enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

campaign, including event “The Legendary of Carat & Celebrating 90 Years Timeless Excellence” which result in revenue from sales increase. 1/3 Unit: Million Baht YOY % Revenue from sales 512.13 100.0% 423.88

ส่งเสริมการขาย รวมถึงงาน The Legendary of Carat & Celebrating 90 Years Timeless Excellence ส่งผลให้รายไดข้องบริษทัเพิ่มข้ึนตามล าดบั • อตัราก าไรขั้นตน้เพิ่มข้ึนจากไตรมาสเดียวกนัของปีก่อนจากร้อยละ 41.2

lasted through the quarter. 2. Net marketing margin decreased, compared to the previous quarter, as the retail price was unable to keep up with the velocity of rising cost, combined with the government’ s