submitted to the SET and the SEC Office (as a substitute for the

volatility, gamblers vacate the tables and we hypothesize they substitute their gambling activities for stock market activities as the payoffs are adjusted during large market swings. A very interesting

Performance Exhibit 1: Consolidated Company’s Performance comparison of 4Q2019 vs. 4Q2018 vs. 3Q2019 vs. FY2019 vs. FY2018 Note: (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and

- zinc structural steel pipe under the Company’s brand “ZIGA” and electrical conduit under the Company’ s brand “DAIWA”. They are innovative substitute products for hot-dip galvanized product or painted

instrument, to the point where informal mechanisms such as corporate culture have only a limited role to play. In other words, powerful boards might serve as a substitute for a strong corporate culture. This

expense over earned premium moreover increased from 58.1 % in the same period last year to 63.5% this year because the term and condition of compulsory motor policies had been adjusted in accordance with

, and eventually dropped. Premium on certain policies had been adjusted to suit their corresponding risks. Also, earned premium had risen by 16.45% Motor insurance contributed 75.29% to the company’s

, as described hereinafter, there shall be no negative impact to the returns or benefits, which the warrant holders or warrant substitute holders shall receive once they exercise their rights. 1. The