:: Annual Report 2013/14 ::

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29.4%

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'6&E ę ()ę6 6 ) 2556/57 : 3,121.2 ' E##Ĕ6 9 9A1.

C%A 8'Ĝ A '

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821

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10.3%

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2556/57

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2556/57

10,375.5 )Ä&#x2122;6 6

2555/56

8,766.8 2555/56

(15.5)%

Net recurring proďŹ t3

()Ä&#x2122;6 6 ) 2556/57

2,611.6 2555/56

()Ä&#x2122;6 6 )

3,422.9

(%)

A )9I& B )

2556/57

5,080.7 )Ä&#x2122;6 6

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(32.6)%

Net proďŹ t after minority interest4

()Ä&#x2122;6 6 )

A )9I& B )

2556/57

1,030.0 )Ä&#x2122;6 6

2555/56

153.5%

12,644.9

53.1%

2556/57

3,218.5 2555/56

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7,073.3 2555/56

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2556/57

4,659.3 )Ä&#x2122;6 6

2555/56

(30.9)%

2,644.2 DSCR10 (A Ä&#x2DC;6)

A )9I& B )

2556/57

4,359.1)Ä&#x2122;6 6

2555/56

62.3%

5.43x

2556/57

48.8%

2555/56

4.4%

A )9I& B )

2556/57

A )9I& B )

2556/57

1,718.6 )Ä&#x2122;6 6

2555/56

9.7%

2555/56

635.8%

25.6%

15.9%

A )9I& B )

(10.0)%

39.0% 7E' Ä&#x2DC;1/<Ä&#x2122; ( 6 )

49.0%

A )9I& B )

529.0%

1.0819

0.1720 6

B. 6 4 6'A Ă¨

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()Ä&#x2122;6 6 )

A )9I& B )

Net recurring proďŹ t margin6 (%)

'4B.A Ă¨ .

CFO7 ()Ä&#x2122;6 6 )

Operating EBITDA margin5 (%)

15 '6 7E' 7A 8 6 5J Ä&#x2122;

A )9I& B )

A Ă¨ . B)4'6& 6'A 9& A Ä&#x2DC;6A Ă¨ . ()Ä&#x2122;6 6 ) 2556/57

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15 '6/ 9J.8 .< 8 Ä&#x2DC;1 < (A Ä&#x2DC;6) 2556/57

1,329.1 )Ä&#x2122;6 6

2555/56

3,513.3 )Ä&#x2122;6 6

2555/56

98.9%

7,862.8 .8 '5"&Ä&#x153;'+% ()Ä&#x2122;6 6 )

A )9I& B )

2556/57

4.07 A Ä&#x2DC;6

2555/56

33.4%

76,757.1

123.8%

(0.02)x

0.17 A Ä&#x2DC;6

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2556/57

67,290.9 )Ä&#x2122;6 6

2555/56

14.1%

59,762.3

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(111.9)%

A )9I& B )

18.3%

50,501.7 )Ä&#x2122;6 6

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47.2%

5,892.5

2552/53

2553/54

2554/55

'6&E ę 6 6' 7A 8 6 )ę6 6

8,766.8

5,630.8

7,719.8

10,375.5

43.0%

41.9%

2555/56

2556/57

15 '6 7E' 7A 8 6 5J ę (%)

×ÌÙÈÛÐÕÎ ³ «? L34L1¬ X?J ×ÌÙÈÛÐÕÎ ÔÈÙÎÐÕ¶«¨¬ 53.6% 45.8%

2,548.9 2553/54

2554/55

2555/56

2556/57

3,422.9

39.0%

4,140.7

2,578.6 2552/53

Operating EBITDA (THB mn)

Operating EBITDA margin (%)

GK/=LE3O`DN3DR12N/ G1R3 «W1 L¬ 0.67

0.56

0.44 2554/55

(0.02)

2553/54

0.17

2552/53

2555/56

2556/57

DN31=K8< =A; «? L34L1¬

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4#² 4L" G D;L= 1 L= . &NDW1;

4;#² 23L L= =R"W18

W;QG_ AK31O_ 27 8>C:L ; 2557 4=þC1K I [. W L&QG` ER3 2ú© G" 4#² 3SYA [?3 WGW#3&O_ #L X5&N9 Ă HL= W4G= XG^.[AW&G= D 8ċ1GO ²O ?N;WN /^. 1dLZE D.K D A3 L=0QGER3 G"4=þC1K I Z3 4#² 3SYA [?3 WGW#3&O_ W8Ċ;_ Ā3` W5 3 1úú© (5) W;QG_ AK31O_ 3ú 8>C:L ; 2557 DK.D A3 L=0QGER3 G"4=þC1K I Z3 4;#² Aÿ #O [G Y ?4G? ;OW.O< W8Ċ;_ Ā3` #L 1ú²84© W5 3 13²65© D "6?ZE D.K D A3 L=0QGER3 G" ?R; 4=þC1K 4O1WO GDZ3 4;#² Aÿ #O [G Y ?4G? ;OW.O< W8Ċ;_ Ā3` W5 3 64²65©

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5 G/K`" AK3W=þ_;&Q`G L<E?K 1=K8< %Q_G< GE?K 1=K8< 1R3#.1JW4O<3 1R3#.1JW4O<3%dL=JX? A1 #dL3A3ER 3#.1JW4O<31 ;S? LER 31O_/=L[A #dL3A3Z4DdL K}XD."DN12N (BTS-W3)1 #dL3A3Z4DdL K}XD."DN12N (BTS-WA)1 #dL3A3Z4DdL K}XD."DN12N (BTS-WB)1

2511 1 ;O3L ; 2534 BTS 63,652,544,720 4L1 47,656,922,100 4L1 15,913,136,180 ER 3 4.0 4L1/ GER 3 3,944,626,464 E3 A< 100,000,000 E3 A< (ESOP) 16,000,000 E3 A< (ESOP)

1 - AK31O_ 31 ;O3L ; 2557

1O_/K`"DdL3K "L3ZE}

7 L<DQ_GDL=G" =

%K`3 14 ± 15 GL L=1OWGD1O1LAWAG= 21 &G<W$<8 A" 033Aþ:LA.O=K"DN/ X A"#G;8? W /#/R#K = =R"W18;EL3 = 1ú»úú W? 1O_#.1JW4O<3 ú1ú7536úúú421 WA^4[&/ ßßß²ÊÜÛÏÚ×ÝØ²Ë×²ÜÐ

GOW;? ¼ Ë×ÚØË×ÕÕÂÊÜÛÏÚ×ÝØ²Ë×²ÜÐ Y1=BK81 ¼ ¯66 ¬ú) 2617 73úú 1832 Y1=DL=¼ ¯66 ¬ú) 2617 7135

3L<1JW4O<3E?K 1=K8< 4=þCK1 BS3< =K47L E?K 1=K8< ¬5=JW1B[1<) #dL K. 62 GL L=/?L.E?K 1=K8< XE "5=JW1B[1< 0²=K%.L:NWC X A" ?G"W/< W / ?G"W/< =R"W18I 1ú11ú Y1=BK81 ¼ ¯66 ¬ú) 222» 28úú Y1=DL=¼ ¯66 ¬ú) 235» 125»

6S DG44K}%O 4=þCK1 DdL3K "L3 GOAL< #dL K. %K`3 33 GL L=W? =K%.L 1»3/136±137 033=K%.L:NWC W / ?G"W/< =R"W18I 1ú11ú Y1=BK81 ¼ ¯66 ¬ú) 2264 ú777 Y1=DL=¼ ¯66 ¬ú) 2264 ú78»±»ú 3L"DLABN=L:=- WGQ`GG3K3/ R? 6S DG44K}%O=K4G3R}L/1JW4O<3W? 1O_ 3844

1O_5=Ā CL (E;L< /N./ G DdL3K "L3ZE} Y1=BK81 ¼ ¯66 ¬ú) 2273 8511±5, ¯66 ¬ú) 2273 8611±5 Y1=DL=¼ ¯66 ¬ú) 2273 861ú, ¯66 ¬ú) 2273 8616

4=þCK1 Aÿ=JA"B , %N3AK,3 X?JW8ċ<"83G #dL K. %K`3 22 GL L=W;G= NA=ÿ_ 1LAWAG= , 54ú 033W8?N3#N/ X A"?R;8Ċ3O W /51R;AK3 =R"W18I 1ú33ú Y1=BK81 ¼ ¯66 ¬ú) 2264 8úúú Y1=DL=¼ ¯66 ¬ú) 2657 2222

W? L3R L=4=þCK1 GOW;? ¼ ×ÕØÉÖá ÍËÚÍÜÉÚáÂÊÜÛÏÚ×ÝØ²Ë×²ÜÐ Y1=BK81 ¼ ¯66 ¬ú) 2273 8611±5 §1525, 1531 Y1=DL=¼ ¯66 ¬ú) 2273 861ú

7 L<3K ?"1R3DK;8K32

4=þCK1 DdL3K "L3 (E;L< X 5 /G? #dL K. 44 GL L=D;S1[?9 1LAWAG= %K`3 18 033DL1=WE3QG X A"DO?; W /4L"=K =R"W18I 1ú5úú Y1=BK81 ¼¯66 ¬ú) 2633 »ú88 Y1=DL=¼ ¯66 ¬ú) 2633 »ú8»

GOW;? ¼ ÑÚÂÊÜÛÏÚ×ÝØ²Ë×²ÜÐ Y1=BK81 ¼ ¯66 ¬ú) 2273 8623, ¯66 ¬ú) 2273 8631 ¯66 ¬ú) 2273 8637 Y1=DL=¼ ¯66 ¬ú) 2273 861ú

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

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2542

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#.1JW4O<3 G/K`"W5 34=þCK1#dL K. W8č_G.dLW3N32R= N# . L3 L=8K,3LGDK"EL=þ;1=K8<

5=J%L%3Y.<1K_A[5

2531 W5 . /K A ð23L&N /O` ñ &P_ " W5 3 Y =" L=8K , 3LGDK " EL =þ;1=K8< Y =" L=X= G"4=þCK1I &P_"/K`"G<S Z ? K4 1 LGL LB<L3DRA==-:S;N

2534 ;O 3 L ; : 23L<" W L #.1JW4O < 3Z3/?L.E?K 1=K8< I :L<Z/ E;A.8K,3LGDK"EL=þ;1=K8<

2535 23L<" #.1JW4O<3 G/K`"4=þCK1=J44 3D ";A?%3 =R"W18 #dL K. ¬4O1OWGD&O) W5 34=þCK1< G< W8č_GW L?" 3L;Z3DK}}LDK;51L3#L =R"W18;EL3 = ¬ 1;²) Z3 L=D= L"X?J4=þEL==J44=0[99 LXE "X= G" =R"W18;EL3 =

2536 23L<" #.1JW4O<3X5=D:L8W5 34=þCK1;EL%3#dL K. X?JZ% %Q_GA L 4=þCK1 23L<" #dL K. ¬;EL%3)

2540 W N . Aþ >/N W B=C* N # Z3:S ;N : L WGW%O < L W"þ 3 4L1 G G3/KA?"0P" 13ú© W;Q_GW1O<4 K4W"þ3D R?.G??L= DE=K*I Z3% A"WA?L[; 0P" 6 W.QG3 &P_"D "6? =J14 / G1K`" 23L<" X?J4O1OWGD&O W3Q_G"#L 1K`"DG"4=þCK1;O :L=JE3O`DN3Z3D R?.G??L= E=K*I Z3DK.D A31O_DS"

2549 23L<" GG #L X639ąć39Ě N# L= X?JE?K 1=K8< 23L<"[. =K4G3R}L/ZE ?K4W L;L&Q`G L<Z3/?L. E?K 1=K8< I W;Q_GAK31O_ 28 2K3AL ; 254»

2549 – 2551 BL?? ; ?J?L< ?L";O d L DK_ " ZE 4O 1O W GD&O W L DS =J4A3 L=9ąć39Ě N# L= &P_"Z3=JEA L"3K`3DK.D A3 L=0QGER 3 G"23L<" ?.?"#3WE?QG3 G< A L 1© G"ER 31K`"E;. G"4O1OWGD&O #L 3K`34O1OWGD&OGG #L =J4A3 L=9ąć39Ě N# L=Z35 2551

2552 8>C:L ; : 4O 1O W GD&O W =þ_ ; ZE 4 =þ L=W.N 3 =0X?J & G;4dL=R"D A3/ G <L<DL<DO?; ¬DJ8L3/L DN3 ± A"WAÿ<3ZE} ) :L<Z/ DK}}L L=ZE 4=þ L=W.N3=0X?J & G;4dL=R"

DN"EL ;: 4O1OWGD&OGG ER 3 S 5=JW:1[; . G<DN12N [; ;O 5 =J K 3 ;S ? L =A; 12,úúú ? L 34L1 ZE X 3K ?"1R3Z35=JW1B W8č_G%dL=J Q3E3O`W.N;1O_;OG<S

K3<L<3: 4O1OWGD&O <L<2R= N#[5DS 2R= N#DQ_GY!C-L Y.< L=W L&Q`G N# L= G"Aÿ#O[G 1úú©

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

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;N0R3L<3 – DN"EL ;: 4=þCK1I WD3G L<ER 3W8Ċ_; 1R 3 G"4=þ CK 1 I ZE X 6S 0Q G ER 3 W.N ; X?J ?R ; 4R ? W$8LJW#LJ#"W8č_G3dLW"þ3;L# L< Q3W"þ3 S <Q;1O_Z% Z3 L= &Q`G N# L=4O1OWGD&OX D0L4K3 L=W"þ3

2554 ; =L ; : 4=þ CK 1 I GG ER 3 S X 5?"D:L8 ;S? L=A; 1ú,úúú ? L34L1 Y.<;O L=[0 0G3W5 3 D R ? .G??L= D E=K * I /L;;S ? L 1O_ d L E3. ¬ ÐÉÑ ÉÐÜ ÌÍÖ×ÕÑÖÉÜÍÌ ÉÖÌ ² ² ×ÔÔÉÚ ÛÍÜÜÔÍÌ) W8č_G L<ZE X 3K ?"1R3Z3/ L"5=JW1B Y.<3dLW"þ31O_[. #L ER 3 S X5?"D:L8[5# L< Q3W"þ3 S <Q; " L"#L L=&Q`G N# L=4O1OWGD&O

<L< G"DL<DR Ė;Aþ1 ¬G G33R% – X4=þ_") :L<Z/ DK}}L L=ZE 4=þ L=W.N3=0X?J& G;4dL=R"

2555 8>C:L ;: 4O1OWGD&O[. ?"3L;Z3DK}}L L=ZE 4=þ L=W.N3=0X?J& G;4dL=R"D A3/ G <L< G"WD 3 1L"W.N3=0DL<DOW ÿ<AW5 3WA?L 3ú 5 /K`"X/ 5 2555 0P " 2585 1O_ G <S : L<Z/ L=.S X ? G" 1;² X?J WD 31L"E?K :L<E?K" =4 dLE3.GL<RDK;51L3Z3 AK31O_ 4 2K3AL ; 2572 #30P" 2 8>C:L ; 2585

/R ? L ; : 4=þ CK 1 Aÿ #O [ G Y ?4G? ;O W .O < #d L K . ¬;EL%3) &P_ " W5 3 4=þ CK 1 < G < G" ?R ; 4=þ CK 1 [. W L #.1JW4O < 3X?J&Q` G L<Z3/?L.E?K 1=K 8 < Y.<Z% %Q_G< G î ï

G3L /1O_#JW N. Ā`3#L L=.dLW3N3"L3 G"=0[99 L DL<E?K Z3% A "=J<JWA?LDK ; 51L31O_ 1d L K 4 1;² 17 5 1O_WE?QGG<S ZE X G"1R3 Y.<4O1OWGD&O <K " "W5 3 6S =K 4 DK ; 51L3 W5 3 6S Z E 4 =þ L=W.N 3 =0 =J44=0[99 L DL<E?K X/ W 8ċ < "6S W .O < A GO 1K` " ?R ; 4=þ CK1 <K " W5 3 6S 0QG E3 A <?"1R 3 =L<ZE} 1_ODR. G" G"1R 3 Y.< ?R ; 4=þ CK 1 ?"1R 3 W5 3 DK.D A3 33²3© G"#dL3A3E3 A<?"1R31K`"E;.Z3 =L<?JWGO<.W8Ċ_;W/N; .SZ3 EKA G ¦ $6" '+% 1 < 9 9A1.C ' v {}z

2K3AL ;: 4O1OWGD&O = A; K4 =R"W18;EL3 = W5 . ZE 4=þ L==0[99 L4O1OWGDD A3/ G <L<DL<DO?;#L D0L3OWAÿ<3ZE} ¬ 8) 0P"D0L3O4L"EA L ¬ 12) G< L" W5 31L" L= W;Q_GAK31O_ 5 2K3AL ; 2556

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79.3

96.5

105.1

118.5

131.9

138.6

132.9

135.9

144.5

145.2

176.0

197.2

214.7

N.A.

21.8%

8.9%

12.7%

11.3%

5.1%

-4.1%

2.3%

6.3%

0.5%

21.3%

12.0%

8.9%

26.8

57.2

57.8

60.0

62.2

63.7

64.9

69.1

80.6

86.4

N.A.

113.1%

1.0%

3.9%

3.5%

2.6%

1.8%

6.4%

16.6%

7.2%

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8K,3L L=DdL K}Z35 ³¶¶·²¶¸

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G;S?DdL K}1L" L=.dLW3N3"L3

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49.4%

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2551/52

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D A3X4 " L=/?L. GR/DLE ==;DQ_GY!C-L Z35=JW1B[1<

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Y1=1KB3 E3K"DQG8Ċ;8

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2552/53

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14,729 14,993 8,049 7,566

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Aþ1<R

6,136 6,335

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5,361 5,653

5.2%

DQ_G ?L"X# "

4,159 4,472

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3,522 3,189

DQ_GZ3E L"D==8DN3 L

2,486 2,813

GN3W/G= W3^/

860 645

0.9%

7.0% 10.4%

11.6%

2556/57 33.4%

XE? "1O_;L¼ 4=þCK1 W.GJ 3O?WD^3 G;5J3O ¬5=JW1B[1<) #dL K.

2555/56

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;S? L L=Z% # L<DQ_G.N#N1K?X?JD A3X4 " L=/?L.«5 ³¶¶µ°³¶¶·¬

57.4%

58.9%

60.4%

59.3%

60.1%

25.9%

25.0%

23.6%

23.1%

9.2%

9.0%

2554

2555

3.56%

28.3%

2.34%

30.5%

1.92%

31.0%

2,005

;S? L L=Z% # L< G"DQ_G.N#N1K? ¬? L34L1) D A3X4 ";S? L L=/?L. G"DQ_G.N#N1K? ¬©)

33.5% 30.6%

2,738

59.9%

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20,000,000

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40,000,000

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311,000,000

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3N/N4R ?

4#² 4L" G W8< W;3/ Y&?S%K3D

5=JW:12R= N#

D0L31O_/K`"

1R3%dL=JX? A ¬4L1)

#dL3A3ER 31O_#dLE3 L< [. X? A1K`"E;.

5=JW:1

DK.D A3 L=0QGER 3 ¬= G<?J)

2R= N#8K,3L&G9/ XA= X?JZE 4=þ L=1L"W1 Y3Y?<O

21 1OWGD1O1LAWAG= %K`31O_ 24 0²Aþ:LA.O±=K"DN/ X A" #G;8? W /#/R#K = =R"W18I 1ú9úú Y1=BK81 ¼ ú 2617 988ú Y1=DL=¼ ú 2617 9881

12,500,000

5,úúú,úúú ER 3 ¬;S? LER 31O_/=L[A ER 3?J 5 4L1)

ER 3DL;K}

6ú²úú ¬0QGER 3Y.< 4#² 4O1OWGD X?3. )

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:L8=A;2R= N#5=J#dL5 Z3D A33O`#J3dLWD3G :L8=A;/?L.1R3 :L8=A; L=4=þEL=#K. L= AL;WDO_<" AL; =K46ġ.%G4/ GDK" ; %R;%3 X?JDNĎ"XA.? G; =A;0P" dLG2N4L<X?JAþW =LJE 6? L= .dLW3N3"L3 G" ?R ;4=þCK1 4O1OWGD

4.1 :L8=A;/?L.1R3 4.2 :L8=A; L=4=þEL=X?J#K. L=

5 ##K< AL;WDO_<" 4.3 AL;=K46ġ.%G4/ GDK" ; %R;%3

X?JDNĎ"XA.? G; 4.4 dLG2N4L<X?JAþW =LJE 6? L=.dLW3N3"L3

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

4.1 :L8=A;/?L.1R3

Z35 ³¶¶·²¶¸ 4=þCK1I # L<W"þ35 36?1K`"E;.W5 3W"þ3 ¸±ù¸ 8K3? L34L1 W5 3[5/L;3Y<4L< L=# L<W"þ35 36?DdLE=K4 ´ =G4=J<JWA?L4K}%O/L;1O_ [. 5=J LB[A Y.< - AK31O_ 22 8>C:L ; 2557 4=þCK1I # L<W"þ35 36?DdLE=K4=G4 12 W.QG3 ? LDR.Z3GK/=LW"þ35 36?/G4X131O_ 7²34%® &P_"DS" A LGK/=LW"þ35 36?/G4X13W$?O_< G".K%3O S 50 1O_ 3²29%®® L=AþW =LJE =L LE?K 1=K8< G"4O1OWGD E?K"#L 5 2555/56 &P_"W5 35 1O_=L LE?K 1=K8< G"4O1OWGD5=K4/KADS" A LGK/=L L=W/N4Y/ G".K%3O/?L.E?K 1=K8< G< L";L Z35 3O`=L LE?K 1=K8< G"4O1OWGD [. 5=K4/KA[5Z31NB1L"W.O<A K4.K%3O/?L.E?K 1=K8< =L LE?K 1=K8< G"4O1OWGD 5=K4/KA?.?" 10²6% #L 5 1O_X? AY.<5 .1O_=L L 8²40 4L1/ GER 3&P_"DS" A L.K%3O /?L.E?K 1=K8< 1O_?.?" 11²8% G< L"[= ^/L; <K" "/_dL A L.K%3OE?K 1=K8< Z3E;A.2R= N# 3D "X?JY?#ND/N D 15_O =K4/KADS" Ā3` 6²4% 3G WE3QG#L WE/R L=- /L "] 1O_D "6? =J14/ G=L LE?K 1=K8< 4O1OWGD1O_#J ? LAZ3D A30K.[5#dL3A3ER 31O_GG X?J#dLE3 L<X? A G"4=þCK1I W8Ċ_; Ā`3 7²3% #L 5 G3 Z3[/=;LDX= G"5 4} K %O3`O .K%3O/?L.E?K 1=K8< [. =4K 6? =J14#L L=?.DK.D A3 L=?"1R3 G"3K ?"1R3/ L"%L/N &P"_ W5 36? =J14#L L=5=J LB G"23L L= ?L" G"DE=K*GW;=þ L 1O#_ J?.;L/= L=GK.$O.D:L8 ? G"E=āG ÉØÍÚÑÖÏ &P"_ =L L E?K 1=K8< G"4O1WO GD ^5=K4/KA?.?"W5 3 7²65 4L1/ GER3 Z3AK31O_ 28 ;N03R L<3 2556 #L 9²35 4L1/ GER3 Z3AK31O_ 2 W;CL<3 2556 X?J5=K4/KA?.?"/Ld_ DR.Z3=G45 1_O 7²20 4L1/ GER3 Z3AK31O_ 24 ;N03R L<3 2556 &P"_ ER3 5=JW:11OZ_ E G/K =LW"þ35 36?/G4X13DS" ¬£ÑÍÔÌ ÛÜ×ËÓ) #J[. =4K 6? =J14DS"1OD_ .R W3QG_ "#L L=W5?O<_ 3X5?" L= L. L=- 1NB1L".G W4O<` Z3/?L. X?J6S0 GQ ER3 4O1WO GD[. L<ER3 W8čG_ =K4=S Ld [=#L L= L<=L<[. LY.<DL=DR12NZ3G3L /X G"1R3 S

G< L "[= ^ / L; D0L3 L=- L=%R ; 3R ; 1O_ /P " W =ÿ < ./?G.#3 L=5 . =R " W18I ¬ ÉÖÏÓ×Ó SÐÝÜÌ×ßÖ) Z3AK31O_ 13 ; =L ; 2557 1dLZE ;O L=[E?GG G"W"þ31R3 / L"5=JW1BGO =G4E3P_" =L LE?K 1=K8< G"4O1OWGDW=þ_;5=K4/KA?.?"Z3% A" ?L" W.QG32K3AL ; 2556 Y.<?.?"/_dLDR.1O_ 7²90 4L1/ GER 3 - AK31O_ 6 ; =L ; 2557 =L LE?K 1=K8< G"4O1OWGD1="/KA#30P"DNď3W.QG3;O3 L ; 2557 0P"X; #J;O L= 5=J LB# L<W"þ35 36?=JEA L" L? =K`"1O_ 2 ¬5=J LB - AK31O_ 10 ; =L ; 2557 X?J dLE3.AK31O_[; [. =K4DN12Nc5 36? ¬¢ ) - AK31O_ 23 ; =L ; 2557) =A;0P" L=W L= A;5=J;S?Y =" L==0[99 LZ/ .N3DL< 16 Z3 =R"5 NĎ" X/ ^<K" " ^[. =K4 6? =J14#L L=1O_BL?=K*2==;3S};O dL8Ċ8L CLA L= L"8=J=L%4K}}K/NW8č_G L=8K,3LY ="D= L"8č`3*L3 2²2 ? L3? L34L1 K.=K*2==;3S}Z3W.QG3;O3L ; 2557 X?JD0L3 L=- AL;[; ;K_3 "1L" L=W;QG"1O_W N. Ā`3G< L"/ GW3Q_G" =L LE?K 1=K8< G"4O1OWGD Z35 ³¶¶·²¶¸ 4L1

? L34L1

12.00

5,000 4,500

11.00

4,000

10.00

8.80

8.95

9.00

8.40

3,500 8.40 3,000 2,500 2,000 1,500 1,000 500 0

8.00

% A "W.QG 3 = (L ;#30P" W.Q G38>B#N L<3 =L LE?K 1=K8< G"4O1OWGD5=K 4 /KADS" Ā`3;L 1 L; ?L" AL; K.X< "1L" L=W;QG" AL;[; X3 3G3 G"=K*4L?Z3 L= GG3R;K/NY =" L= 2²2 ? L3? L34L1W8č_G L=8K,3LY ="D= L"8č`3*L3. L3 ;3L ; 3D " G"5=JW1B X?J L=[E?GG G"W"þ31R3/ L"%L/NG< L"/ GW3Q_G" Y.<=L LE?K 1=K8< G"4O1OWGD5=K4/KA Ā`3DS" A L.K%3O/?L.E?K 1=K8< G< L";L Y.<;O=L L5 .DS"DR.1O_ 9²35 4L1/ GER 3 - AK31O_ 29 8>B#N L<3 2556 ¬DS" A L .K%3O/?L.E?K 1=K8< 0P" 12²1%) &P_"W5 36?;L#L 6? L=.dLW3N3"L31O_X ^"X = " ¬D A3E3P"_ W5 36?;L#L L=5=K4 Ā3` GK/=L LY.<DL=Z3AK31O_ 1 ;N03R L<3 2556) =A; 1K"` L=# L<W"þ35 36?=JEA L" L? =K"` 1O_ 1 ¬5=J LB - AK31O_ 9 DN"EL ; 2556 X?J Ā`3W =ā_G"E;L<6S &`GQ E?K 1=K8< [; [. DN12N=K4W"þ35 36? ¬¢ ) Z3AK31O_ 22 DN"EL ; 2556) X?J L=5=J LBGG Z4DdL K}XD."DN12N S±¡3 ¬5=J LB - AK31O_ 23 DN"EL ; 2556 [. =4K L=G3R;/K #N L 1O5_ =J%R;6S0 GQ ER3 Z3AK31O_ 11 /R?L ; 2556 X?J Ā3` W =āG_ "E;L<6S& G`Q E?K 1=K8< [; [. D1N 2N=4K Z4DdL K}XD."DN12N1#_O J&QG` E?K 1=K8< ¬¢¡) Z3AK31O_ 16 /R?L ; 2556) &P_"XD."ZE WE^30P"BK <:L8Z3 L=W/N4Y/G< L";K_3 "X?J AL;DL;L=0Z3 L=/ L3X=" =J14#L D0L3 L=- /L "] G"2R= N#/ L"] G" ?R; 4=þC1K 4O1WO GD ® N.W5 3W"þ35 36?# L<1K`"DNď3Z3GK/=L 0²60 4L1/ GER 3 Y.< Ā`3G<S K46? L=G3R;K/N G"1O_5=J%R; 6S 0QGER 3Z3 L=# L<W"þ35 3"A.DR.1 L<Z3GK/=L 0²21 4L1/ GER 3 1K`"3O` GK/=LW"þ35 36?/G4X13 N.#L =L LER3 E3P"_ AK3 G3 -J ==; L=4=þC1K ;O;/NG3R;/K N L=# L<W"þ35 36?Z3X/ ?J =K"` ®® 6?=A; G"W"þ35 36?/ GER3 ¬ S) 1O _ 3`Ā W =āG_ "E;L<6S& G`Q E?K 1=K8< [; [. D1N 2N=4K W"þ35 36? ¬¢ ) Z3=G4=J<JWA?L 12 W.QG3? LDR. EL=. A<=L LE?K 1=K8< - AK31O_ 22 8>C:L ; 2557

7.00

7.50

7.20

6.00 5.00 4.00

1 1 1 1 1 1 1 1 1 1 1 1 W;²<² 8² ² ;N²<² ² ² D² ² ²<² /² ² 8²<² 2² ² ;² ² ²8² ;O² ² 56 56 56 56 56 56 56 56 56 57 57 57 BTS Daily Traded Value ¬X 3 AL) SETTRANS Index BTS TB Equity SET Index XE? "1O;_ L¼ ßßß²ÛÍÜÜÚÉÌÍ²Ë×Õ

=L LZ4DdL K}XD."DN12N ° ³ «&Q`G L<AK3DR.1 L< - AK31O_ 1¶ /R?L ; ³¶¶·¬ ? L34L1

4L1 0.80 0.75 0.70 0.65 0.60 0.55 0.50 0.45 0.40 0.35 0.30

0.75

0.71

0.7 0.61

0.6

0.4

0.42

30 31 31 28 31 30 31 30 31 31 30 31 8²<² 2² ² ;² ² ²8² ;O² ² W;²<² 8² ² ;N²<² ² ² D² ² ²<² /² ² 55 55 55 55 55 55 55 55 55 56 56 56 BTS/W2 TB Equity Turnover ¬X 3 AL) XE? "1O;_ L¼ ßßß²ÛÍÜÜÚÉÌÍ²Ë×Õ

1,000 900 800 700 600 500 400 300 200 100 0

?R ;4=ĂžCK1 4O1OWGD =L<"L35=J#dL5 2556/57 =L LZ4DdL K}XD."DN12N Â&#x2039;Â?Â&#x153;Â°Â Â´ ÂŤ&Q`G L<AK3X= - AK31O_ 1Âš 8>B#N L<3 ÂłÂśÂśÂˇÂŹ

.K%3O/?L.E?K 1=K8< XE "5=JW1B[1<W5=Ăż<4W1O<4 K4.K%3O/?L.E?K 1=K8< G"5=JW1B Z ? W O<"

4L1 1.40

? L34L1 1.23

1.20

1.07

1.000.96

1.00 0.81

0.81

0.90 0.85

0.80 0.72

0.60 0.40 0.20 0

0.93

1,600 1,400 1,200 0.88 1,000 800 600 400 200 0

.K%3O/?L.E?K 1=K8< XE "5=JW1B[1<5=K4/KA?.?" 11Â˛8% Z35 4K}%ODNÄ?3DR.AK31O_ 31 ;O3L ; 2557 &P_"D A3ZE} W5 36?;L#L L= L<E?K 1=K8< G"3K ?"1R3/ L" %L/N Y.<<G. L= L<E?K 1=K8< DR12NG<S 1O_ 218Â˛6 8K3? L34L1 Z31L" ?K4 K3 3K ?"1R3=L<< G<Z35=JW1BX?J3K ?"1R3D0L4K3Z35=JW1B;O L=&Q`GE?K 1=K8< DR12N #dL3A3 125Â˛2 8K3? L34L1 X?J 90Â˛1 8K3? L34L1 1K`"3O` .K%3O/?L.E?K 1=K8< XE "5=JW1B[1<5=K4/KA?.?"W;Q_GW1O<4 K4/?L.E?K 1=K8< G"5=JW1BZ ? W O<" W% 3 .K%3O Â&#x2DC;Ă&#x2018;Ă&#x201C;Ă&#x201C;Ă?Ă&#x2018; 225 ÂŹ}O_5R 3) 1O_W8Ä&#x160;_; Ä&#x20AC;`3 19Â˛6% #L 5 G3, .K%3O Â&#x2019;Ă&#x2030;Ă&#x2013;Ă? SĂ?Ă&#x2013;Ă? ÂŹH G" ") 1O_?.?" 0Â˛7% #L 5 G3 X?J.K%3O SĂ&#x153;Ă&#x161;Ă&#x2030;Ă&#x2018;Ă&#x153;Ă&#x203A; Â&#x17E;Ă&#x2018;Ă&#x2022;Ă?Ă&#x203A; ÂŹDN" Y5= ) 1O_?.?" 3Â˛6% #L 5 G3

18 26 4 16 24 6 14 22 30 7 18 26 6 14 24 8Â˛<Â˛ 8Â˛<Â˛ 2Â˛ Â˛ 2Â˛ Â˛ 2Â˛ Â˛ ;Â˛ Â˛ ;Â˛ Â˛ ;Â˛ Â˛ ;Â˛ Â˛ Â˛8Â˛ Â˛8Â˛ Â˛8Â˛ ;OÂ˛ Â˛ ;OÂ˛ Â˛ ;OÂ˛ Â˛ 56 56 56 56 56 57 57 57 57 57 57 57 57 57 57 BTS/W3 TB Equity Turnover (? L34L1) ÂŹX 3 AL)

XE? "1O;_ LÂź Ă&#x;Ă&#x;Ă&#x;Â˛Ă&#x203A;Ă?Ă&#x153;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x152;Ă?Â˛Ă&#x2039;Ă&#x2014;Ă&#x2022; 2,500

L=W ?Q_G3[EA G"W"Ăž3?"1R3X4 "/L;5=JW:1 G"3K ?"1R3 4L1

? L34L1

200,000

1600

150,000

1400

100,000

2,000 1,500

1200

50,000

1000

0 -50,000

800

-100,000

600

-150,000

400

-200,000

200

-250,000

500

1 W;Â˛<Â˛ 56

31 30 31 30 31 31 30 31 30 31 31 28 31 ;OÂ˛ Â˛ W;Â˛<Â˛ 8Â˛ Â˛ ;NÂ˛<Â˛ Â˛ Â˛ DÂ˛ Â˛ Â˛<Â˛ /Â˛ Â˛ 8Â˛<Â˛ 2Â˛ Â˛ ;Â˛ Â˛ Â˛8Â˛ ;OÂ˛ Â˛ 56 56 56 56 56 56 56 56 56 56 57 57 57 Foreign Investors Proprietary Trading

Local Institutions SET Index ÂŹX 3 AL)

1,000

1 ;NÂ˛<Â˛ 56

1 /Â˛ Â˛ 56

1 DÂ˛ Â˛ 56

Hong Kong (Hang Seng) Japan (Nikkei 225)

Local Investors

XE? "1O;_ LÂź Ă&#x;Ă&#x;Ă&#x;Â˛Ă&#x203A;Ă?Ă&#x153;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x152;Ă?Â˛Ă&#x2039;Ă&#x2014;Ă&#x2022;

1 2Â˛ Â˛ 56

1 ;OÂ˛ Â˛ 57

1 Â˛8Â˛ 57

Singapore (Straits Times) Thailand (SET Index)

XE? "1O;_ LÂź Ă&#x;Ă&#x;Ă&#x;Â˛Ă&#x203A;Ă?Ă&#x153;Ă&#x153;Ă&#x161;Ă&#x2030;Ă&#x152;Ă?Â˛Ă&#x2039;Ă&#x2014;Ă&#x2022;

6? L=.dLW3N3"L3X?JD:L8 ? G"E?K 1=K8< Z35 2556/57 5=Ăž;L- L=&Q`G L< G"E?K 1=K8< 4O1OWGDY.<W$?O_<G<S 1O_ 72Â˛2 ? L3ER 3/ GAK3 ÂŹ?.?" 3Â˛9% #L 5 2555/56) X?J;S? L L=&Q`G L<W$?O_</ GAK3G<S 1O_ 616Â˛5 ? L3 4L1/ GAK3 E=Ä G 19Â˛8 ? L3WE=Ăż<}DE=K*I ÂŹ?.?" 8Â˛4% #L 5 2555/56)

G;S?E?K 1=K8< '6 6 +5 .8Ăš + 5g 9 '6 6.= .< 1 Ä? 5g 9 Â&#x2013; 6 Â&#x2014; '6 6 I7.< 1 Ä? 5g 9 Â&#x2013; 6 Â&#x2014; %=) Ä&#x2DC;6 6' ;J1 6&A )9I& Ä&#x2DC;1+5 Â&#x2013;)Ä&#x2122;6 6 Â&#x2014; 'Ă¨%6 6' ;J1 6&A )9I& Ä&#x2DC;1+5 Â&#x2013;)Ä&#x2122;6 /<Ä&#x2122; Â&#x2014; 7 + /<Ä&#x2122; +5 .8Ăš Ä? 5g 9 Â&#x2013;)Ä&#x2122;6 /<Ä&#x2122; Â&#x2014; %=) Ä&#x2DC;6 )6 +5 .8Ăš Ä? 5g 9 Â&#x2013;)Ä&#x2122;6 6 Â&#x2014; 6'A );I1 E/+ 1 /)5 '5"&Ä&#x153;B)4 5 9 Ä&#x2DC;6 G vÂ&#x2C6;Â&#x2021; Â&#x2C6;v Â&#x2021;yÂ&#x2C6; Â&#x2C6;Ă&#x201E;ÂłĂ&#x20AC;Ă&#x2026;Ă&#x201A;Ă Ă&#x201E;Ă&#x2020;ÂłĂ&#x2020;ÂťĂ Ă&#x20AC; }Ă&#x20AC;ÂśÂˇĂ&#x160; Â&#x2021;yÂ&#x2C6; }Ă&#x20AC;ÂśÂˇĂ&#x160; |Ă Ă&#x20AC;Âš Ă Ă&#x20AC;Âš Â&#x2013;|ÂłĂ&#x20AC;Âš Â&#x2021;ÂˇĂ&#x20AC;ÂšÂ&#x2014; ~ÂłĂ&#x201A;ÂłĂ&#x20AC; Â&#x2013;Â&#x201A;ÂťÂ˝Â˝ÂˇÂť 225Â&#x2014; Â&#x2021;ÂťĂ&#x20AC;ÂšÂłĂ&#x201A;Ă Ă&#x201E;Âˇ Â&#x2013;Â&#x2021;Â&#x2C6;}Â&#x2014;

2556/57

2555/56*

2554/55

2553/54

2552/53

8.40

9.40

0.78

0.75

0.71

9.35

9.40

0.79

0.92

0.83

7.20

4.63

0.52

0.60

0.37

616.5

673.4

127.2

380.8

29.2

72.2

98.7

162.8

457.7

46.1

11,914.2

11,106.6

57,188.3

55,889.3

7,614.4

100,079.5

104,402.4

44,606.9

41,917.0

5,406.2

-10.6%

92.8%

4.0%

5.6%

91.9%

6.4%

67.0%

3.1%

3.4%

107.1%

-11.8%

30.4%

14.3%

32.9%

82.6%

-0.7%

7.7%

-12.6%

10.8%

56.4%

19.6%

23.0%

3.4%

-12.0%

36.8%

-3.6%

9.9%

-3.1%

7.6%

69.9%

* 4=ĂžC1K I W5?O<_ 3X5?";S? LER3 1O/_ =L[A G"E?K 1=K8< 41O WO GD#L 0Â˛64 4L1/ GER3 W5 3 4 4L1/ GER3 Y.<E?K 1=K8< 41O WO GD&QG` L<. A<;S? LER3 1O/_ =L[A ZE; /K"` X/ A3K 1O_ 10 DN"EL ; 2555 W5 3/ 3[5 Z35 2555/56 [. XD."6?Y.<5=K4W5 3;S? LER3 1O/_ =L[A ZE; /"`K X/ W=Ăž;_ / 35 4} K %O DL;L=0.S=L L5 ##Ä&#x2013;43K G"E?K 1=K8< 41O WO GD [. 1Âź_O Ă?Ă&#x153;Ă&#x153;Ă&#x2DC;Âź//Ă&#x160;Ă&#x153;Ă&#x203A;Â˛Ă&#x201D;Ă&#x2018;Ă&#x203A;Ă&#x153;Ă?Ă&#x152;Ă&#x2039;Ă&#x2014;Ă&#x2022;Ă&#x2DC;Ă&#x2030;Ă&#x2013;ĂĄÂ˛Ă&#x2039;Ă&#x2014;Ă&#x2022;/Ă&#x203A;Ă?Ă&#x2030;Ă&#x161;Ă?Ă&#x2DC;Ă&#x161;Ă&#x2018;Ă&#x2039;Ă?Ă&#x2021;Ă&#x160;Ă&#x153;Ă&#x203A;Â˛Ă?Ă&#x153;Ă&#x2022;Ă&#x201D;

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

L=W LW5 3D;L%N Z3.K%3O ¶ù W;QG_ AK31O_ 14 2K3AL ; 2553 /?L.E?K 1=K8< XE "5=JW1B[1<[. 5=J LBZE E?K 1=K8< 41O WO GD[. =4K K.W?QG W L dL3A-Z3.K%3O S 50 &P"_ W5 3.K%3O15_O =J G4. A<4=þC1K 1OZ_ E} 1D_O .R Z35=JW1B[1< 50 GK3.K4X= Z3W%N";S? LE?K 1=K8< /L;=L L/?L. ¬ ÉÚÓÍÜ CÉØÑÜÉÔÑÛÉÜÑ×Ö) X?JW L/L;W"āG_ 3[ W O<_ A K4D:L8 ? G"X?JDK.D A3 L= =J#L< L=0QGER3 G"6S0 GQ ER3 =L<< G< ¬ ÚÍÍ Ô×ÉÜ) Y.<W -+ D:L8 ? G" dLE3.ZE ;?S L L=&QG` L<43 =J.L3E?K G"X/ ?J4=þC1K #J/ G"DS" A L 50% G";S? L L=&QG` L<W$?O<_ G"E?K 1=K8< 5=JW:1ER3 DL;K}1K"` /?L.Z3W.QG3W.O<A K3 Z3 -J1OD_ .K D A3 ÚÍÍ Ô×ÉÜ #J/ G"[; /Ld_ A L 20% G"ER3 1K"` E;.1O#_ Ld E3 L<X? A 1K"` 3O` /?L.E?K 1=K8< XE "5=JW1B[1<#J K.W?QG E?K 1=K8< Z3.K%3O S 50 DG" =K"` / G5 ¬Z3W.QG3;N03R L<3X?J2K3AL ; DdLE=K4 L==K4 K.W?QG W LW5 3D;L%N .K%3OZ3W.QG3 = (L ;X?J; =L ; /L;?dL.K4) L=1OE_ ?K 1=K8< 41O WO GD[. =4K K.W?QG W L dL3A-Z3.K%3O S 50 1dLZE 4=þC1K I ;O*L3#dL3A36S0 GQ ER3 A L" Ā3` /KAG< L"1OW_ E^3[. %.K QG E?K 1=K8< 4O1WO GDW L L</L;E?K W -+ L=?"1R3 G" G"1R3=A;/=LDL=1R31OD_ L;L=0?"1R3Z3E?K 1=K8< 1G_O <SZ 3.K%3O S 50 W1 L3K3` L=1OE_ ?K 1=K8< 41O WO GD[. =4K K.W?QG ZE G<SZ 3.K%3O S 50 1dLZE G"1R3WE? L3OD` L;L=0?"1R3Z34=þC1K I [. 3G #L 3O` <K"WE^3[. #L L=1OD_ :L8 ? G" G"E?K 1=K8< 41O WO GDW8Ċ;_ Ā3` G< L";L Z3/ 3W.QG3; =L ; 2554

L=W LW5 3D;L%N G" ÏaÐÓaÕË ÐË a× « ¡ ¬ Z3W.QG38>B#N L<3 2556 E?K 1=K8< 41O WO GD[. =4K K.W?QG W L dL3A-Z3.K%3O SC ÐÉÑÔÉÖÌ ÑÌ CÉØ ¬ ¢ C) Y.<E?K 1=K8< 1#_O J6 L3 L= K.W?QG W LW5 3 D;L%N Z3.K%3O SC #J/ G"6 L3W -+ R D;4K//N L; SC Ô×ÊÉÔ ÖÞÍÛÜÉÊÔÍ ÉÚÓÍÜ ÖÌÑËÍÛ ¬ SC ) G3 &P"_ #J8Ċ#L=-L#L 3L./L;GR/DLE ==; ¬SÑâÍ±SÍÏÕÍÖÜ) ¬8Ċ#L=-L/L;;S? LE?K 1=K8< /L;=L L/?L.W/^;#dL3A3) ;S? LE?K 1=K8< /L;=L L/?L.1O;_ O L=5=K45=R"Y.<0 A"3Ld` E3K LDK.D A3 L= =J#L< L=0QGER3 G"6S0 GQ ER3 =L<< G< ¬ ÚÍÍ Ô×ÉÜ± ÌÒÝÛÜÍÌ ÉÚÓÍÜ CÉØÑÜÉÔÑÛÉÜÑ×Ö) X?JD:L8 ? G"E?K 1=K8< /L;E?K W -+ - WA?L1O;_ O L=8Ċ#L=-L 1K"` 3O` 3L. /L;GR/DLE ==; ¬SÑâÍ±SÍÏÕÍÖÜ) 1OW_ E;LJD;1O#_ J6 L3 L= K.W?QG W LW5 3D;L%N Z3.K%3O33`K #J0S /K.DN3#L ÖÞÍÛÜÉÊÔÍ ÉÚÓÍÜ ÖÌÍà ¬ ) DdLE=K4E?K 1=K8< 1O#_ J6 L3 L= K.W?QG W5 3D;L%N Z3.K%3O SC ÑÌCÉØ QG E?K 1=K8< ÑÌCÉØ 1O;_ ;O ?S LE?K 1=K8< /L;=L L/?L. ¬ ÉÚÓÍÜ CÉØÑÜÉÔÑÛÉÜÑ×Ö) 1O/_ Ld_ A L4=þC1K 1OG_ <S Z3 SC SÜÉÖÌÉÚÌ ÖÌÑËÍÛ &P"_ #J/ G";O ÚÍÍ Ô×ÉÜ 5=J;L- 15% #L ;S? LE?K 1=K8< /L;=L L/?L.1O;_ O L=5=K45=R"Y.<0 A"3Ld` E3K L ÚÍÍ Ô×ÉÜ X? A 1K"` 3O` #J;O L=8Ċ#L=-L141A3X?J K.W?QG E?K 1=K8< Z3.K%3O SC 1R [/=;LD Y.<#J5=J LB6?Z3 ?L"W.QG3 R;:L8K32 8>C:L ; DN"EL ; X?J8>B#N L<3 XE? " G;S?¼ /?L.E?K 1=K8< X?J SC

6S 0QGER 3X< /L;#dL3A3ER 31O_0QG «- AK31O_ 1· W;CL<3 ³¶¶¸¬

Y ="D= L"6S 0QGER 3 - AK31O_ 16 W;CL<3 2557 4=þC1K I ;O#Ld 3A36S0 GQ ER3 1K"` E;. 67,988 =L< 6S0 GQ ER3 =L<ZE} GQ ?R; 3L< O=ÿ L}#38LD3 Y.< N.W5 3 41²7% G"ER3 1OG_ G X?J#dLE3 L< X? A1K"` E;.1O_ 11,914²2 ? L3ER3 ¬DL;L=0.S=L<?JWGO<.W8Ċ;_ W/N;[. Z3 /L=L"6S0 GQ ER3 DS"DR. ûú GK3.K4 Y.<;OD.K D A3 L=0QGER3 G"3K ?"1R3/ L"%L/N N.W5 3 13²5% G" ER3 1K"` E;. ¬#L W.N; 13²8% Z35 2555/56) ¬DL;L=0.S=L<?JWGO<.W8Ċ;_ W/N;[. Z3D A3 5 ) < .5%"5 Ĝ X?J - AK31O_ 16 W;CL<3 2557 DK.D A3 L= =J#L< L=0QGER3 G" 6S0 GQ ER3 =L<< G< G"4=þC1K I ¬ ÚÍÍ Ô×ÉÜ) G<S1 _O 57²5% G"ER3 1K"` E;.1O#_ Ld E3 L<X? A

#M3A3ER 3

#M3A36S 0QGER 3 % G"6S 0QGER 3

1 - 1,600

18,240

26.8%

1,601 - 8,000

19,624

28.9%

8,001 - 16,000

10,065

14.8%

16,001 - 80,000

13,851

20.4%

80,001 - 160,000

2,899

4.3%

160,001 - 1.6 ? L3ER 3

2,883

4.2%

373

0.5%

0.1%

1.6 - 16 ? L3ER 3

5=JW:1 G"6S 0QGER 3 > 16 ? L3ER 3

=A; 1· W;CL<3 ³¶¶¸ 26.3%

60.2%

12.9% 0.6%

º W;CL<3 ³¶¶· 23.4%

3N/N4R ?[1<

62.8%

4R ?2==;.L DK}%L/N[1<

13.3% 0.5%

3N/N4R ?/ L". LA

4R ?2==;.L / L". LA

67,988

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 6S 0QGER 3DS"DR. 1ù ?dL.K4X= «- AK31O_ 1· W;CL<3 ³¶¶¸¬

=L<%Q_G6S 0QGER 3

#M3A3ER 3

% G" #M3A3ER 3 1K`"E;.

?R ;3L< O=ÿ L}#38LD3 4,968,675,039 709,325,351 4=þCK1 [1<WG^3Aÿ.OGL= #M K. 545,466,733 23L L= =R"W18 #M K. ¬;EL%3) S C ¬S R ) S 176,126,863 115,322,757 R R S S ² S S R R 93,654,058 £ ¬ ) ± 83,672,062 CÔÑÍÖÜ ËË×ÝÖÜ 80,080,200 8 G"1R3W5 .W 70¼30 ER 3=J<J<LA5 36? 65,476,600 9 G"1R3W5 .W ER 3=J<J<LA 62,131,600 10 G"1R3W5 .W ER 3=J<J<LA5 36?

41.70%

1 2 3 4 5 6 7

5.95% 4.58%

Z35 2556/57 4=þCK1I # L<W"þ35 36?=JEA L" L?X? A 2 =K`" N.W5 3W"þ35 36? Z3GK/=L 0²19 4L1/ GER 3 X?J 0²20 4L1/ GER 3 /L;?dL.K4 X?J;O L=WD3GZE 1_O 5=J%R;6S 0QGER 3G3R;K/N L=# L<W"þ35 36?"A.DR.1 L<Z3GK/=L 0²21 4L1/ GER 3 1K`"3O` GK/=LW"þ35 36?/G4X13DdLE=K4W"þ35 36?=JEA L" L? N.W5 3 2²3% X?J 2²5% /L;?dL.K4 X?JGK/=LW"þ35 36?/G4X13DdLE=K4W"þ35 36?"A.DR.1 L< ¬EL 1O5_ =J%R; 6S 0QGER 3G3R;K/N) N.W5 3 2²6% Y.<GK/=LW"þ35 36?/G4X13W$?O_< G"ER 3Z3.K%3O S 50 N.W5 3 3²3% - AK31O_ 22 8>C:L ; 2557

1.48% 0.97%

.S=L<?JWGO<.W8Ċ;_ W/N;[. 1_O ÐttØ¼//btÛ²lÑÛteÌË×ÕØaÖá²Ë×Õ/ÌÑÞÑÌeÖÌ²ÐtÕl 0.79% 7,073.3

5=JAK/N L=# L<W"þ35 36? G"4=þCK1I

2,502.0**

0.70% 0.67% 0.55%

2.6%

0.52% 4,359.0 513.0

2.5% 2.0%

2,189.6

3.4%

1,793.8

W;Q_GAK31O_ 27 8>C:L ; 2556 -J ==; L=4=þCK1[. G3R;K/N3Y<4L< L=# L< W"þ35 36?DdLE=K4 3 5 4K}%O0K.[5 Z3#dL3A3=A;[; 3 G< A L 21,000 ? L34L1 ? LA QG [; 3 G< A L 6,000 ? L34L1 Z35 2556/57 [; 3 G< A L 7,000 ? L34L1 Z35 2557/58 X?J[; 3 G< A L 8,000 ? L34L1 Z35 2558/59 ¬:L<Z/ 4K" K4 G" 8=J=L%4K}}K/N4=þCK1;EL%3#dL K. X?J:L<Z/ D0L3 L=- 1O_[; ;O L=W5?O_<3X5?" GK3D "6? =J14Z31L"?4G< L";O3K</ G L=.dLW3N3 N# L= E=āGD0L3J1L" L=W"þ3 G"4=þCK1I) 1K`"3O` AL;DL;L=0Z3 L=# L<W"þ35 36?WE? L3O` #J;L#L dL[=#L L=.dLW3N3"L3 WX?J dL[=8ĊWBC#L 2R= ==; G"1R3=A;Y ="D= L"8č`3*L3

3.4%

3.1%

1,368.1

3Y<4L< L=# L<W"þ35 36?

720.7

.S=L<?JWGO<.W O<_ A K46S0 GQ ER3 =L<ZE} 10 GK3.K4X= [. 1¼_O ÐttØ¼//btÛ²lÑÛteÌË×ÕØaÖá²Ë×Õ/ÛÐaÚeÐ×lÌÑÖÏÛ²ÐtÕl

1,294.3

6S0 GQ ER3 1O0_ GQ ER3 DS"DR. 10 ?dL.K4X= G"4=þC1K I - AK35 .D;R.1JW4O<3ER3 W;QG_ AK31O_ 10 ;N03R L<3 2557 ¬ER3 1OG_ G X?J#dLE3 L<X? A1K"` E;.#dL3A3 11,914²2 ? L3ER3 ) W5 3.K"3O` 1 ?R ;3L< O=ÿ L}#38LD3 0QGER 3#dL3A3 4,886,135,039 ER 3 ¬41²01%) Y.< ¬1) 3L< O=ÿ L}#38LD3 0QGER3 Z3%QG_ /3WG"#dL3A3 3,881,164,652 ER3 X?J0QGER3 6 L31L" KDY/W.O<3%QG_ S A RA C #dL3A3 350,000,000 ER 3 X?J KDY/W.O<3%Q_G CR S SS A , S A R RA C GO #dL3A3 260,000,000 ER3 ¬2) 3L< Aþ3 L}#38LD3 0QGER3 #dL3A3 2,459,295 ER3 ¬3) 3L"DLA&S&L3 L}#38LD3 0QGER3 #dL3A3 32,460,000 ER3 ¬4) 4=þC1K W 1S W# YH?.N"ď #dL K. 0QGER3 #dL3A3 360,000,000 ER3 X?J ¬5) AÕÛÎÑelÌ ×lÌÑÖÏÛ te² tÌ² 0QGER3 #dL3A3 51,092 ER3 2 4=þC1K [1<WG^3Aÿ.GO L= #dL K. 0QGER3 #dL3A3 770,667,077 ER3 ¬6²47%) 3 23L L= =R"W18 #dL K. ¬;EL%3) 0QGER3 #dL3A3 545,466,733 ER3 ¬4²58%) 4 S C ¬S A R ) S 0QGER3 #dL3A3 178,476,063 ER3 ¬1²50%) 5 S A S R A R 0QGER3 #dL3A3 93,279,408 ER3 ¬0²78%) 6 G"1R3W5 .W 70¼30 ER3 =J<J<LA5 36? 0QGER3 #dL3A3 88,896,700 ER3 ¬0²75%) 7 G"1R3W5 .W ER3 =J<J<LA5 36? 0QGER3 #dL3A3 62,131,600 ER3 ¬0²52%) 8 C AS S 46 0QGER3 #dL3A3 60,651,410 ER3 ¬0²51%) 9 S A S R A A R S C A £ 0QGER3 #dL3A3 58,578,083 ER3 ¬0²49%) 10 3L<D;4K/N 8L3N%%OAJ 0QGER3 #dL3A3 53,592,992 ER3 ¬0²45%)

1,379.5

2,015.1

4=þC1K 23L<" 9Ě.a XG3. W4WAGW=# #dL K. &P"_ W5 34=þC1K < G< 0QGER3 G"4=þC1K I #dL3A3 39,650,550 ER3 ¬0²33%) X13W# LE3O/` L;X639ą3ć 9Ě #N L= G"4=þC1K I &P"_ G<S= JEA L"=GYG3%dL=JZE X W# LE3O`

2,052.2

2,747.6

0.5%

2,381.7

?R ;3L< O=ÿ L}#38LD3 5=J G4. A< ¬1) 3L< O=ÿ L}#38LD3 0QGER 3Z3%Q_G/3WG"#dL3A3 3,964,164,652 ER3 X?J0QGER3 6 L31L" KDY/W.O<3%QG_ S A RA C #dL3A3 350,000,000 ER3 X?J KDY/W.O<3%QG_ CR S SS A , S A R RA C GO #dL3A3 260,000,000 ER 3 ¬2) 3L< Aþ3 L}#38LD3 0QGER 3#dL3A3 2,459,295 ER 3 ¬3) 3L"DLA&S&L3 L}#38LD3 0QGER 3#dL3A3 32,000,000 ER 3 ¬4) 4=þCK1 W 1S W# YH?.Nď" #dL K. 0QGER 3#dL3A3 360,000,000 ER3 X?J ¬5) AÕÛÎÑelÌ ×lÌÑÖÏÛ te² tÌ² 0QGER3 #dL3A3 51,092 ER3

2.3%

1.8%

2553/54

2554/55

W"þ35 36?=JEA L" L? W"þ35 36?=JEA L" L?¬ =K"` 1O_ 2)

2555/56

2556/57

W"þ35 36?5=J#M5 =K"` DR.1 L< GK/=LW"þ35 36?/G4X13*

* GK/=LW"þ35 36?/G4X13 N.#L =L L5 . G"ER 3 E3P_"AK3 G3AK31O_ -J ==; L=4=þCK1;O;/N G3R;K/N L=# L<W"þ35 36? ** 5 2556/57 L=WD3G# L<W"þ35 36?"A.DR.1 L<3O` Ā`3G<S K46? L=G3R;K/N#L 1O_5=J%R;6S 0QGER 3 Z3AK31O_ 25 = (L ; 2557

L=#K.GK3.K4 AL;3 LW%Q_G0QG - AK31O_ 29 ; =L ; 2557 4=þCK1 9Ă1% W=1/Nď"D ¬5=JW1B[1<) #dL K. ¬ ÑtËÐ ÚatÑÖÏÛ) [. 5=JW;N3GK3.K4 AL;3 LW%Q_G0QG G"ER 3 S 4O1OWGD&O1K`" 3 %R. &P_" `dL5=J K3Y.< 23L L= =R"B=ÿG<R2<L #dL K. ¬;EL%3) 1O_=J.K4 îAAA/Ûtableï #L W.N; îAA±/ Ûtableï X?J;O Ýtl××Ó îStableï &P_"DG. ? G" K4GK3.K4 AL;3 LW%Q_G0QG G" 23L L= =R"B=ÿG<R2<L #dL K. ¬;EL%3) &P_"W5 36S GG E3K"DQG `dL5=J K3 L=%dL=J .G W4O`<X?JW"þ3/ 31O_WE?QG G"ER 3 S 4O1OWGD&O FITCH

5=JW:1ER 3 S G"4O1OWGD&O S148 ¼ 4,000 ? L34L1 ER3 S5 =JW:1[; .G <DN12N =4 ME3.%M=J5 2557 S158 ¼ 1,500 ? L34L1 ER3 S5 =JW:1[; .G <DN12N =4 ME3.%M=J5 2558 S168 ¼ 1,500 ? L34L1 ER3 S5 =JW:1[; .G <DN12N =4 ME3.%M=J5 2559

GK3.K4W =.N//X3AY3 ; AAA / Stable AAA / Stable AAA / Stable

4²1 :L8=A;/?L.1R3

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

N# ==;GQ_3Z3. L3/?L.1R3 L=GG ER 3W8Ċ_;1R3 Z3=JEA L"5 4K}%O 4=þCK1I [. GG ER 3DL;K}W8Ċ_;1R3#dL3A31K`"DNď3 807²6 ? L3 ER 3 Y.< ¬1) 802²7 ? L3ER 3 W8č_GD ";G4/L; L=Z% DN12N G"Z4DdL K}XD."DN12N S±¡2 ¬ L=Z% DN12N =K`"1O_DG" ± =K`"DR.1 L<) X?J ¬2) 4²9 ? L3ER 3 W8č_GD ";G4 /L; L=Z% DN12N G"Z4DdL K}XD."DN12N S±¡A ¬ L=Z% DN12N =K`"X= )

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2556/57

% G" <G.=A;2

2555/56

% G" <G.=A;2

2,312.5

26.4%

6,015.5

58.0%

3,121.2

35.6%

2,794.7

2,934.1

33.5%

1,444.7

% W5?O_<3X5?" GK/=L M[= K`36/ 3 GK/=L M[= K`36/ 3 (YoY) 2556/57 2555/56 (61.6%)

60.4%

48.2%

26.9%

11.7%

60.5%

59.1%

13.9%

103.1%

40.2%

36.3%

399.0

4.6%

120.6

1.2%

231.0%

48.0%

N/A

8,766.8

100.0%

10,375.5

100.0%

(15.5%)

53.1%

48.8%

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2554/55

#M3A36S Y.<DL==A; (? L3W1O_<A 3)

2555/56

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2553/54

176.0

2552/53

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GK/=L L=W/N4Y/ (% W5?O_<3X5?"#L 5 G3)

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2553/54

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2552/53

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145.2

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21.3%

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144.5

6? L=.dLW3N3"L3/L;D A3"L3

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197.2

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2555/56

W5?O_<3X5?"

3,361.4 3,218.5 12,180.3 (11,048.4) 4,349.5 7,862.8

6,017.1 4,659.3 4,097.7 (6,588.8) 2,180.0 3,513.3

(44.1)% (30.9)% 197.2% 67.7% 99.5% 123.8%

2556/57*

2555/56*

2554/55*

53.1 19.9 39.0 76.8 36.4 25.6 57.8 17.7 22.7

48.8 16.6 49.0 53.3 21.6 9.7 16.6 2.9 3.8

47.2 15.8 50.7 57.8 15.3 13.2 24.2 3.3 6.1

4.31

5.79

0.94

0.22 0.28 (0.02) (0.35) 5.43

0.25 0.33 0.17 1.66 4.07

0.45 0.81 0.67 6.32 2.73

1.0819 0.275 0.023 9.11 5.11

0.1720 0.466 0.270 10.65 5.05

0.2311 0.193 (0.094) 1.26 4.05

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102

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365 365

720,000.00 360,000.00

3,353,057.48 1,676,528.74

4,073,057.48 2,036,528.74

365 365 365 365 365

360,000.00 360,000.00 360,000.00 360,000.00 360,000.00

1,676,528.74 1,676,528.74 1,676,528.74 1,676,528.74 1,676,528.74

2,036,528.74 2,036,528.74 2,036,528.74 2,036,528.74 2,036,528.74

365 365 365 365 365

600,000.00 360,000.00 360,000.00 360,000.00 360,000.00

120,000.00 120,000.00 120,000.00 -

1,676,528.74 1,676,528.74 1,676,528.74 1,676,528.74 1,676,528.74

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360,000.00

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124

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7,862,751,501 3,513,281,951 1,333,240,137 2,269,611,665

1,628,917,898

453,132,248

24,302,068,236

993,849,166

152,684,948

78,881,627

1,074,454,681 -

31,002,505

7 7 13

"4 L=W"þ3W$8LJ N# L=

- 2,314,122,880

993,849,166

1,142,006

945,646,126 1,106,681,106

354,132,177

194,489,057

276,156,542

284,440,564

29,153,286

92,956,330

44,823,112

34,648,509

27,055,252

13,682,983

25,565,132

13,818,246

176,500,000

111,500,000

18,500,000

2,549,762,493 3,510,307,262 3,349,068,113

624,752,129

670,895,620

778,394,620

68,290,413

73,008,516

73,026,618

68,290,413

68,308,516

68,326,618

224,342,586

197,438,333

671,666,324

247,768,779 1,202,547,505

60,568,573

137,552,359

127,991,280

6,846,577

7,168,125

7,440,020

215,497,001

315,913,680

342,853,416

27,691,308

44,608,614

37,075,374

37,226,772,244 10,095,270,470 7,867,667,343 6,084,208,594

3,951,823,838

2,147,959,571

27 -

37,226,772,244 52,218,369,594 7,867,667,343 6,084,208,594

3,951,823,838

2,147,959,571

- 42,123,099,124

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611,073,812

88,527,047

323,833,601

609,162,500

81,644,467

321,492,842

232,657,728

3,823,745,217

2,986,836,748

2,931,324,091

- 32,827,884,794 42,442,849,862 42,777,903,572

44,517,103

19 13,898,964,479

10,026,474

6,238,184,405 -

7,033,070 20,842,200,000

4,000,000

148,826,514

2,126,788,775

267,522,165

148,826,514

- 45,144,217,633

367,522,165

2,340,066,979

21,918,411

22,402,665

81,230,587

292,771,346

263,913,382

2,676,340,050

3,101,461,112

2,867,628,616

2,461,013,308

1,691,151,666

1,139,353,748

1,226,078,312

24 11,554,030,088

9,590,801,393

6,039,192,913

484,836,709

244,589,940

67,877,076

77,654,995

81,473,401

90,025,135

8,550,209

7,308,253

10,799,626

65,822,860

50,215,370

26,696,704

208,092

493,075

1,452,161

1,200,000

105,558,500

87,753,520

15 45

2,409,485

2,045,000

2,145,000

1,976,000

2,045,000

2,145,000

78,656,476

45,000,000

481,702,325

496,939,338

208,650

79,586,010

324,968,545

204,032,633

545,087,021

741,501,854

37,340,003

259,842,735

1,428,351,394

185,472,082

472,335,974

387,411,779

393,761,465

98,542,150

9,812,322

10,258,344

10,201,257

39,530,292,925 15,072,558,531 60,449,560,811 62,660,174,012 47,710,589,912 48,294,847,673 76,757,065,169 67,290,928,125 68,317,228,154 68,744,382,606 51,662,413,750 50,442,807,244

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125

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1,117,000,000

1,941,501,854

741,501,854

2,222,442,186

1,948,194,274

1,514,808,644

174,689,419

140,532,472

274,949,264

151,050,605

77,746,794

1,102,377

6,957,441

90,414,726

73,783,797

152,322,301

351,908,026

3,293,108

4,706,053

10,767,640

20,000,000

98,000,000

745,356,001

10,000,000

1,967,221,105

583,400,000

3,607,630,003

2,078,656,425

2,495,767,044

41,745,000

181,869,688

80,830,972

181,869,687

80,830,972

205,002,874

470,379,297

160,210,070

177,038,634

95,053,881

137,673,810

988,876,552

148,015,777

55,842,452

698,086,744

45,818,947

201,297,816

141,101,663

350,439,049

33,698,373

30,129,891

27,941,216

8,630,167,103

9,021,878,490

8,338,009,327 1,836,993,332

1,008,512,830

2,030,675,701

541,839,101

49,571,181

51,852,561

52,074,344

49,571,181

51,852,561

52,074,344

230,000,000

396,747,178

2,933,972,800

2,807,456,233

6,400,979,526

9,443,811,417

8,648,338,304

19,155,283

51,627,179

92,391,777

40,598,461

68,019,430

127,514,613

7,618,541

6,010,908

6,092,464

557,623,702

481,713,903

400,178,249

24,621,910

21,296,395

25,986,847

1,037,665,420

3,092,145,367

360,840,715

108,145,788

44,054,193

7,180,668

12,727,283

7,767,333,981 21,726,762,798

145,021,108

130,787,043

8,824,883,736

7,686,422 8,364,585,887

16,994,752,990 16,789,212,471 30,064,772,125 1,982,014,440

1,139,299,873 10,855,559,437

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D A3 G"6S 0QGER 3 1R3W=āG3ER 3 35 1R3#.1JW4O<3 ER3 DL;K} 15,913,136,180 ER3 ;S? LER3 ?J 4 4L1 (31 ;O3L ; 2556: ER3 DL;K} 11,986,444,024 ER3 ;S? LER3 ?J 4 4L1) (1 W;CL<3 2555: ER3 DL;K} 74,815,275,124 ER3 ;S? LER3 ?J 0.64 4L1) 1R31O_GG #ME3 L<X?J%M=JW/^;;S? LX? A ER3 DL;K} 11,914,230,525 ER3 ;S? LER3 ?J 4 4L1 (31 ;O3L ; 2556: ER3 DL;K} 11,106,634,594 ER3 ;S? LER3 ?J 4 4L1) (1 W;CL<3 2555: ER3 DL;K} 57,188,274,676 ER3 ;S? LER3 ?J 0.64 4L1) D A3W N3;S? LER 3DL;K} 35 W"þ3=K4? A"E3 L LER 3 D A3/_M A L1R3#L L==A;2R= N#:L<Z/ L= A4 R;W.O<A K3 37 D A3W N31R3#L L=X? W5?O<_ 3W"þ3?"1R3Z34=þC1K < G<:L<Z/ L= A4 R;W.O<A K3 38 D A3W N3 (/_M A L) 1R3#L L=W5?O_<3X5?"DK.D A3 L=0QGER 3Z34=þCK1< G< 39 M[=DJD; #K.D==X? A - DM=G"/L; (E;L< 41 M[=DJD; ( L.1R3) G" 5=J G4GQ_3 G"D A3 G"6S 0QGER 3 D A3 G"6S 0QGER 3 G"4=þCK1I D A3 G"6S; DO A 3[. WDO<1O[_ ; ;GO M3L# A4 R; G"4=þC1K < G< =A;D A3 G"6S 0QGER 3 =A;E3O`DN3X?JD A3 G"6S 0QGER 3

"4 L=W"þ3W$8LJ N# L=

- AK31O_ - AK31O_ - AK31O_ - AK31O_ - AK31O_ - AK31O_ 31 ;O3L ; 2557 31 ;O3L ; 2556 1 W;CL<3 2555 31 ;O3L ; 2557 31 ;O3L ; 2556 1 W;CL<3 2555 (5=K45=R"ZE; ) (5=K45=R"ZE; )

63,652,544,720 47,945,776,096 47,881,776,079 63,652,544,720 47,945,776,096 47,881,776,079

47,656,922,100 44,426,538,376 36,600,495,793 47,656,922,100 44,426,538,376 36,600,495,793 1,797,237,616

1,486,058,428

350,729,674

1,797,237,616

1,486,058,428

350,729,674

1,295,600,058

(3,371,978,137) (3,371,978,137) (3,371,978,137) (3,790,492,685) (4,812,208,580) (3,371,978,137)

250,065,107

175,065,107

4,448,284,107

2,811,213,393

(123,129,489)

2,760,300,559

1,750,522,658

1,476,047,924

1,659,215,559

649,537,658

376,047,924

1,032,668,233 (3,465,897,567) (1,705,750,389) 17,877,307,796

5,829,947,794

4,088,826,163

1,312,112,673

1,397,575,036

1,368,061,283

3,577,100,725

3,663,498,125

3,340,704,756

57,900,535,203 48,595,555,334 36,567,120,132 66,762,368,166 50,523,113,877 39,587,247,807 1,861,776,976

1,906,160,320

1,685,335,897

59,762,312,179 50,501,715,654 38,252,456,029 66,762,368,166 50,523,113,877 39,587,247,807 76,757,065,169 67,290,928,125 68,317,228,154 68,744,382,606 51,662,413,750 50,442,807,244

E;L<WE/R5=J G4"4 L=W"þ3W5 3D A3E3P_" G""4 L=W"þ33O`

127

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"4 L=W"þ3=A; E;L<WE/R L=.MW3N3"L3/ GW3Q_G" M[= L.1R3» =L<[. =L<[. #L L=4=þ L= 42 =L<[. #L L= L<GDK"EL=þ;1=K8< =L<[. #L L==K4WE;L GD= L" (YG3 ?K4) =L<[. GQ_3 =L<[. #L L=4=þEL=#K. L= W"þ35 36?=K4 .G W4O`<=K4 M[=#L L=#ME3 L<W"þ3?"1R3Z34=þCK1< G< 17 M[=#L L= L<=L<[. LY.<DL=DR12NZ3G3L / 52 M[=#L L=#ME3 L<DN31=K8< 15 GQ_3 ] =A;=L<[. LZ% # L< / 31R3 L=4=þ L= / 31R3 L<GDK"EL=þ;1=K8< / 31R3 L==K4WE;L GD= L" LZ% # L<Z3 L= L<X?J4=þ L= LZ% # L<Z3 L=4=þEL= =A; LZ% # L< M[= G3D A3X4 " M[=#L W"þ3?"1R3Z34=þCK1= A;X?J L== A; L LZ% # L<1L" L=W"þ3X?J LZ% # L<:LCOW"þ3[. D A3X4 " M[=#L W"þ3?"1R3Z34=þCK1= A;X?J L== A; L 18, 19 M[= G3 LZ% # L<1L" L=W"þ3X?J LZ% # L<:LCOW"þ3[. LZ% # L<1L" L=W"þ3 44 M[= G3 LZ% # L<:LCOW"þ3[. LZ% # L<:LCOW"þ3[. 45 M[=DME=K45 #L L=.MW3N3"L3/ GW3Q_G" L=.MW3N3"L31O_< W?N M[=DME=K45 #L L=.MW3N3"L31O_< W?N 27 M[=DME=K45 M[= L.1R3W4^.WD=^#GQ_3» 6? M[= ( L.1R3) #L L=5=J;L- L=/L;E?K -N/BLD/= 5=J K3:K< 6?/ L" G"GK/=LX? W5?O_<3#L L=X5?" L"4 L=W"þ3 1O_W5 3W"þ3/=L/ L"5=JW1B D A3W N31R3#L L=/O=L LDN31=K8< 6? M[= ( L.1R3) #L L=AK.;S? LW"þ3?"1R3Z3E?K 1=K8< W6Ĥ_G L< M[= L.1R3W4^.WD=^#GQ_3DME=K45 M[= L.1R3W4^.WD=^#=A;DME=K45

E;L<WE/R5=J G4"4 L=W"þ3W5 3D A3E3P_" G""4 L=W"þ33O`

128

"4 L=W"þ3W$8LJ N# L=

2557

2556 (5=K45=R"ZE; )

2557

2556 (5=K45=R"ZE; )

6,056,403,693

4,787,610,589

131,988,877

108,930,940

2,057,152,573

787,913,864

90,310,449

159,873,208

1,555,065

9,188,325

24,000,000

(42,850,000)

120,000

47,400,000

49,135,000

6,030,609

1,847,330

17,889,116,421

4,631,508,053

1,213,178,546

58,948,999

256,046,516

106,559,617

999,710,660

3,300,613,906

1,453,532,152

13,497,581,375

379,899,004

88,611,525

63,713,885

77,431,773

26,349,603

23,300,532,390

6,708,933,652

22,196,806,946

6,493,038,573

2,828,061,982

2,346,798,631

122,276,122

125,149,348

1,260,385,660

527,307,957

52,248,231

117,449,751

736,256

8,367,252

24,000,000

10,961,391

342,075,628

223,076,877

15,950,495

29,523,061

1,496,725,439

1,077,899,360

423,177,024

304,324,624

5,927,984,965

4,183,450,077

637,651,872

587,408,175

17,372,547,425

2,525,483,575

21,559,155,074

5,905,630,398

619,241,396

2,993,214

17,991,788,821

2,528,476,789

21,559,155,074

5,905,630,398

(630,741,039)

(1,247,834,600)

(399,273,052)

(435,835,711)

17,361,047,782

1,280,642,189

21,159,882,022

5,469,794,687

(3,806,393,892)

(1,248,069,812)

(966,323,996)

(282,884,878)

13,554,653,890

32,572,377

20,193,558,026

5,186,909,809

30,376,089

1,894,670,596

13,585,029,979

1,927,242,973

20,193,558,026

5,186,909,809

(31,738,572)

959,537

(935,037)

11,861,533

281,418,083

(94,093,035)

14,956,520

(94,093,035)

14,956,520

(95,028,072)

276,497,564

(94,093,035)

15,916,057

13,490,001,907

2,203,740,537

20,099,464,991

5,202,825,866

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

6.4

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"4 L=W"þ3=A; E;L<WE/R L=X4 "5 3 M[= « L.1R3¬ D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I M[= ( L.1R3) #L L=.MW3N3"L3/ GW3Q_G" M[=#L L=.MW3N3"L31O_< W?N

D A31O_W5 3 G"6S ;OD A3[. WDO<1O_[; ;OGM3L# A4 R; G"4=þCK1< G< M[=#L L=.MW3N3"L3/ GW3Q_G" M[=#L L=.MW3N3"L31O_< W?N

L=X4 "5 3 M[= L.1R3W4^.WD=^#=A; D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I M[= L.1R3W4^.WD=^#=A;#L L=.MW3N3"L3/ GW3Q_G" M[= L.1R3W4^.WD=^#=A;#L L=.MW3N3"L31O_< W?N D A31O_W5 3 G"6S ;OD A3[. WDO<1O_[; ;OGM3L# A4 R; G"4=þCK1< G< M[= L.1R3W4^.WD=^#=A;#L L=.MW3N3"L3/ GW3Q_G" M[= L.1R3W4^.WD=^#=A;#L L=.MW3N3"L31O_< W?N

M[=/ GER 3 M[=/ GER 3 K`38č`3*L3 M[=D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I M[=/ GER 35=K4?. M[=D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I M[=/ GER 3#L L=.MW3N3"L3/ GW3Q_G" M[=/ GER 3 K`38č`3*L3 M[= ( L.1R3) D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I M[=/ GER 35=K4?. M[=D A31O_W5 3 G"6S 0QGER 3 G"4=þCK1I

2557

"4 L=W"þ3W$8LJ N# L=

2556 (5=K45=R"ZE; )

2557

12,615,258,614

(144,785,162)

20,193,558,026

5,186,909,809

29,605,210

1,863,368,646

12,644,863,824

1,718,583,484

20,193,558,026

5,186,909,809

939,395,276

177,357,539

770,879

31,301,950

940,166,155

208,659,489

13,585,029,979

1,927,242,973

2556 (5=K45=R"ZE; )

12,520,230,542

132,453,027

20,099,464,991

5,202,825,866

29,605,210

1,863,368,646

12,549,835,752

1,995,821,673

20,099,464,991

5,202,825,866

939,395,276

176,616,914

770,879

31,301,950

940,166,155

207,918,864

13,490,001,907

2,203,740,537

1.082

0.172

1.728

0.519

1.071

0.167

1.710

0.475

1.079

(0.014)

1.728

0.519

1.710

0.475

1.069

E;L<WE/R5=J G4"4 L=W"þ3W5 3D A3E3P_" G""4 L=W"þ33O`

129

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M[=DJD; ( L.1R3) 1R31OG_ G #ME3 L< D A3W N3 W"þ3=K4? A"E3 L D A3/_M A L1R3 D A3W N3 (/_M A L) X?J%M=JX? A ;S? LER3 DL;K} LER3 #L L==A; 1R3#L L= 2R= N#:L<Z/ L= W5?O<_ 3DK.D A3 A4 R;W.O<A K3 L=0QGER3 Z34=þC1K < G< <G. "WE?QG - AK31O_ 1 W;CL<3 2¶¶¶ ° /L;1O_=L<"L3[A W.N; 6?DJD;#L L=W5?O_<3X5?"3Y<4L<4K}%OW O_<A K4 :LCOW"þ3[. (E;L<WE/R 4) <G. "WE?QG - AK31O_ 1 W;CL<3 2¶¶¶ ° E?K" L=5=K45=R" X5?"D:L8ER 3 S W5 3ER 3DL;K} Z% DN12N/L;Z4DM K}XD."DN12N&Q`GER 3DL;K} (E;L<WE/R 35) # L<W"þ35 36? (E;L<WE/R 47) W"þ35 36?# L< G"4=þCK1< G<ZE X D A3[. WDO< G"6S ;OD A3[. WDO<1O_[; ;OGM3L# A4 R; G"4=þCK1< G< &Q`GW"þ3?"1R3Z34=þCK1< G< (E;L<WE R 17) L<W"þ3?"1R3Z34=þCK1< G< - 5=K45=R"ZE; (E;L<WE/R 17) GG ER 3DL;K} G"4=þCK1< G< (E;L<WE/R 17) L=# L<Y.<Z% ER 3W5 3W -+ #K.D== M[=DJD;W5 3DM=G"/L; (E;L< M[= L.1R3W4^.WD=^#DME=K45 - 5=K45=R"ZE; <G. "WE?QG - AK31O_ ´1 ;O3L ; 2¶¶· ° 5=K45=R"ZE; <G. "WE?QG - AK31O_ 1 W;CL<3 2¶¶· ° /L;1O_=L<"L3[A W.N; 6?DJD;#L L=W5?O_<3X5?"3Y<4L<4K}%OW O_<A K4 :LCOW"þ3[. (E;L<WE/R 4) <G. "WE?QG - AK31O_ 1 W;CL<3 2¶¶· ° E?K" L=5=K45=R" Z% DN12N/L;Z4DM K}XD."DN12N&Q`GER 3DL;K} (E;L<WE/R 35) # L<W"þ35 36? (E;L<WE/R 47) GG ER 3DL;K} G"4=þCK1< G< W"þ35 36?# L< G"4=þCK1< G<ZE X D A3[. WDO< G"6S ;OD A3[. WDO<1O_[; ;OGM3L# A4 R; G"4=þCK1< G< &Q`GW"þ3?"1R3Z34=þCK1< G< (E;L<WE/R 17) L<W"þ3?"1R3Z34=þCK1< G< (E;L<WE/R 17) ?.1R3GG #ME3 L< G"4=þCK1< G< L=# L<Y.<Z% ER 3W5 3W -+ #K.D== M[=DJD;W5 3DM=G"/L; (E;L< M[= L.1R3W4^.WD=^#DME=K45 <G. "WE?QG - AK31O_ ´1 ;O3L ; 2¶¶¸

E;L<WE/R5=J G4"4 L=W"þ3W5 3D A3E3P_" G""4 L=W"þ33O`

130

#K.D==X? A

<K"[; [. #K.D==

36,600,495,793

350,729,674

(3,371,978,137)

(123,129,489)

1,476,047,924

(3,508,626,402)

1,802,876,013

36,600,495,793

350,729,674

(3,371,978,137)

(123,129,489)

1,476,047,924

(1,705,750,389)

7,820,299,127

1,134,790,310

5,743,456

538,444

1,295,600,058

(3,173,257,981)

(181,708,030)

2,379,721,622

736,329,290

274,474,734

(274,474,734)

1,687,585,537

44,426,538,376

1,486,058,428

1,295,600,058

(3,371,978,137)

2,811,213,393

1,750,522,658

(3,465,897,567)

44,426,538,376

1,486,058,428

1,295,600,058

(3,371,978,137)

3,357,495,014

1,750,522,658

(4,506,401,872)

(546,281,621)

1,040,504,305

44,426,538,376

1,486,058,428

1,295,600,058

(3,371,978,137)

2,811,213,393

1,750,522,658

(3,465,897,567)

3,230,383,724

311,179,188

(1,295,600,058)

(7,136,520,123)

(2,035,109,839)

3,672,180,553

1,009,777,901

(1,009,777,901)

12,644,863,824

47,656,922,100

1,797,237,616

(3,371,978,137)

4,448,284,107

2,760,300,559

1,032,668,233

?R ;4=Ã¾CK1 4O1OWGD =L<"L35=J#dL5 2556/57

(E3 A<: 4L1) "4 L=W"Ã¾3=A; D A3 G"6S 0QGER 34=Ã¾CK1I G" 5=J G4GQ_3 G"D A3 G"6S 0QGER 3 M[= L.1R3W4^.WD=^#GQ_3 6?/ L"#L D A3W N3 D A3W N3 (/_M A L) ER 3 S D A3W N31R3#L DM=G" L=X5?" L 1R3#L 1R3#L L= X5?"D:L8 L=X5?"D:L8 #L L= "4 L=W"Ã¾3 L=/O=L L W5?O<_ 3X5?" G" 5=J G4 ER 3 S 1M"4 DN31=K8< ;S? LW"Ã¾3?"1R3 1O_W5 31R3 L=W"Ã¾3=A;

D A3W N3 D A31R3#L =A; =A; D A3[. WDO< G" =A;D A3 ;S? LER 3DL;K} L=# L<Y.<Z% G" 5=J G4 D A3 G"6S 0QGER 3 6S ;OD A3[. WDO< G"6S 0QGER 3 #L L=#ME3 L< ER 3W5 3W -+ GQ_3 G"D A3 4=Ã¾CK1I 1O_[; ;OGM3L# A4 R; ER 3 G"4=Ã¾CK1I G"6S0 QGER 3 G"4=Ã¾CK1< G< 1O_0QGY.<4=Ã¾CK1< G<

(133,837,577) 2,619,803,941

5,105,048

1,356,596,955

2,685,013

8,525,682

7,380,290

(524,533,586)

(1,021,010)

(133,837,577) 2,095,270,355

4,084,038

1,356,596,955

3,866,259,352 35,289,798,715

1,642,451,708

36,932,250,423

1,277,321,417

42,884,189

1,320,205,606

3,340,704,756 36,567,120,132

1,685,335,897

38,252,456,029

8,955,089,437

(525,554,596)

2,685,013

8,525,682

7,380,290

(1,356,596,955) 1,356,596,955

1,301,881,958

(3,173,257,981)

(253,676,068)

(181,708,030)

(283,468,703)

(465,176,733)

2,379,721,622

404,254,239

2,783,975,861

736,329,290

145,796,091

882,125,381

14,557,233

11,861,533

281,418,083

14,956,520

308,236,136

1,995,821,673

207,918,864

2,203,740,537

(121,976,044) 2,376,688,438

19,040,558

- 1,356,596,955

2,685,013

8,525,682

21,937,523

3,663,498,125 48,595,555,334

1,906,160,320

50,501,715,654

(121,976,044) 2,970,860,547

23,800,699

- 1,356,596,955

2,685,013

8,525,682

21,937,523

4,262,430,375 48,700,264,900

1,902,448,734

50,602,713,634

(594,172,109)

(4,760,141)

(104,709,566)

3,711,586

(100,997,980)

(121,976,044) 2,376,688,438

19,040,558

- 1,356,596,955

2,685,013

8,525,682

21,937,523

3,663,498,125 48,595,555,334

1,906,160,320

50,501,715,654

(8,330,877)

2,237,631,977

(7,136,520,123)

45,000,000

(864,300,634)

(2,035,109,839)

(115,043,076)

(2,150,152,915)

3,672,180,553

255,605,888

3,927,786,441

(305,811,677)

16,961,549

(935,037)

(94,093,035)

(95,028,072) 12,549,835,752

940,166,155

13,490,001,907

(122,911,081) 2,376,688,438

(75,052,477)

- 1,356,596,955

2,685,013

8,525,682

30,568,195

3,577,100,725 57,900,535,203

1,861,776,976

59,762,312,179

(598,932,250)

131

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

6.4

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132

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D A3W N3 ;S? LER3 DL;K}

36,600,495,793

350,729,674

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(3,371,978,137)

175,065,107

36,600,495,793

350,729,674

(3,371,978,137)

175,065,107

7,820,299,127

1,134,790,310

5,743,456

538,444

1,295,600,058

(1,734,155,024)

293,924,581

75,000,000

44,426,538,376

1,486,058,428

1,295,600,058

(4,812,208,580)

250,065,107

44,426,538,376

1,486,058,428

1,295,600,058

(4,812,208,580)

250,065,107

44,426,538,376

1,486,058,428

1,295,600,058

(4,812,208,580)

250,065,107

3,230,383,724

311,179,188

(1,295,600,058)

1,021,715,895

47,656,922,100

1,797,237,616

(3,790,492,685)

250,065,107

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376,047,924

3,615,469,179

5,105,048

1,356,596,955

7,380,290

1,369,082,293

39,114,911,833

473,356,984

(1,021,010)

472,335,974

376,047,924

4,088,826,163

4,084,038

1,356,596,955

7,380,290

1,368,061,283

39,587,247,807

(1,356,596,955)

1,356,596,955

8,955,089,437

1,301,881,958

(3,173,257,981)

14,557,233

(1,734,155,024)

368,924,581

273,489,734

(273,489,734)

5,187,869,346

14,956,520

5,202,825,866

649,537,658

5,829,947,794

19,040,558

1,356,596,955

21,937,523

1,397,575,036

50,523,113,877

649,537,658

5,639,715,572

23,800,698

1,356,596,955

21,937,523

1,402,335,176

50,337,641,795

190,232,222

(4,760,140)

185,472,082

649,537,658

5,829,947,794

19,040,558

1,356,596,955

21,937,523

1,397,575,036

50,523,113,877

(8,330,877)

2,237,631,977

(7,136,520,123)

1,021,715,895

16,961,549

1,009,677,901

(1,009,677,901)

20,193,558,026

(94,093,035)

20,099,464,991

1,659,215,559

17,877,307,796

(75,052,477)

1,356,596,955

30,568,195

1,312,112,673

66,762,368,166

133

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2557

2556 (5=K45=R"ZE; )

2557

2556 (5=K45=R"ZE; )

17,361,047,782

1,280,642,189

21,159,882,022

5,469,794,687

30,376,089

1,894,670,596

17,391,423,871

3,175,312,785

21,159,882,022

5,469,794,687

511,028,246

1,763,072,277

67,937,695

69,402,718

32,260,542

25,609,105

(1,830,671)

(619,241,396)

(2,993,214)

16,750,285

26,757,643

(35,267,036)

45,209,014

60,887,697

3,325,515

3,438,969

170,826,182

135,924,929

2,523,018

19,090,710

444,839

46,038,986

42,850,000

(7,272,461)

(13,497,581,375)

(21,193,483)

(999,710,660)

(3,300,613,908)

(1,453,532,152)

(2,109,012)

(12,608,851)

(379,899,004)

18,071,428

(379,899,004)

21,651,245

(6,030,609)

(1,847,330)

(17,889,116,421)

(4,631,508,053)

16,961,549

14,557,233

2,647,428

2,034,610

(1,213,178,546)

(58,948,999)

(256,046,516)

(106,559,617)

558,774,017

902,816,196

368,023,252

129,084,599

2 ,787,821,230

5,242,153,521

(225,245,769)

(100,552,897)

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2556 (5=K45=R"ZE; )

2557

2556 (5=K45=R"ZE; )

(73,803,321)

(77,739,621)

106,288,255

144,416,790

(15,453,026)

155,692,312

241,590,564

(2,662,370)

(7,280,282)

955,147,616

(108,418,418)

30,408,712

107,499,000

11,882,149

67,630,474

(10,174,604)

(7,593,256)

(255,109,331)

974,857,026

8,120,431

9,215,086

8,675,589

(291,805,840)

104,873,522

(18,516,405)

114,899,572

217,729,624

12,574,360

(127,446,776)

73,303,811

76,644,418

(78,538,504)

(199,585,725)

(8,370,386)

(89,518,872)

1,382,104

(41,745,000)

(36,664,023)

(50,677,296)

( 30,864,263)

(40,846,154)

(302,260,287)

310,169,227

81,984,753

(42,619,929)

(1,804,051)

(18,438,119)

(6,930,000)

(29,173,895)

(219,976,691)

(9,689,916)

1,966,914

3,361,369,297

6,017,059,159

(143,820,939)

82,814,516

(481,699,780)

(1,064,096,963)

(9,630,137)

(95,959,121)

(697,075,321)

(371,110,511)

(15,187,718)

(16,476,431)

57,144,943

26,506,042

28,026,140

978,716,147

50,958,322

89,590,736

18,053,155

3,218,455,286

4,659,316,049

(51,021,918)

(11,567,881)

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135

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2556 (5=K45=R"ZE; )

2557

2556 (5=K45=R"ZE; )

(23,250,356,081)

(993,849,166)

2,177,836,957

(993,849,166)

(522,546,765)

235,306,554

(527,518,033)

239,848,375

(65,000,000)

(93,000,000)

(1,875,173,023)

(278,671,497)

1,037,804,388

24,726,442

12,798,848

341,054,388

196,414,833

1,137,040,158

4,587,909,223

6,628,102,638

4,587,909,224

2,991,942,284

(2,150,152,915)

(465,176,733)

(2,395,152,915)

(723,780,096)

(43,200,000)

(1,743,967)

(20,838,200,000)

(5,988,278,535)

(200,000,000)

(1,977,051,504)

(100,000,000)

823,398,181

1,847,330

3,800,910,853

2,908,975,731

(20,274,631)

(1,979,632,195)

(1,180,167,818)

(334,424,572)

(171,638,963)

2,404,785

13,565,257

58,500

119,000

(39,255,620)

(652,706,744)

(71,587,638)

(618,289,208)

(20,932)

501,596,218

10,561,699

501,409,855

10,561,699

(4,730,000)

(7,082,197)

(17,813,907)

(207,687)

(13,856)

61,399,000,000

(36,391,043)

12,180,342,353

4,097,672,798

(15,368,050,565)

3,803,271,427

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

6.4

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2556 (5=K45=R"ZE; )

2557

2556 (5=K45=R"ZE; )

2,468,628,677

20,833,200,000

121,628,677

(3,293,130,531)

(20,833,200,000)

(863,130,531)

1,052,109,700

(2,205,514,217)

24,063,200,000

22,500,000

(3,230,000,000)

(120,500,000)

1,301,881,958

2,237,536,686

1,301,881,958

80,830,972

101,038,715

80,830,972

(3,159,128,972)

(7,112,009,151)

(3,159,128,972)

(3,486,700,154)

(229,911,384)

882,125,385

(6,588,808,566)

16,059,766,250

(2,615,917,896)

11,861,533

2,180,041,814

640,693,767

1,175,785,650

1,333,240,137

1,628,917,898

453,132,248

3,513,281,951

2,269,611,665

1,628,917,898

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(4,018)

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= W"þ3ZE S <Q;=J<JDK`3

?K C-J AL;DK;8K32

4=þCK1 =J44 3D ";A?%3 =R"W18 #M K. (;EL%3) 4=þCK1 X =G1 =ÿAG= .D #M K. 4=þCK1 GO#OAÿ #M K.

4=þCK1< G< 4=þCK1< G< 4=þCK11O_W O_<A G" K3

EK : LW6Ĥ_GE3O`D"DK<#JDS} DR12N

<G. "WE?QG- AK31O_ 31 ;O3L ; 2556

W8Ċ;_ Ā3` =JEA L"5

?.?" =JEA L"5

<G. "WE?QG- AK31O_ 31 ;O3L ; 2557

570,000

(570,000)

111,500

56,000

176,500

4,018

115,518

635,000

(570,000)

180,518

(4,018)

111,500

635,000

(570,000)

176,500

(E3 A<: 8K34L1)

"4 L=W"þ3=A; W"þ3ZE S <Q;=J<J<LA 4=þC1K ALW [1< ([1<X?3. ) #M K. EK : LW6ĤG_ E3OD` "DK<#JDS} DR12N

?K C-J AL;DK;8K32

<G. "WE?QG- AK31O_ 31 ;O3L ; 2556

W8Ċ;_ Ā3` =JEA L"5

?.?" =JEA L"5

4=þC1K 1OW_ O<_ A G" K3

25,780

(1,145)

24,635

(25,780)

1,145

(24,635)

<G. "WE?QG- AK31O_ 31 ;O3L ; 2557

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= W"þ3ZE S <Q;=J<J<LA 4=þCK1 <"DR #M K. 4=þCK1 23L<" 9Ě`. XG3. W4WAGW=# #M K. 4=þCK1 W;QG"1G" XGDW&^1D #M K. 4=þCK1 23L<" GN3W/G= W3%K_3X3? #M K. 4=þCK1 23L<" H G" " ?N;NW/^. 4=þCK1 3SYA [?3 WGW#3&O_ #M K. 4=þCK1 D<L;W8##Nď" XG3. G;;NA3NW %K_3 #M K. 4=þCK1 DMW:LW8%= #M K. 4=þC1K L; R " 8=^G8W8G= /O` #M K. 4=þCK1 4O1OWGD XGDWD1D #M K. 4=þCK1 4O1OWGD X?3. #M K. 4=þCK1 23L&N/O` G? 9 XG3. D5G= / ?K4 #M K. EK : LW6Ĥ_GE3O`D"DK<#JDS} =A;

?K C-J AL;DK;8K32 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G< 4=þCK1< G<

<G. "WE?QG- AK31O_ 31 ;O3L ; 2556

W8Ċ;_ Ā3` =JEA L"5

?.?" =JEA L"5

<G. "WE?QG- AK31O_ 31 ;O3L ; 2557

5,670

100

5,770

581,693

250

(338,804)

243,139

83,700

430,361

6,509

436,870

2,109

1,593

3,702

20,000

634,000

(654,000)

32,650

32,700

897,356

(897,356)

149,150

9,120

158,270

2,120,500

1,224,000

(45,000)

3,299,500

67,000

15,400

6,000

21,400

4,405,589

1,881,622

(1,935,160)

4,352,051

(1,418,752)

(6,910)

897,356

(528,306)

2,986,837

1,874,712

(1,037,804)

3,823,745

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

155

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 (E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ=A; W"þ3ZE S <Q;=J<JDK`3 6S0 GQ ER3 =A;

?K C-J AL;DK;8K32

<G. "WE?QG- AK31O_ 31 ;O3L ; 2556

W8Ċ;_ Ā3` =JEA L"5

?.?" =JEA L"5

<G. "WE?QG- AK31O_ 31 ;O3L ; 2557

20,000

6S 0QGER 3 G"4=þCK1< G<

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= W"þ3ZE S <Q;=J<JDK`3

?K C-J AL;DK;8K32

<G. "WE?QG- AK31O_ 31 ;O3L ; 2556

W8Ċ;_ Ā3` =JEA L"5

24,063,200

(24,063,200)(1)

24,063,200

(24,063,200)

4=þC1K =J44 3D ";A?%3 =R"W18 #M K. (;EL%3) 4=þCK1< G< =A;

?.?" =JEA L"5

<G. "WE?QG- AK31O_ 31 ;O3L ; 2557

(1)EK ?4 K4W"þ35 36?=K4 G"4=þCK1I #dL3A3 13,894 ? L34L1 X?JEK ?4 K4 L=?.1R3 G"4=þCK1< G<#dL3A3 6,939 ? L34L1

W"þ3ZE S <Q;X N# L=1O_W O_<A G" K3X?JW"þ3 S <Q;#L 4R ?X?J N# L=1O_W O_<A G" K3 [; ;OE?K 1=K8< `dL5=J K3 L/G4X13 ==; L=X?J6S 4=þEL= Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 4=þCK1I X?J4=þCK1< G<;O LZ% # L<6?5=JY<%3 83K "L31O_ZE X ==; L=X?J6S 4=þEL= .K"/ G[53O` (E3 A<: ? L34L1)

"4 L=W"þ3=A; 2557

6?5=JY<%3 =J<JDK3` 6?5=JY<%3 E?K"GG #L "L3 6?5=JY<%3 1#_O L <Y.<Z% E3 R W5 3W -+ =A;

"4 L=W"þ3W$8LJ N# L= 2556

2557

206

219

235

251

:L=J `dL5=J K3 K4 N# L=1O_W O_<A G" K3 4=þCK1I ;O:L=J#L L= `dL5=J K3ZE K4 N# L=1O_W O_<A G" K3/L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 48.6 ")

156

2556

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

¹± W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D. (E3 A<: 8K34L1)

"4 L=W"þ3=A; W"þ3D. W"þ37L =JXD=L<AK3X?JGG;1=K8< W"þ37L 5=J#M1O;_ GO L<R "WE?QG[; W N3 A L 3 W.QG3 4K/=W"þ37L /KAb X? W"þ3 8K324K/=23L L=XE "5=JW1B[1<1O;_ GO L<R "WE?QG[; W N3 A L 3 W.QG3 =A;

"4 L=W"þ3W$8LJ N# L=

2557

2556

50,616

69,502

129

149

6,658,749

859,633

1,585,054

569,071

2557

2556

105,248

464,574

2,268,043

384,425

1,059,694

583,565

116,081

300,000

200,000

7,862,752

3,513,282

2,269,612

1,628,918

- AK31O_ 31 ;O3L ; 2557 W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D.;OGK/=L.G W4O`<=JEA L"= G<?J 0.37 0P" 3.25 / G5 (2556: = G<?J 0.10 0P" 3.40 / G5 ) ("4 L=W"þ3W$8LJ N# L=: = G<?J 0.50 0P" 2.75 / G5 (2556: = G<?J 0.375 0P" 3.15 / G5 )) <G. "WE?QG G"W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D.#dL3A3W"þ35=J;L- 182 ? L34L1 (2556: 81 ? L34L1) 4=þCK1I =G3dLD "ZE K4W# LE3O`/L;X639ąć39Ě N# L= G"4=þCK1I W;Q_GBL?;O dLDK_"GK3W5 31O_DR. /L;=L<?JWGO<.1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 15

º± W"þ3?"1R3%K_A =LA (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2557

W"þ37L 5=J#M1O_;OGL<RW N3 A L ´ W.QG3 /=LDL=1O_#J0QG#3 =4 ME3. /=LDL=E3O:` L WG %3 W"þ3?"1R3Z3E?K 1=K8< W8č_G L /=LDL=1R3Z3 AL;/ G" L= G"/?L.Z35=JW1B 8K324K/==K*4L?X?JE3 A<"L3:L =K* /=LDL=E3O:` L WG %3 4A : LW6ĤG_ L=5=K4;S? L =A;

"4 L=W"þ3W$8LJ N# L= 2556

2557

2556

19,370,013

1,684,830

4,516,464

993,849

629,293

993,849

178,903

92,751

131,328

402,982

12,609

415,591

24,302,068

993,849

2,314,123

993,849

W"þ3?"1R3%K_A =LA#dL3A3W"þ3 3,897 ? L34L1 0S 3dL[5 dL5=J K3E3K"DQG `dL5=J K31O_GG Y.<23L L=Z33L; G"4=þCK1< G<W8č_G `dL5=J K3ER 3 S =J<J<LA

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

157

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

1ù± W"þ37L 23L L=DdLE=K4W"þ3=K4? A"E3 L#L 6S 0QG4K/= W8č_GZE W5 3[5/L;5=J LB G"23L L=XE "5=JW1B[1<1O_4K" K4Z% K46S 5=J G42R= N#4K/=W"þ3GNW?^ 1=G3N D 4=þCK1< G<XE "E3P_" (4=þCK1 4L" G D;L= 1 L= . &NDW1; #dL K.) / G"7L W"þ31O_[. =K4? A"E3 L#L 6S 0QG4K/=[A Z3D0L4K3 L=W"þ3W5 3#dL3A3[; 3 G< A LW"þ3=K4? A"E3 L#L 6S 0QG4K/= "WE?QG - AK3DNď3AK31dL L= X?J[; DL;L=03dL [5Z% DdLE=K4AK/0R5=JD" GQ_3 3G #L Z% %dL=JZE X 6S L<DN3 LE=āG6S ZE 4=þ L=X136S 0QG4K/=W1 L3K`3 - AK31O_ 31 ;O3L ; 2557 <G. "WE?QG G"4K}%OW"þ31O_[. =K4? A"E3 L #L 6S 0QG4K/=;O#dL3A3W"þ35=J;L- 153 ? L34L1 (2556: 79 ? L34L1)

11± ?S E3O` L= LX?J?S E3O`GQ_3 - AK31OZ_ 3"4XD."*L3J L=W"þ3 <G. "WE?QG G"4K}%O? S E3O ` L= LX< /L;GL<RE3O1` _O " L"3K4#L AK31O0_ "P dLE3.%dL=J X?J<G. "WE?QG G"4K}%O? S E3OG` 3_Q XD."[. ."K 3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A;

158

2556

2557

2556

2557

?S E3O` L= L ° N# L=1O_W O_<A G" K3 <K"[; 0"P ME3.%M=J L"%M=J [; W N3 3 W.QG3 =A;?S E3O ` L= L - N# L=1OW_ O<_ A G" K3 ?S E3O` L= L ° N# L=1O_[; W O_<A G" K3 <K"[; 0"P ME3.%M=J L"%M=J [; W N3 3 W.QG3 3 - 6 W.QG3 6 - 12 W.QG3 ;L A L 12 W.QG3 =A; W%^ =K4?"AK31O?_ A "E3 L EK : LW6ĤG_ E3OD` "DK<#JDS} =A;?S E3O ` L= L - N# L=1O[_ ; W O<_ A G" K3, DR12N =A;?S E3O ` L= L - DR12N ?S E3O`GQ_3 W"þ31.=G"# L< .G W4O<` L"=K4 - N# L=1OW_ O<_ A G" K3 .G W4O<` L"=K4 W"þ35 36? L"=K4 ?S E3OW` "þ35=J K36?"L3 ?S E3OG` 3_Q - N# L=1OW_ O<_ A G" K3 ?S E3OG` 3_Q =A;?S E3OG` 3_Q - DR12N =A;?S E3O ` L= LX?J?S E3OG` 3_Q - DR12N

"4 L=W"þ3W$8LJ N# L=

3,747

258

3,747

269

525,266

478,938

149,405

340,822

39,282

20,924

9,859

2,008

31,363

30,361

755,175

873,053

9,157

13,220

(32,895)

(29,329)

731,437

856,944

735,184

857,213

4,195

42,663

787

244

285,835

159,872

243,849

9,387

18,240

2,473

2,445

2,748

7,702

2,748

7,702

47,416

461

20,915

2,338

38,618

28,220

23,162

21,860

339,271

88,433

354,132

194,489

1,074,455

945,646

354,132

194,489

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

12± GJ[E? - AK31O_Z3"4XD."*L3J L=W"þ3 <G. "WE?QG G"4K}%OGJ[E? 5=J G4. A< (E3 A<: 8K34L1)

"4 L=W"þ3=A; GJ[E? DNď3W5?QG" YG3W5 3DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L< (E;L<WE/R 27) GJ[E? DNď3W5?QG" - DR12N GJ[E? W5?O_<3X13 EK : L/K.#ME3 L<GJ[E? W5?O_<3X13DJD; YG3W5 3DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L< (E;L<WE/R 27) GJ[E? W5?O_<3X13 - DR12N

2557

2556

31,003

97,257

(68,104)

31,003

29,153

27,066

94,614

(5,148)

(13,036)

21,918

81,578

(59,175)

21,918

22,403

DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1< G<[. W4N Z% GJ[E? DNď3W5?QG"X?J4K31P L/K.#dLE3 L<DdLE=K4GJ[E? W5?O_<3X13W5 3#dL3A3W"þ3=A;1K`"DNď35=J;L2 ? L34L1 X?J4K31P LZ% # L<.K" ? LAW5 3D A3E3P_" G" LZ% # L<Z3 L=4=þ L= Z3"4 dL[= L.1R3W4^.WD=^#=A; (2556: 2 ? L34L1 W5 3D A3E3P_" G"/ 31R3 LY.<DL= &P_"XD."G<S :L<Z/ dL[=#L L=.dLW3N3"L31O_< W?N )

1´± / 31R3 L=8K,3LGDK"EL=þ;1=K8< (E3 A<: 8K34L1)

"4 L=W"þ3=A; 1O._ 3N X?JDN"Ď 5?S D= L"1O8_ , K 3LX? A EK : =L< L=5=K4?.=L L1R3ZE W5 3;S? LDR12N1#_O J[. =4K / 31R3 L=8K,3LGDK"EL=þ;1=K8< - DR12N / 31R3 L= S< ;Q GK/=L/K"` Ā3` W5 31R3 (= G<?J) #.#M3G"W8čG_ `M5=J K3A"W"þ3DN3W%QG_

"4 L=W"þ3W$8LJ N# L=

2557

2556

2557

2556

2,551,034

3,532,232

626,024

692,821

(1,272)

(21,925)

(1,272)

(21,925)

2,549,762

3,510,307

624,752

670,896

53,821

3.0 - 6.5

571,691

2,979,281

1µ± W"þ3D.1O_3dL[5AL"1=K8< W8č_GW5 3E?K 5=J K3Z3 L=%dL=JE3O` - AK31O_ 31 ;O3L ; 2557 4=þCK1I ;O<G. "WE?QG G"W"þ3D.1O_3dL[5AL"1=K8< W8č_GW5 3E?K 5=J K3Z3 L=%dL=JE3O` G"W# LE3O`[; ;O5=J K3X?JW# LE3O`;O5=J K31O_BL?? ;?J?L< ?L"W5 3#dL3A3 192 ? L34L1 X?J 40.7 ? L34L1 /L;?dL.K4 (2556: 192.0 ? L34L1 X?J 40.7 ? L34L1 /L;?dL.K4) W3Q_G"#L E3O`.K" ? LAG<S =JEA L"=G dLDK_"GK3W5 3 1O_DR. G"BL?E=āGW# L83K "L38Ċ1K C 1=K8< #dL3A3W"þ31O_3dL[5AL"1=K8< 3O`<K"W5 3#dL3A31O_/ dL A LE3O`DS"DR.1O_GL##JW N. Ā`3/L;DK.D A3 &P_"4=þCK1I #J/ G"# L<E=āGYG3 DN31=K8< W8č_G%dL=JE3O` G"W# LE3O`[; ;O5=J K3X?JW# LE3O`;O5=J K3/L;1O_=J4R[A Z3X639ąć39Ě N# L=G<S 5=J;L- 95.6 ? L34L1 X?J 416.5 ? L34L1 /L;?dL.K4 G< L"[= ^/L; 4=þCK1I [. 4K31P E3O`DN3.K" ? LA[A Z34K}%OW=ÿ<4= G<X? A X?JW# LE3O`;O5=J K3.K" ? LA[. 0S `dL5=J K3. A<DN31=K8< G"4=þCK1I [A X? A1K`"#dL3A3

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

159

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

1¶± DN31=K8< =G L=YG3/L;X639ą3ć 9Ě #N L= (E3 A<: 8K34L1)

"4 L=W"þ3=A; / 31R3 L=8K,3LGDK"EL=þ;1=K8< - DR12N 1O._ 3N X?JY =" L==G L=8K,3LZ3G3L / - DR12N 1O._ 3N GL L=X?JGR5 =- - DR12N =A;

"4 L=W"þ3W$8LJ N# L=

2557

2556

2557

2556

39,921

28,315

33,015

28,315

68,290

73,009

68,290

68,309

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4,016,783 16,067,134

97.46

97.46 29,937,253 41,681,791 16,952,850 4,534,585

343,197

300,000

10.84

16.33

2,577,858

1,715,000

90,338

70,800

50,000

100

680,609

125,000

100

503,695

311,000

100

310,010

234,000

100

236,570

1,000

100

1,000

20,000

100

77,472

5,000

100

5,000

1,000

100

1,000

100

1,000

3,000

100

25,000

12,750

17,085

24,276

100

2,000

100

2,000

800,000

100

1,424,078

10,000

100

10,000

2,001,000

1,637,915

375,000

100

375,000

50,000

35,000

240,000

87.5

210,000

38,037,277 48,674,957

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3,300,614

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3,808.6

3,353.0

1º±µ W"þ3?"1R3Z34=þCK1= A;1O_ L.1R3W N31R3 4=þCK1I ;OW"þ3?"1R3Z34=þCK1= A;XE "E3P_" &P_"4=þCK1I [. =K4=S D A3X4 "6? L.1R3#L W"þ3?"1R3Z34=þCK1= A;.K" ? LA#3;S? L/L;4K}%O/L;Aþ2OD A3[. WDO<W1 L K4BS3< 4=þCK1I [. E<R.=K4=S D A3X4 "6? L.1R3#L W"þ3?"1R3Z34=þCK1= A;W3Q_G"#L 4=þCK1I [; [. ;O:L=J6S 8K3/L; (E;L<E=āG1L"8>/N3K<1O_/ G"# L<W"þ3W8č_G%dL=J:L=J 6S 8K3 G"4=þCK1= A;.K" ? LA Y.<;O=L<?JWGO<..K"3O`

(E3 A<: ? L34L1)

%Q_G4=þCK1 4=þCK1 XG 4Y&?S1 YHW/^? W&G= AþD H G" " ?N;NW/^.

168

D A3X4 "6? L.1R31O_E<R.=K4=S D A3X4 "6? L.1R3Z3=JEA L"5 D A3X4 "6? L.1R3 DME=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 DJD;- AK31O_ 31 ;O3L ; 2557 -

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 1º±¶ G;S?W8Ċ_;W/N; G"4=þCK1= A; G"1R3=A;Y ="D= L"8č`3*L3=J44 3D ";A?%31L"=L" 4O1OWGDY =1 (î G"1R3Iï) Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1I [. &Q`GE3 A<?"1R3 G" G"1R3I W5 3#dL3A3 1,929 ? L3E3 A< =L LE3 A<?J 10.80 4L1 E=āGW1 L K4 20,833 ? L34L1Y.<;ODK.D A3 L=?"1R3= G<?J 33.33 G"#dL3A3E3 A<?"1R31K`"E;. G" G"1R3I X?J :L<Z/ Aþ2OD A3[. WDO< 4=þCK1I [. /K.=L< L= dL[=#L L= L<=L<[. LY.<DL=DR12NZ3G3L /GG /L;DK.D A3 L=0QGE3 A<?"1R3 G"4=þCK1I Z3 G"1R3I /L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 52 &P_" 4=þCK1I #J1<G<=K4=S dL[=.K" ? LA Q3:L<Z3 17 5 /L;GL<R "WE?QG G"DK;51L3=J44=0[99 L 3D ";A?%3 =R"W18DL<E?K &P_"=L<[. LY.<DL=DR12N0S L<ZE X G"1R3I 4=þC1K I [. =4K W"þ35 36?#L G"1R3I #L L=.dLW3N3"L3 G"=G4=J<JWA?LAK31O_ 17 W;CL<3 2556 0P"AK31O_ 31 2K3AL ; 2556 W5 3#dL3A3W"þ35=J;L- 820 ? L34L1 W"þ3?"1R3Z3 G"1R3I /L;Aþ2OD A3[. WDO< ;O=L<?JWGO<..K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; =L L1R3 4A : D A3X4 " M[=#L W"þ3?"1R3 EK : M[=#L L= L<=L<[. LY.<DL=DR12N/L;DK.D A3 L=?"1R3 G"4=þCK1I EK : W"þ35 36?=K4 DR12N

2557

2556

20,833,200

612,464

(6,748,791)

(819,825)

13,877,048

4=þCK1 XG 4Y&?S1 YHW/^? W&G= AþD #dL K. 4=þCK1I[. =K4W"þ35 36?#L 4=þCK1= A;#L L=.dLW3N3"L3 G"=G4=J<JWA?L4K}%ODNď3DR.AK31O_ 31 ;O3L ; 2556 W5 3#dL3A3W"þ35=J;L- 0.7 ? L34L1 4=þCK1 W4< AG= W/G= #dL K. 1O_5=J%R; -J ==; L=4=þCK1I W;Q_GAK31O_ 28 ;O3L ; 2557 [. ;O;/NG3R;K/N L=?"1R3X?J L=D3K4D3R3 1L" L=W"þ3X 4=þCK1= A;1R3%Q_G4=þCK1 W4< AGW/G= #dL K. W8č_G5=J G42R= N#8K,3LGDK"EL=þ;1=K8< Y.<;O1R3#.1JW4O<3 10 ? L34L1 (ER 3DL;K} 100,000 ER 3 ;S? L1O_/=L[A ER 3?J 100 4L1) 4=þCK1I ;ODK.D A3 L=0QGER 3 = G<?J 50 Z34=þCK1.K" ? LA

2ù± W"þ3?"1R3=J<J<LAGQ_3 (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2557

W"þ37L 5=J#M1O_;OGL<R "WE?QGW N3 A L 1 5 /=LDL=1O_#J0QG#3 =4 ME3. /=LDL=E3O`:L WG %3 W"þ3?"1R3Z3E?K 1=K8< W6Ĥ_G L< /=LDL=1R3Z3 AL;/ G" L= G"/?L.Z35=JW1B /=LDL=1R3Z3 AL;/ G" L= G"/?L.Z3/ L"5=JW1B 4A : LW6Ĥ_G L=5=K4;S? L W"þ3?"1R31K_A[5 /=LDL=1R31O_[; G<S Z3 AL;/ G" L= G"/?L.Z35=JW1B /=LDL=1R31O_[; G<S Z3 AL;/ G" L= G"/?L.Z3/ L"5=JW1B =A;

"4 L=W"þ3W$8LJ N# L= 2556

2557

2556

1,082,281

3,137,522

200,000

108,408

100,000

878,815

25,138

878,815

25,138

641,047

1,519,862

25,138

1,519,862

25,138

(93,815)

23,801

(93,815)

23,801

1,426,047

48,939

1,426,047

48,939

118,583

473,751

592,334

118,583

592,334

118,583

6,238,184

367,522

2,126,789

267,522

W"þ3?"1R3=J<J<LAGQ_3#dL3A3 2,999 ? L34L1 0S 3dL[5 dL`5=J K3E3K"DQG dL`5=J K31O_GG Y.<23L L=Z33L; G"4=þCK1< G<W8č_G dL`5=J K3ER 3 S =J<J<LA

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

169

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

21± / 31R3Y =" L= ° Y!C-L (E3 A<: 8K34L1)

"4 L=W"þ3=A; =L L1R3 31 ;O3L ; 2556 5 3D A3#L / 31R3Y =" L= - =J44=0[99 L 31 ;O3L ; 2557 L/K.#ME3 L<DJD; 31 ;O3L ; 2556 L/K.#ME3 L<DME=K45 31 ;O3L ; 2557 ;S? LDR12N/L;4K}%O 31 ;O3L ; 2556 31 ;O3L ; 2557 L/K.#ME3 L<DME=K45 2556 2557 (=A;G<S Z3/ 31R3 L=4=þ L=)

2,371,456 2,371,456

31,389 31,389

2,340,067

31,389

4O1OWGD&O4K31P 5 3D A3/ 31R3DN12NZ3D A31O_W O_<A G" K4 LY!C-LGG #L / 31R3Y =" L= - =J44=0[99 L 1O_0S #K.5=JW:1W5 3 îDN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3 DN31=K8< 1O_0QG[A W8č_G L<ï /L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 27 / 31R3.K" ? LA0S 5 3D A3/L;E?K W -+ X?J GD;;/N*L31O_6S 4=þEL= G"4O1OWGD&O dLE3. &P_"6S 4=þEL= G"4O1OWGD&O[. 5=JW;N3 AL;WE;LJD; G"=L< L=.K" ? LAX? A

22± 1O_.N3X?JY =" L==G L=8K,3LZ3G3L / 4=þCK1< G<E?L<XE ";OX63 L=8K,3LY =" L=431O_.N3 &P_"W <#K.5=JW:1[A W5 3GDK"EL=þ;1=K8< W8č_G L=?"1R3 .K"3K`3 - AK31O_ 31 ;O3L ; 2557 4=þCK1< G<#P"[. #K. 5=JW:1GDK"EL=þ;1=K8< W8č_G L=?"1R3#dL3A3 264 ? L34L1 W5 31O_.N3X?JY =" L==G L=8K,3LZ3G3L /

2´± GDK"EL=þ;1=K8< W8č_G L=?"1R3 ;S? L/L;4K}%O G"GDK"EL=þ;1=K8< W8č_G L=?"1R3 - AK31O_ 31 ;O3L ; 2557 X?J 2556 XD."[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; GL L=X?J E G"8K GLBK< 1O_.N3 ZE W% L =G L= L< - AK31O_ 31 ;O3L ; 2557: =L L1R3 EK : LWDQ_G;=L LDJD; EK : LW6Ĥ_G L=. G< L ;S? L/L;4K}%O - DR12N - AK31O_ 31 ;O3L ; 2556: =L L1R3 EK : LWDQ_G;=L LDJD; EK : LW6Ĥ_G L=. G< L ;S? L/L;4K}%O - DR12N

170

=A;

"4 L=W"þ3W$8LJ N# L= GL L=X?J E G"8K GLBK< D3L; G? 9X?J 1O_.N3 ZE W% L =G L= L< DNĎ"5?S D= L"

=A;

3,479,285

374,097

3,853,382

1,689,183

400,723

1,235,933

3,325,839

(125,633)

(124,680)

(653,847)

(778,527)

(547,009)

(79,279)

(626,288)

(566,281)

(69,049)

(220,830)

(856,160)

2,932,276

169,185

3,101,461

1,122,902

206,994

361,256

1,691,152

3,209,940

399,467

3,609,407

1,278,940

360,708

1,069,158

2,708,806

(112,230)

(110,463)

(618,841)

(729,304)

(550,269)

(79,279)

(629,548)

(550,269)

(69,049)

(220,830)

(840,148)

2,659,671

207,958

2,867,629

728,671

181,196

229,487

1,139,354

?R ;4=ĂžCK1 4O1OWGD =L<"L35=J#dL5 2556/57

L= =J14<G.;S? L/L;4K}%O G"GDK"EL=Ăž;1=K8< W8Ä?_G L=?"1R3DdLE=K45 2557 X?J 2556 XD."[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"Ăž3=A; ;S? L/L;4K}%O/ 35 &Q`GDN31=K8< YG3#L ([5) DN31=K8< GQ_3 YG3[51O_.N3X?JY =" L==G8K,3LZ3G3L / #ME3 L<DN31=K8< - =L L/L;4K}%O ?.?"#L L=#ME3 L<4=ĂžCK1< G< LWDQ_G;=L L ;S? L/L;4K}%O5?L<5

"4 L=W"Ăž3W$8LJ N# L=

2557

2556

2557

2556

2,867,629

2,461,013

1,139,354

1,226,078

652,707

71,588

619,376

(19,804)

1,440,406

103,215

(263,913)

(121,707)

(10,171)

(121,569)

(32,331)

(1,079,314)

(13,451)

(15,893)

(49,224)

(54,414)

3,101,461

2,867,629

1,691,152

1,139,354

;S? L<R/N2==; G"GDK"EL=Ăž;1=K8< W8Ä?_G L=?"1R3 - AK31O_ 31 ;O3L ; 2557 XD."[. .K"3O` (E3 A<: 8K34L1)

1O_.N3=G L= L< GL L=X?JE G"8K GLBK<ZE W% L D3L; G? 9X?JDNÄ&#x17D;"5?S D= L"

"4 L=W"Ăž3=A;

"4 L=W"Ăž3W$8LJ N# L=

6,374,700

3,656,300

243,997

217,000

2,671,446

;S? L<R/N2==;5=JW;N3Y.<6S 5=JW;N3=L LGND=J&P_"W -+ 1O_Z% 5=JW;N3=L LDN31=K8< ;O.K"3O` - 1O_.N3=G L= L< 5=JW;N3=L LY.<6S 5=JW;N3=L LGND=JY.<Z% W -+ =L L/?L. (MarĂ&#x201C;et Approach) - GL L=X?JE G"8K GLBK<ZE W% L 5=JW;N3=L LY.<6S 5=JW;N3=L LGND=JY.<Z% W -+ AĂž2O8Ä&#x160;#L=-L#L =L<[. (Â&#x201C;ncoĂ&#x2022;e Approach) X?J=L LW5?O_<3X13EK LWDQ_G; =L LDJD; (DepreciateĂ&#x152; ReplaceĂ&#x2022;ent Cost) - D3L; G? 9 X?JDNÄ&#x17D;"5?S D= L" 5=JW;N3=L LY.<6S 5=JW;N3=L LGND=JY.<Z% W -+ =L L/?L. (MarĂ&#x201C;et Approach) X?J=L LW5?O_<3X13EK LWDQ_G;=L LDJD; (DepreciateĂ&#x152; ReplaceĂ&#x2022;ent Cost) GD;;/N*L3E?K 1O_Z% Z3 L=5=JW;N3=L LGL L=.K" ? LA5=J G4. A< GK/=L6?/G4X13 GK/=LW"Ăž3W9 G GK/=L8Ä?`31O_A L"=J<J<LA X?JGK/=L L=W/N4Y/=J<J<LA G" LW% L 4=ĂžCK1I X?J4=ĂžCK1< G<[. 3dLGDK"EL=Ăž;1=K8< W8Ä?_G L=?"1R3;S? LDR12N/L;4K}%O #dL3A35=J;L- 1,127 ? L34L1 (2556: 1,072 ? L34L1) ("4 L=W"Ăž3W$8LJ N# L=: 382 ? L34L1 (2556: 229 ? L34L1)) [5 dL`5=J K3A"W"Ăž3DN3W%Q_G A"W"Ăž3 L= dL`5=J K3X?JW# LE3O`/L;X639Ä&#x2026;Ä&#x2021;39Ä&#x161; N# L=

6.5 E;L<WE/R5=J G4"4 L=W"Ăž3=A;

171

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

2µ± 1O_.N3 GL L=X?JGR5 =- (E3 A<: 8K34L1)

"4 L=W"þ3=A; GL L= W =āG_ "#K = W =āG_ "/ X/ " "L3=JEA L" GD= L" X?J / 31R38K,3L X?J X?JW =āG_ "Z% X?JDN31=K8< 1O_.N3 (=L L1O_/OZE; ) =0[99 L D A35=K45=R" D3L; G? 9 GR5 =- DM3K "L3 <L38LE3J =JEA L"/N./K"` =A; =L L1R3 192,796 1 W;CL<3 2555 &QG` W8Ċ;_ .G W4O<` # L<1O0_ GQ W5 3/ 31R3 #ME3 L< YG3W L (GG ) 192,796 31 ;O3L ; 2556 &QG` W8Ċ;_ .G W4O<` # L<1O0_ GQ W5 3/ 31R3 #ME3 L< YG3W L (GG ) ?.?"#L L=W5?O<_ 3D0L3JW"þ3?"1R3 6?/ L"#L L=X5?" L"4 L=W"þ3 192,796 31 ;O3L ; 2557 LWDQG_ ;=L LDJD; 1 W;CL<3 2555 LWDQG_ ;=L LDME=K45 LWDQG_ ;=L LDME=K4D A31O#_ ME3 L< LWDQG_ ;=L LDME=K4D A31OY_ G3GG 31 ;O3L ; 2556 LWDQG_ ;=L LDME=K45 LWDQG_ ;=L LDME=K4D A31O#_ ME3 L< ?.?"#L L=W5?O<_ 3D0L3JW"þ3?"1R3 6?/ L"#L L=X5?" L"4 L=W"þ3 31 ;O3L ; 2557 D A3W N31R3#L L=/O=L LDN31=K8< 2,600,711 1 W;CL<3 2555 370,150 W8Ċ;_ Ā3` 2,970,861 31 ;O3L ; 2556 2,970,861 31 ;O3L ; 2557 LW6ĤG_ L=. G< L 1 W;CL<3 2555 31 ;O3L ; 2556 31 ;O3L ; 2557 ;S? LDR12N/L;4K}%O 3,163,657 31 ;O3L ; 2556 3,163,657 31 ;O3L ; 2557 LWDQG_ ;=L LDME=K45 2556 2557

172

826,144

610,036

510,566

730,430

294,687

2,526,344

5,691,003

20,053

2,390

48,040

159,459

7,160

1,185,858

1,422,960

33,510

(253,029)

(33,626)

(1,086)

(92,083)

(12,732)

(701)

(393,257)

1,818,537

2,330,816

417,086

17,394

(7)

(2,513,641)

2,070,185

1,818,537

2,923,984

578,800

974,606

815,200

289,108

1,231,370

8,824,401

417

31,486

18,439

59,265

50,960

30,179

2,216,852

2,407,598

500

(24,345)

(16,407)

(2,565)

(1,466)

(44,783)

1,925,164

156,107

231,367

71,848

(2,380,207)

4,279

(138)

165

189

354

3,744,118

3,111,577

597,239

1,240,755

921,766

316,911

1,067,049

11,192,211

591,075

327,055

353,367

581,249

178,944

2,031,690

24,801

96,521

9,690

133,982

68,829

37,799

371,622

(230,868)

(33,626)

(125)

(84,556)

(12,490)

(361,665)

(56,638)

(1,376)

(3)

(58,017)

24,801

456,728

303,119

430,586

564,146

204,250

1,983,630

95,091

100,230

9,666

118,456

79,090

42,779

445,312

(21,434)

(16,692)

(2,565)

(40,691)

(138)

119,892

556,958

312,785

527,470

626,551

244,555

2,388,211

2,600,711

370,150

2,970,861

12,405

208,426

220,831

12,405

208,426

220,831

12,405

208,426

220,831

1,793,736

2,454,851

67,255

544,020

251,054

84,858

1,231,370

9,590,801

3,624,226

2,542,214

76,028

713,285

295,215

72,356

1,067,049

11,554,030

371,622 445,312

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

(E3 A<: 8K34L1)

=L L1R3 1 W;CL<3 2555 &Q`GW8Ċ_; YG3W L (GG ) #ME3 L< 31 ;O3L ; 2556 &Q`GW8Ċ_; YG3W L (GG ) #ME3 L< 31 ;O3L ; 2557 LWDQ_G;=L LDJD; 1 W;CL<3 2555 LWDQ_G;=L LDME=K45 LWDQ_G;=L LDME=K4D A31O_#ME3 L< 31 ;O3L ; 2556 LWDQ_G;=L LDME=K45 LWDQ_G;=L LDME=K4D A31O_#ME3 L< 31 ;O3L ; 2557 ;S? LDR12N/L;4K}%O 31 ;O3L ; 2556 31 ;O3L ; 2557 LWDQ_G;=L LDME=K45 2556 2557

"4 L=W"þ3W$8LJ N# L= W =āG_ "/ X/ " "L3=JEA L" X?JW =āG_ "Z% GD= L"X?J DM3K "L3 <L38LE3J DN31=K8< =JEA L"/N./K"`

GL L= X?J D A35=K45=R"

/ 31R38K,3L D3L; G? 9

45,344

54,253

59,553

70,985

27,788

257,923

863

3,154

183,202

187,219

3,091

=A;

(14,087)

(21,673)

(136)

(35,896)

45,344

40,166

38,743

74,003

214,081

412,337

2,900

28,900

304,624

336,424

5,176

952

(84,499)

(78,371)

(26)

(1,171)

(1,197)

50,520

40,166

42,569

101,732

434,206

669,193

32,365

41,424

45,389

70,868

190,046

3,855

4,044

5,372

325

13,596

(14,087)

(21,672)

(136)

(35,895)

36,220

31,381

29,089

71,057

167,747

3,306

4,020

4,480

6,000

17,806

(26)

(1,171)

(1,197)

39,526

35,401

33,543

75,886

184,356

9,124

8,785

9,654

2,946

214,081

244,590

10,994

4,765

9,026

25,846

434,206

484,837

13,596 17,806

DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 4=þCK1I X?J4=þCK1< G<4K31P LWDQ_G;=L LDdLE=K45 W5 3D A3E3P_" G"4K}%O/ 31R3X?J LZ% # L<Z3"4 dL[= L.1R3 W4^.WD=^#.K"3O` (E3 A<: ? L34L1)

"4 L=W"þ3=A; / 31R3 LY.<DL= / 31R3 L=4=þ L= LZ% # L<Z3 L=4=þEL= =A;

"4 L=W"þ3W$8LJ N# L= 2557

2556

2557

2556

311

236

149

128

460

372

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

173

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 4=þCK1I X?J4=þCK1< G< (4=þCK1 4O1OWGD XGDWD1D #dL K.) [. 3dL1O_.N3X?JDNĎ"5?S D= L";S? LDR12N/L;4K}%O - AK31O_ 31 ;O3L ; 2557 #dL3A3 5,179 ? L34L1 (2556: 4,987 ? L34L1) [5#.#dL3G"W8č_G dL`5=J K3A"W"þ3DN3W%Q_GX?JA"W"þ3 L= dL`5=J K3#L D0L4K3 L=W"þ3 - AK31O_ 31 ;O3L ; 2557 4=þCK1I X?J4=þCK1< G< ;ODN31=K8< #dL3A3E3P_"&P_"/K. LWDQ_G;=L LE;.X? AX/ <K"Z% "L3G<S ;S? L/L;4K}%O G3EK LWDQ_G;=L LDJD; X?J LW6Ĥ_G L=. G< L G"DN31=K8< .K" ? LA;O#dL3A3W"þ35=J;L- 1,293 ? L34L1 (2556: 1,186 ? L34L1) ("4 L=W"þ3W$8LJ N# L=: #dL3A3 132 ? L34L1 "4 L=W"3W$8LJ # L= (2556: 126 ? L34L1)) Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1< G<[. =A;/ 31R3 L= S <Q;W LW5 3GR5 =- W5 3#dL3A3 0.5 ? L34L1 (2556: 34 ? L34L1) Y.<;OGK/=L/K`" Ā`3W5 31R3W1 L K4 = G<?J 4.75 0P"= G<?J 6 / G5 (2556: = G<?J 5 0P"= G<?J 6.125 / G5 )

2¶± DN12N L=W% L (E3 A<: 8K34L1) =L L1R3 1 W;CL<3 2555 31 ;O3L ; 2556 &Q`GW8Ċ_; 31 ;O3L ; 2557 L/K.#ME3 L<DJD; 1 W;CL<3 2555 L/K.#ME3 L<DME=K45 31 ;O3L ; 2556 L/K.#ME3 L<DME=K45 31 ;O3L ; 2557 ;S? LDR12N/L;4K}%O 31 ;O3L ; 2556 31 ;O3L ; 2557 L/K.#ME3 L<DME=K45 &P_"=A;G<S Z3 LZ% # L<Z3 L=4=þEL= 2556 2557

174

"4 L=W"þ3=A;

"4 L=W"þ3W$8LJ N# L=

119,552

21,274

119,552

21,274

4,730

124,282

26,004

29,527

10,474

8,552

3,492

38,079

13,966

8,548

3,488

46,627

17,454

81,473

7,308

77,655

8,550

8,552

3,492

8,548

3,488

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

2·± DN31=K8< [; ;O/KA/3 (E3 A<: 8K34L1)

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"4 L=W"þ3=A; DN31=K8< [; ;O/KA/3 1O_ M?K"8K,3L

=A;

96,627

2,914

99,541

17,819

24,829

(2,914)

21,915

139,275

6,742

(52)

23,030

168,995

72,844

16,216

89,060

14,112

103,172

50,215

65,823

16,216 14,112

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= Y5=X =; G;8ĊAW/G= =L L1R3

1 W;CL<3 2555 &Q`GW8Ċ_; 31 ;O3L ; 2556 &Q`GW8Ċ_; 31 ;O3L ; 2557

7,511 14 7,525 207 7,732

L/K.#ME3 L<DJD;

1 W;CL<3 2555 L/K.#ME3 L<DME=K45 31 ;O3L ; 2556 L/K.#ME3 L<DME=K45 31 ;O3L ; 2557

6,059 973 7,032 492 7,524

;S? LDR12N/L;4K}%O

31 ;O3L ; 2556 31 ;O3L ; 2557

493 208

L/K.#ME3 L<DME=K45 &P_"=A;G<S Z3 LZ% # L<Z3 L=4=þEL=

2556 2557

973 492

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

175

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

2¸± DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L< /L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 52 1O_5=J%R;AþDL;K}6S 0QGER 3 G"4=þCK1I W;Q_GAK31O_ 18 2K3AL ; 2555 ;O;/NG3R;K/NZE 4=þCK1< G< (4O1OWGD&O) L<=L<[. LY.<DL=DR12NZ3G3L /1O_#J[. =K4#L L=.dLW3N3"L3=J44=0[99 L 3D ";A?%3 =R"W18DL<E?K ZE X G"1R3=A;Y ="D= L"8č`3*L3=J44 3D ";A?%31L"=L" 4O1OWGDY =1 ( G"1R3I) X?J/ G;LW;Q_GAK31O_ 17 W;CL<3 2556 4=þCK1< G<X?J G"1R3I [. ?"3L;Z3DK}}L&Q`GX?JYG3DN12N=L<[. DR12NW=ÿ<4= G<X? A /L;;L/=*L3 L==L<"L31L" L=W"þ3 $4K41O_ 5 (5=K45=R" 2552) W=ā_G" DN31=K8< [; E;R3WAÿ<31O_0QG[A W8č_G L<X?J L=.dLW3N3"L31O_< W?N dLE3.ZE N# L=/ G"3dLWD3G G;S?W O_<A K4DN31=K8< 1O_#K.5=JW:1W5 30QG[A W8č_G L< =A;0P"DN31=K8< X?JE3O`DN31O_=A;G<S Z3 ?R ;DN31=K8< 1O_< W?N 1O_#K.5=JW:1W5 30QG[A W8č_G L<W5 3=L< L=X< / L" EL Z3"4XD."*L3J L=W"þ3 .K"3K`3 - AK31O_ 31 ;O3L ; 2556 4=þCK1< G<#P"[. #K.5=JW:1DN31=K8< 1O_#J0S /K.=L< L=GG #L 4K}%O - AK31O_ 17 W;CL<3 2556 W5 3 DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L< Y.<[. X< XD."[A W5 3=L< L=/ L"EL Z3"4XD."*L3J L=W"þ3 - AK31O_ 31 ;O3L ; 2556 L=#K.5=JW:1=L< L=DN31=K8< 1O_W O_<A G" K4=L< L=.K" ? LAW5 3 îDN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L<ï - AK31O_ 31 ;O3L ; 2556 ;O=L<?JWGO<..K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; 68,104

GJ[E? DNď3W5?QG" - =J44=0[99 L / 31R3Y =" L= - =J44=0[99 L GJ[E? W5?O_<3X13 - =J44=0[99 L GJ[E? - DK}}L& G;4M=R" 1O_.N3 GL L=X?JGR5 =- =A;DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L<

41,676,705 59,175 292,771 26,344 42,123,099

DN31=K8< .K" ? LA[. 0S #K.5=JW:1W5 3DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L</L;E?K W -+ X?J GD;;/N*L31O_6S 4=þEL= G"4=þCK1< G< dLE3. Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1< G<[. /K.=L< L=DN31=K8< [; E;R3WAÿ<31O_#K.5=JW:1W5 3DN31=K8< 1O_0QG[A W8č_G L<GG #L 4K}%O W8č_G=K4=S dL[=#L L= L<=L<[. LY.<DL=DR12NZ3G3L / /L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 52 =L<[. X?J LZ% # L<1O_W O_<A G" K4DN31=K8< .K" ? LA DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 ;O=L<?JWGO<. .K"3O` (E3 A<: 8K34L1)

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2556

207,676

4,895,758

(86,451)

(2,481,154)

(5,748)

(26,723)

(85,101)

(493,210)

30,376

(1)

1,894,671

(1)W5 3=L<[. X?J LZ% # L<=JEA L"AK31O_ 1 W;CL<3 2556 #30P"AK31O_ 16 W;CL<3 2556

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176

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

2¹± W"þ3W4N W N34K}%OX?JW"þ3 S <Q;=J<JDK`3#L D0L4K3 L=W"þ3 W"þ3W4N W N34K}%OX?JW"þ3 S <Q;=J<JDK`3#L D0L4K3 L=W"þ3;O=L<?JWGO<..K"3O` 4O1OWGD&O Z3=JEA L"5 4=þCK1< G<[. # L<%dL=JW"þ3 S <Q;=J<JDK`3W=ÿ<4= G<X? A (2556: 1,117 ? L34L1) 4=þCK1 4O1OWGD XGDWD1D #dL K. A"W"þ3W4N W N34K}%O#dL3A3 15 ? L34L1 Y.<;OGK/=L.G W4O`<GN" K4GK/=L.G W4O`<DdLE=K4?S L=L<ZE} %K`3.O 5=JW:1W"þ3 S W4N W N34K}%O (M R) X?J dL`5=J K3Y.< L= #.#dL3G"1O_.N3 GL L=X?JGR5 =- G"4=þCK1< G< - AK31O_ 31 ;O3L ; 2557 4=þCK1< G<[; ;O<G. "WE?QG G"A"W"þ3W4N W N34K}%O.K" ? LA (2556: [; ;O) 4=þCK1 3SYA [?3 WGW#3&O_ #dL K. A"W"þ3W4N W N34K}%O#dL3A3 25 ? L34L1 Y.<;OGK/=L.G W4O`<GN" K4GK/=L.G W4O`<DdLE=K4?S L=L<ZE} %K`3.O 5=JW:1W"þ3 S W4N W N34K}%O (M R) X?J dL`5=J K3Y.< L= #.#dL3G"1O_.N3X?JDNĎ"5?S D= L"&P_"=A;G<S Z3/ 31R3 L=8K,3LGDK"EL=þ;1=K8< G"4=þCK1< G< - AK31O_ 31 ;O3L ; 2557 4=þCK1< G<[; ;O<G. "WE?QG G"A"W"þ3W4N W N3 4K}%O.K" ? LA (2556: [; ;O)

2º± W# LE3O` L= LX?JW# LE3O`GQ_3 (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2557

W# LE3O` L= L - N# L=1O_W O_<A G" K3 W# LE3O` L= L W# LE3O`GQ_3 - N# L=1O_W O_<A G" K3 W# LE3O`GQ_3 .G W4O`< L"# L< W# LE3O`W"þ35=J K36?"L3 W# LE3O`W"þ3;K.#M LZ% # L< L"# L< LZ% # L< L"# L< - N# L=1O_W O_<A G" K3 W"þ35 36? L"# L< =A;W# LE3O` L= LX?JW# LE3O`GQ_3

"4 L=W"þ3W$8LJ N# L= 2556

2557

2556

495

527,808

537,801

1,762

3,765

788

45,624

22,457

203,602

263,954

6,856

2,063

41,751

53,812

227,208

241,949

3,321

6,963

161,288

107,437

30,000

55,000

817,889

537,518

29,583

21,222

444

239

238,636

204,850

57,099

32,588

2,222,442

1,948,194

174,689

140,532

´ù± W# LE3O`/L;X639ąć39Ě N# L= (E3 A<: 8K34L1)

"4 L=W"þ3=A;X?J"4 L=W"þ3W$8LJ N# L= W# LE3O`/L;X639ąć39Ě N# L= EK : D A31O_0P" ME3.%M=J:L<Z3E3P_"5 W# LE3O`/L;X639ąć39Ě N# L= - DR12N#L D A31O_0P" ME3.%M=J:L<Z3E3P_"5

2557

2556

794,927

797,209

(745,356)

49,571

51,853

4=þCK1I <K"[; DL;L=0YG3ER 3DL;K} G"4=þCK1I #dL3A3 245,825,783 ER 3 1O_#.1JW4O<3Z33L; G"4=þCK1< G<W5 3 L=%K_A =LA&P_"4L"D A3[. 3dL[5AL"[A W8č_GW5 3E?K 5=J K3Z3 L=%dL=JE3O`ZE K4W# LE3O`1O_BL?? ;?J?L< ?L"ZE K4W# LE3O`[. W3Q_G"#L 4=þCK1I <K" ";OE3O`DN34L"D A31O_<K"[; 0P" dLE3.%dL=J/L;X639ąć39Ě N# L=X?JE3O`DN34L" D A3G<S =JEA L"=G dLDK_"GK3W5 31O_DR. G"BL?E=āGW# L83K "L38Ċ1K C 1=K8< 1dLZE ER 3DL;K} G"4=þCK1I 1O_W# LE3O`X/ ?J=L<#J[. =K4<K";O AL;[; X3 3G3/L;DK.D A3 G"E3O`1O_GL##JW5?O_<3[5/L; dLDK_"BL?E=āGW# L83K "L38Ċ1K C 1=K8< G< L"[= ^/L; #dL3A3ER 3Y.<=A;1O_W# LE3O`#J[. =K4<K" "W5 3#dL3A3/L;1O_=J4R[A Z3X639ąć39Ě N# L= X?J4=þCK1I [. 4K31P L=GG ER 3DL;K}W8č_G%dL=JE3O`.K" ? LAY.<? L"4K}%O K4E3O`DN3 G"4=þCK1I W=ÿ<4= G<X? AZ3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2550

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

177

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

´1± W"þ3 S <Q;=J<J<LA (E3 A<: 8K34L1)

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2557

2556

240,000

2,363,968

(10,000)

(1,967,221)

230,000

396,747

W"þ3 S <Q;=J<J<LA;O=L<?JWGO<..K"3O` 4=þCK1 4O1OWGD XGDWD1D #dL K. A"W"þ3#dL3A3 1,800 ? L34L1 4=þCK1< G<[. %dL=JW"þ3 S .K" ? LAW=ÿ<4= G<X? AZ3W.QG3W;CL<3 2556 (2556: 1,000 ? L34L1) 4=þCK1 3SYA [?3 WGW#3&O_ #dL K. A"W"þ3#dL3A3 2,100 ? L34L1 4=þCK1< G<[. %dL=JW"þ3 S .K" ? LAW=ÿ<4= G<X? AZ3W.QG3 = (L ; 2556 (2556: 1,134 ? L34L1) A"W"þ3#dL3A3 900 ? L34L1 W8č_G GD= L"GL L= G"Y =" L=8K,3LGDK"EL=þ;1=K8< XE "E3P_" Y.<;OGK/=L.G W4O`<GN" K4GK/=L.G W4O`<W"þ3 S <Q; K`3/ dL (M R) A"W"þ33O` dL`5=J K3Y.< L=#.#dL3G"1O_.N38= G;DNĎ"5?S D= L"Z3/ 31R3 L=8K,3LGDK"EL=þ;1=K8< G"4=þCK1< G< W"þ3 S <Q;.K" ? LA;O dLE3.%dL=J.G W4O`<W5 3=L<W.QG3X?J#J / G"%dL=J Q3W"þ3/ 31K`"E;.:L<Z3 30 W.QG3 3K4#L AK3W4N W"þ3 S =K`"X= - AK31O_ 31 ;O3L ; 2557 4=þCK1< G<<K";N[. W4N Z% W"þ3 S <Q;.K" ? LA 4=þCK1 4L" G D;L= 1 L= . &NDW1; #dL K. A"W"þ3#dL3A3 300 ? L34L1 Y.<;OGK/=L.G W4O`<G L"GN" K4GK/=L.G W4O`<W"þ3 S <Q; K`3/_dL (M R) ?4D A3/ L"1O_ dLE3.Z3DK}}LX?J4=þCK1< G<#J# L<%dL=J Q3W"þ3/ 3Y.< L=6 G3%dL=JW5 3=L<W.QG3 Y.<W=þ_;6 G3%dL=J"A.X= :L<Z3W.QG38>B#N L<3 2557 X?JDNď3DR.:L<Z3W.QG3/R?L ; 2564 - AK31O_ 31 ;O3L ; 2557 4=þCK1< G<;O<G. "WE?QG G"W"þ3 S <Q;.K" ? LAW5 3#dL3A3 240 ? L34L1 (2556: 230 ? L34L1) DK}}L S <Q;=J4RW"ā_G3[ 1O_4=þCK1I X?J4=þCK1< G</ G"5)N4K/NZ3W=ā_G"/ L"]E?L<5=J L= W% 3 L=.dL="GK/=LD A3 AL;DL;L=0Z3 L=%dL=JE3O` L= GE3O`DN3W8Ċ_;W/N; X?J dLE3.ZE 4O1OWGD&O.dL="DK.D A3Z3 L=W5 36S 0QGER 31L"/="Z34=þCK1< G< [; 3 G< A L= G<?J 55 G"1R3#.1JW4O<31O_%dL=JX? A G"4=þCK1< G< E=āG[; 3 G< A L= G<?J 25 G"1R3#.1JW4O<3Z34=þCK1< G<.K" ? LA Z3 =-O1O_;O6S ?"1R3=L<GQ_3&P_";O R-D;4K/N/L;1O_ dLE3.[A Z3DK}}LW L&Q`GER 3 G"4=þCK1< G< W5 3/ 3 - AK31O_ 31 ;O3L ; 2557 A"W"þ3 S <Q;=J<J<LA/L;DK}}LW"þ3 S 1O_<K";N[. W4N Z% ;O#dL3A3 960 ? L34L1 (2556: 3,251 ? L34L1)

´2± ER 3 S =J<J<LA - AK31O_Z3"4XD."*L3J L=W"þ3 4K}%OER 3 S =J<J<LA;O=L<?JWGO<..K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A;

ER 3 S =J<J<LAD A31O_ 2 ER 3 S =J<J<LAD A31O_ 3 ER 3 S =J<J<LAD A31O_ 4 ER 3 S =J<J<LAD A31O_ 5 =A; EK LZ% # L<Z3 L=GG ER 3 S I =A;ER 3 S =J<J<LA EK D A3 G"ER 3 S =J<J<LA1O_0P" ME3.%M=J:L<Z3E3P_"5 * ER 3 S =J<J<LA - DR12N#L D A31O_0P" ME3.%M=J:L<Z3E3P_"5

2556

GK/=L.G W4O<` = G<?J/ G5

21 DN"EL ; 2556 21 DN"EL ; 2557 21 DN"EL ; 2558 21 DN"EL ; 2559

5.25

2,081,300

5.75

3,611,300

6.25

1,468,900

6.75

1,348,450

6,428,650

8,509,950

(13,564)

(30,314)

* 4=þCK1< G<XD.";S? L G"ER 3 S =J<J<LAD A31O_0P" dLE3.%dL=J:L<Z3E3P_"5 DR12N#L LZ% # L<Z3 L=GG ER 3 S DdLE=K4D A3.K" ? LA

178

2557

AK3 =4 ME3.[0 0G3

6,415,086

8,479,636

(3,607,630)

(2,078,656)

2,807,456

6,400,980

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 DK}}LER 3 S 3O`;O G#dL K.E?L<5=J L=&P_"4=þCK1< G< (4O1OWGD&O) / G"5)N4K/N/L; [. X G#dL K.W O_<A K4 L= GE3O`DN3 L=5(N4K/N/L;DK}}LDK;51L3 X?J L=.dL=" GK/=LD A31L" L=W"þ34L"5=J L= W5 3/ 3

´´± DdL=G"6?5=JY<%3 =J<J<LA G"83K "L3 #dL3A3W"þ3DdL=G"6?5=JY<%3 =J<J<LA G"83K "L3&P_"W5 3W"þ3%.W%<83K "L3W;Q_GGG #L "L3 - AK31O_ 31 ;O3L ; 2557 X?J 2556 XD."[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; <G. "WE?QG/ 35 / 31R34=þ L=Z35 ##Ė4K3 / 31R3.G W4O`< 6?5=JY<%3 1O_# L<Z3=JEA L"5 6? L.1R3 ( M[=) #L L=5=J;L- L=/L;E?K -N/BLD/= 5=J K3:K< <G. "WE?QG5?L<5

"4 L=W"þ3W$8LJ N# L=

2557

2556

2557

2556

481,714

400,178

21,296

25,987

57,942

44,333

2,453

2,348

19,772

16,555

873

1,091

(1,804)

(18,438)

(6,930)

39,086

(1,200)

557,624

481,714

24,622

21,296

LZ% # L<W O_<A K46?5=JY<%3 =J<J<LA G"83K "L3=A;G<S Z3D A3 G" dL[=E=āG L.1R3XD."[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; "4 L=W"þ3W$8LJ N# L= DME=K45 DNď3DR.AK31O_ 31 ;O3L ; / 31R34=þ L=Z35 ##Ė4K3 / 31R3.G W4O`< =A; LZ% # L<1O_=K4=S Z3D A3 G" M[=E=āG L.1R3 LZ% # L<.K" ? LA=K4=S Z3=L< L=/ G[53O` Z3D A3 G" M[=E=āG L.1R3 / 31R3 LY.<DL= / 31R3 L==K4WE;L GD= L" / 31R3 L=4=þ L= LZ% # L<Z3 L= L<X?J4=þ L= LZ% # L<Z3 L=4=þEL=

2557

2556

2557

2556

57,942

44,333

2,453

2,348

19,772

16,555

873

1,091

77,714

60,888

3,326

3,439

24,027

1,703

1,995

2,597

1,002

73,414

33,842

3,326

3,439

/L;DK}}L&Q`GX?JYG3DN12N=L<[. DR12N/L;1O_ ? LA[A Z3E;L<WE/R5=J G4"4 L=W"þ3 G 52 4=þCK1< G<DL;L=0W=ÿ< W ^4 LZ% # L<W O_<A K46?5=JY<%3 =J<J<LA G" 83K "L3Z3G3L / W3Q_G"#L G"1R3=A;Y ="D= L"8č`3*L3=J44 3D ";A?%31L"=L" 4O1OWGDY =1 (î G"1R3Iï) #J=K46ġ.%G46?5=JY<%3 =J<J<LA G"83K "L3Z3 =-O1O_83K "L3W CO<-GL<RZ3=JEA L"GL<R "WE?QG G"=J44=0[99 L 3D ";A?%3 =R"W18DL<E?K .K"3K`3 4=þCK1< G<[. 4K31P =L<[. L"=K4#L G"1R3I /L;E?K W -+ X?J GD;;/N*L31O_6S 4=þEL= G"4=þCK1< G< dLE3. &P_"6S 4=þEL= G"4=þCK1< G<[. 5=JW;N3 AL;WE;LJD; G"=L< L=.K" ? LAX? A Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1< G<;O6?5=JY<%3 =J<J<LA G"83K "L31O_DL;L=0W=ÿ< W ^4#L G"1R3I [. Z3G3L //L;E?K W -+ X?J GD;;/N*L3 G"6S 4=þEL= G"4=þCK1< G<W5 3#dL3A3W"þ35=J;L- 32 ? L34L1

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

179

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 D;;/N*L31O_DdL K}Z3 L=5=J;L- L=/L;E?K -N/BLD/= 5=J K3:K< - AK35=JW;N3D=R5[. .K"3O`

"4 L=W"þ3=A;

"4 L=W"þ3W$8LJ N# L=

2557 (= G<?J/ G5 )

2556 (= G<?J/ G5 )

2557 (= G<?J/ G5 )

2556 (= G<?J/ G5 )

4.1

5.0

2.0 - 9.0

GK/=L N.?. GK/=L L= Ā3` W"þ3W.QG3Z3G3L / GK/=L L=W5?O<_ 3X5?"Z3#M3A383K "L3 ( Ā3` K4% A"GL<R)

#dL3A3W"þ3:L=J6S 8K3/L;Y =" L=6?5=JY<%3 X?J:L=J6S 8K31O_0S 5=K45=R"#L 6? G"5=JD4 L=- DdLE=K45 5 ##Ė4K3X?JDO_5 < G3E?K"XD."[. .K"3O` (E3 A<: 8K34L1)

#M3A3:L=J6S 8K3/L;Y =" L=6?5=JY<%3

#M3A3:L=J6S 8K31O_0S 5=K45=R"#L 6? G"5=JD4 L=- "4 L=W"þ3=A; "4 L=W"þ3 W$8LJ N# L=

"4 L=W"þ3=A;

"4 L=W"þ3 W$8LJ N# L=

2557

557,624

24,622

2556

481,714

21,296

34,609

(2,133)

2555

400,178

25,987

2554

349,754

22,789

2553

314,658

19,855

DME=K45 DNď3DR.AK31O_ 31 ;O3L ;

´µ± 5=J;L- L=E3O`DN3 ° N# L=1O_W O_<A G" K3 (E3 A<: 8K34L1)

"4 L=W"þ3=A; <G. "WE?QG - AK31O_ 1 W;CL<3 2556 4K31P :LCO2R= N#W$8LJ G" G"1R3=A;Y ="D= L"8č`3*L3=J44 3D ";A?%31L"=L" 4O1OWGDY =1 (î G"1R3Iï) W8Ċ_; Ā`3Z3=JEA L"5 ?.?"Z3=JEA L"5 <G. "WE?QG - AK31O_ 31 ;O3L ; 2557 - AK31O_ 31 ;O3L ; 2557 E;R3WAÿ<3 [; E;R3WAÿ<3

1,043,610 89,635 (49,761) 1,083,484

45,819 1,037,665 1,083,484

4=þCK1< G< (4O1OWGD&O) =K4=S 5=J;L- L=E3O`DN3DdLE=K4:LCO2R= N#W$8LJZ3G3L / G" G"1R3I /L;GL<R "WE?QG G"=J44=0[99 L 3D ";A?%3 =R"W18DL<E?K W3Q_G"#L /L;1O_=J4R[A Z3DK}}L&Q`GX?JYG3DN12N=L<[. DR12N 4=þCK1< G<#JW5 36S =K46ġ.%G4:LCO.K" ? LAX13 G"1R3I 4=þCK1< G<Z% D;;/N*L3Z3 L= dL3A-5=J;L- L= E3O`DN3DdLE=K4:LCO2R= N#W$8LJY.<GN"#L 5=J;L- L==L<[. Z3G3L / G" 6S 5=JW;N3=L LGND=J K4 L=/K.#dLE3 L<;S? LW"þ3?"1R3Z3DN12NZ3 L==K4 LY.<DL= G"=J44 =0[99 L 3D ";A?%3 =R"W18DL<E?K G" G"1R3I X?J N.?.W5 3;S? L5 ##Ė4K3

180

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

´¶± 1R3W=āG3ER 3 ² D A3W N3;S? LER 3DL;K} - AK31O_ 31 ;O3L ; 2556 4=þCK1I ;O1R31O_GG X?J%dL=JX? AW8Ċ_; Ā`3#L 36,600,495,792 4L1 (ER 3DL;K}#dL3A3 57,188,274,676 ER 3 ;S? L1O_/=L[A ER 3?J 0.64 4L1) W5 3 44,426,538,376 4L1 (ER 3DL;K}#dL3A3 11,106,634,594 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) Y.<#dL3A3.K" ? LAW5 36?;L#L L=X5?"D:L8ER 3 S W5 3ER 3DL;K} G"4=þCK1I #dL3A3 7,820,299,112 4L1 (ER 3DL;K}#dL3A3 1,955,074,778 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) X?J#L L=Z% DN12N/L;Z4DdL K}XD."DN12N1O_#J&Q`GER 3 DL;K} (BTS-W2) #dL3A3 5,743,456 4L1 (ER 3DL;K}#dL3A3 1,435,864 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) X?J#L L=GG ER 3DL;K}W8č_G[; ZE W N.WBCER 3#dL3A3 16 4L1 (ER 3DL;K}#dL3A3 4 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) X?J1dLZE ;OD A3W N3;S? LER 3DL;K}W8Ċ_; Ā`3=A;W5 3#dL3A3 1,486,058,428 4L1 4=þCK1I [. .dLW3N3 L=#.1JW4O<3 L=W8Ċ_;1R3%dL=JX? A.K" ? LA K4 =J1=A"8L-N%< Z3=JEA L"W.QG38>C:L ; 2555 #30P"W.QG3;O3L ; 2556 W;Q_GAK31O_ 11 /R?L ; 2556 1O_5=J%R;AþDL;K}6S 0QGER 3 =K`"1O_ 1/2556 [. ;O;/N1O_DdL K}.K"/ G[53O` ) G3R;K/NZE ?.1R3#.1JW4O<3 G"4=þCK1I #L W.N;;S? L 47,945,776,096 4L1 W5 3 47,766,075,208 4L1 Y.< L=/K.ER 3DL;K}1O_<K"[; [. GG #dLE3 L< ;S? L 179,700,888 4L1 (ER 3DL;K}#dL3A3 44,925,222 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) )

G3R;K/NZE W8Ċ_;1R3#.1JW4O<3 G"4=þCK1I #L 47,766,075,208 4L1 W5 3 63,652,544,720 4L1 Y.< L=GG ER 3DL;K}W8Ċ_;1R3;S? L 15,886,469,512 4L1 (ER 3 DL;K}#dL3A3 3,971,617,378 ER 3 ;S? L1O_/=L[A ER 3?J 4 4L1) W8č_G=G"=K4 L=Z% DN12N/L;Z4DdL K}XD."DN12N BTS-W3

)

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´·± Z4DdL K}XD."DN12N&Q`GER 3DL;K} Z4DdL K}XD."DN12N;O=L<?JWGO<..K"/ G[53O`

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BTS-W2

BTS-W3

BTS-WA

BTS-WB

#M3A3 (E3 A<)

3,167,032,866

100,000,000

3,944,626,464

16,000,000

(3,165,627,080)

(30,855,100)

(1,405,786)

3,944,626,464

69,144,900

16,000,000

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

181

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23 8>B#N L<3 2553 5,027,000,448 3 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N AK31dL L=DR.1 L< G"1R [/=;LDE?K"#L =4 2 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N 4.375 4L1 1:0.16

Z4DdL K}XD."DN12N1O_#J&Q`GER 3DL;K} G"4=þCK1I 1O_#K.D==ZE 6S 0QGER 3W.N; (BTS-W3) W;Q_GAK31O_ 11 /R?L ; 2556 1O_5=J%R;AþDL;K}6S 0QGER 3 =K`"1O_ 1/2556 [. ;O;/NG3R;K/NZE GG Z4DdL K}XD."DN12N1_O#J&Q`GER 3DL;K} G"4=þCK1I 1O_#K.D==ZE X 6S 0QGER 3W.N; (BTS-W3) Y.<[; N. L/G4X13Z3GK/=LD A3ER 3DL;K}W.N; 3 ER 3/ G 1 E3 A<Z4DdL K}XD."DN12N =L<?JWGO<. G"Z4DdL K}XD."DN12N;O.K"3O` AK31O_ZE DN12N #dL3A31O_ZE (E3 A<) GL<RDK}}L AK31O_Z% D1N 2N =L LZ% DN12N/ GER 3DL;K} 1 ER 3 GK/=LD A3 L=Z% DN12N (Z4DdL K}XD."DN12N/ GER 3DL;K})

1 8>B#N L<3 2556 3,944,626,464 5 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N AK31dL L=DR.1 L< G"1R [/=;LDE?K"#L =4 3 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N 12 4L1 1:1

Z4DdL K}XD."DN12N1O_#J&Q`GER 3DL;K} G"4=þCK1I 1O_GG ZE X 83K "L3 G"4=þCK1IX?J4=þCK1< G< (BTS-WA) 1O_5=J%R;DL;K}6S 0QGER 3 G"4=þCK1IW;Q_GAK31O_ 26 = (L ; 2554 [. ;O;/NG3R;K/NY =" L=GG Z4DdL K}XD."DN12N1_#O J&Q`GER 3DL;K} G"4=þCK1I 1O_GG ZE X 83K "L3 G" 4=þCK1I X?J4=þCK1< G< (BTS-WA) 5=JW:1=J4R%Q_G6S 0QGX?JW5?O_<3;QG[; [. Y.<[; N. L/G4X13 Y.<;O=L<?JWGO<..K"3O` AK31O_ZE DN12N #dL3A31O_ZE (E3 A<) GL<RDK}}L AK31O_Z% DN12N =L LZ% DN12N/ GER 3DL;K} 1 ER 3 GK/=LD A3 L=Z% DN12N (Z4DdL K}XD."DN12N/ GER 3DL;K})

18 DN"EL ; 2554 100,000,000 5 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N AK31dL L=DR.1 L< G"1R [/=;LDE?K"#L =4 2 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N 4.375 4L1 1:0.16

;S? L<R/N2==;Y.<5=J;L- G"DN12N&Q`GER 3X/ ?JZ4DdL K}XD."DN12N1O_GG W1 L K4 0.27 4L1 dL3A-Y.<Z% X44#dL?G" L= dLE3.=L LDN12NZ% /L;X44#dL?G" G" BlacÓ-Scholes Merton G;S?3dLW LX44#dL?G" [. X =L LER 3 - AK31O_ dLE3.=L L &P_"W1 L K4 0.68 4L1 =L LZ% DN12NW1 L K4 0.70 4L1 AL;6K36A31O_ L.EAK" = G<?J 60 AL; L.EAK"GK/=L L=# L<W"þ35 36?= G<?J 3 GL<RDK}}L 5 5 X?JGK/=L.G W4O`<5?G. AL;WDO_<"= G<?J 3.48

182

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11 ;N0R3L<3 2556 16,000,000 5 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N AK31dL L=DR.1 L< G"1R [/=;LDE?K"#L =4 2 0P" 4 5 3K4X/ AK31O_GG Z4DdL K}XD."DN12N 5.01 4L1 1:1

;S? L<R/N2==;Y.<5=J;L- G"DN12N&Q`GER 3X/ ?JZ4DdL K}XD."DN12N1O_GG W1 L K4 2.5568 4L1 dL3A-Y.<Z% X44#dL?G" L= dLE3.=L LDN12NZ% /L;X44#dL?G" G" BlacÓ-Scholes Merton G;S?3dLW LX44#dL?G" [. X =L LER 3 - AK31O_ dLE3.=L L &P_"W1 L K4 7.90 4L1 =L LZ% DN12NW1 L K4 5.01 4L1 AL;6K36A31O_ L.EAK" = G<?J 27.348 AL; L.EAK"GK/=L L=# L<W"þ35 36?= G<?J 5 GL<RDK}}L 5 5 X?JGK/=L.G W4O`<5?G. AL;WDO_<"= G<?J 2.90 - 3.37

´¸± D A3/_dL A L1R3#L L==A;2R= N#:L<Z/ L= A4 R;W.O<A K3 4K}%OD A3/_dL A L1R3#L L==A;2R= N#:L<Z/ L= A4 R;W.O<A K3 5=J G4. A<D A3/ L"=JEA L"/ 31R3 L==A;2R= N#:L<Z/ L= A4 R;W.O<A K3 K4D A3[. WDO< G" 4=þCK1I Z3;S? LDR12N/L;4K}%O G"4=þCK1< G< (4O1OWGD&O X?J4=þCK1< G<) - AK3&Q`G N# L= D A3/ L"=JEA L"DNĎ"/G4X13DR12N1O_# L<E=āG[. =K4#L L=W5?O_<3X5?"DK.D A3 L=0QGER 3Z34=þCK1< G< G"4=þCK1I K4D A3[. WDO< G"6S ;OD A3[. WDO<1O_[; ;OGdL3L# A4 R; G"4=þCK1< G<Z3;S? LDR12N/L;4K}%O G"4=þCK1< G< - AK31O_;O L=W5?O_<3X5?" .K" ? LA X?JD A3/ L"=JEA L"DNĎ"/G4X13DR12N1O_# L<E=āG[. =K4#L L=&Q`GE=āG L<W"þ3?"1R3 K4/ 31R3 G"W"þ3?"1R3:L<Z/ L= A4 R;W.O<A K3 Y.<;O=L<?JWGO<. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; <G. "WE?QG/ 35 &Q`GER 3DL;K} G"4=þCK1< G<:L<Z/ L= A4 R;W.O<A K3 #ME3 L<W"þ3?"1R3Z34=þCK1< G<:L<Z/ L= A4 R;W.O<A K3 <G. "WE?QG5?L<5

"4 L=W"þ3W$8LJ N# L=

2557

2556

2557

2556

3,371,978

4,812,208

3,371,978

1,734,155

(1,021,715)

(293,925)

3,371,978

3,790,493

4,812,208

´¹± D A3W N31R3#L L=X? W5?O_<3W"þ3?"1R3Z34=þCK1< G<:L<Z/ L= A4 R;W.O<A K3 D A3W N31R3#L L=X? W5?O_<3W"þ3?"1R3Z34=þCK1< G<:L<Z/ L= A4 R;W.O<A K3 QG6?/ L"=JEA L"/ 31R3 G"W"þ3?"1R3Z34=þCK1< G<:L<Z/ L= A4 R;W.O<A K3 - AK3 1O_;O L=X? W5?O_<3 &P_"[; DL;L=03dL;LEK K4 L.1R3DJD;X?J[; DL;L=0# L<W5 3W"þ35 36?[.

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

183

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

´º± D A3W N3 «/_dL A L¬ 1R3#L L=W5?O_<3X5?"DK.D A3 L=0QGER 3Z34=þCK1< G< L=W5?O_<3X5?"D A3[. WDO< G"4=þCK1I Z34=þCK1< G< Y.<[; [. 1dLZE 4=þCK1I DS}WDO<GdL3L#Z3 L= A4 R; 4=þCK1I #J4K31P D A3W N3 (/_dL A L) 1R3#L L=W5?O_<3X5?" DK.D A3 L=0QGER 3Z34=þCK1< G<Z3D A3 G"6S 0QGER 3Z3"4XD."*L3J L=W"þ3=A; 4K}%OD A3W N31R3#L L=W5?O_<3X5?"DK.D A3 L=0QGER 3Z34=þCK1< G< dL3A- Ā`3#L D A3/ L"=JEA L"DNĎ"/G4X13DR12N1O_# L<E=āG[. =K4#L L=W5?O_<3X5?"DK.D A3 L=0QGER 3Z34=þCK1< G< G"4=þCK1I K4D A3[. WDO< G"6S ;OD A3[. WDO<1O_[; ;OGdL3L# A4 R; G"4=þCK1< G<Z3;S? LDR12N/L;4K}%O G"4=þCK1< G< - AK31O_;O L=W5?O_<3X5?" .K" ? LA 4=þCK1I AK.;S? LD A3 G"6S ;OD A3[. WDO<1O_[; ;OGdL3L# A4 R; G"4=þCK1< G<. A<;S? L G"DN31=K8< DR12N1O_=J4R[. /L;DK.D A3 G"ER 31O_0QGY.<6S ;OD A3[. WDO<1O_ [; ;OGdL3L# A4 R;3K`3 Y.<;O=L<?JWGO<. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2556

2557

(5=K45=R"ZE; ) <G. "WE?QG/ 35 &Q`GW"þ3?"1R3Z34=þCK1< G< #ME3 L<W"þ3?"1R3Z34=þCK1< G< GG ER 3DL;K}W8Ċ_;1R3 G"4=þCK1< G< <G. "WE?QG5?L<5

2,811,213

(123,129)

(2,035,110)

(181,708)

3,672,181

2,379,721

736,329

4,448,284

2,811,213

µù± D A3W N31R3#L L=/O=L LDN31=K8< D A3W N31R3#L L=/O=L LDN31=K8< QGD A3W N31R3#L L=/O=L L1O_.N3&P_"[; DL;L=03dL;LEK K4 L.1R3DJD;X?J[; DL;L=0# L<W5 3W"þ35 36?[.

µ1± DdL=G"/L; (E;L< :L<Z/ 414K}}K/N G";L/=L 116 XE "8=J=L%4K}}K/N4=þCK1;EL%3#dL K. 8.B. 2535 4=þCK1I / G"#K.D== dL[=DR12N5=J#dL5 D A3E3P_"[A W5 31R3DdL=G"[; 3 G< A L = G<?J 5 G" dL[=DR12N5=J#dL5 EK . A<<G. L.1R3DJD;< ;L (0 L;O) #3 A L1R3DdL=G"3O`#J;O#dL3A3[; 3 G< A L= G<?J 10 G"1R3#.1JW4O<3 DdL=G"/L; (E;L< .K" ? LA[; DL;L=03dL[5# L<W"þ35 36?[.

µ2± =L<[. #L L=4=þ L= =L<[. #L L=4=þ L=;O=L<?JWGO<..K"/ G[53O` (E3 A<: 8K34L1)

DME=K45 DNď3DR.AK31O_ 31 ;O3L ; "4 L=W"þ3=A; "4 L=W"þ3W$8LJ N# L=

=L<[. LY!C-L =L<[. #L L=ZE 4=þ L=W.N3=0 =L<[. #L L=ZE 4=þ L=8č`31O_ =L<[. #L L=5=J G4 N# L=Y="X=; =L<[. #L L=ZE 4=þ L=GQ_3 =A;

184

2557

2556

2557

2556

2,627,504

2,353,530

1,589,582

1,146,150

327,883

246,283

775,827

443,350

735,608

598,298

131,989

108,931

6,056,404

4,787,611

131,989

108,931

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

µ´± LZ% # L</L;?K C-J =L< L= LZ% # L<X4 "/L;?K C-J5=J G4. A<=L< L= LZ% # L<1O_DdL K}.K"/ G[53O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2556

2557

L=.MW3N3"L3/ GW3Q_G"» W"þ3W.QG3 LX=" X?J6?5=JY<%3 GQ_3 L1O_5=Ā CL L4=þEL=Y =" L=X?J L4=þ L=1L"Aþ%L%O8 LWDQ_G;=L LX?J/K.#ME3 L< :LCOY="W=āG3X?J:LCOGQ_3 ] LW% L# L</L;DK}}LW% L.MW3N3"L3 L& G;X&;X?J4M=R"=K CL LDL2L=-S5Y: LY!C-LX?JD "WD=þ; L= L< L# L"6S =K4WE;L% A"Z3 L=ZE 4=þ L=W.N3=0 L/G4X13/L;DK}}LDK;51L3 / 31R3 L=ZE 4=þ L=Y!C-L L=8K,3LGDK"EL=þ;1=K8< Z3=JEA L"5 L=W5?O_<3X5?"Z3/ 31R3 L=8K,3LGDK"EL=þ;1=K8< LZ% # L<1L" L=W"þ3 L=.MW3N3"L31O_< W?N » W"þ3W.QG3X?J LX="X?J6?5=JY<%3 GQ_3 LWDQ_G;=L LX?J/K.#ME3 L< L1O_5=Ā CL L4=þEL=Y =" L=X?J L4=þ L=1L"Aþ%L%O8 L& G;X&;X?J4M=R"=K CL LY!C-LX?JD "WD=þ; L= L<

"4 L=W"þ3W$8LJ N# L= 2557

2556

1,274,306

924,187

122,401

108,505

215,955

114,741

57,374

40,332

505,832

387,506

67,938

69,403

106,000

38,220

22,387

24,204

130,497

65,506

29,599

28,936

130,957

118,304

6,054

8,693

192,307

115,299

20,265

14,033

158,788

106,201

7,797

15,438

25,637

28,774

700,218

589,990

156,400

137,475

288,841

688,547

6,105

9,951

960,545

(161,239)

46,143

107,499

630,741

1,300,656

399,273

435,836

70,212

606,707

5,126

1,375,566

5,196

66,285

19,014

406,044

693

27,563

µµ± LZ% # L<1L" L=W"þ3 =L< L= LZ% # L<1L" L=W"þ3;O=L<?JWGO<..K"/ G[53O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; LZ% #L <.G W4O<` X?J L2==;W3O<;1L" L=W"þ3GQ3_ /K.#ME3 L</ 31R3Z3 L=GG ER3 S G" 5=J G41OW_ 5 3E3OD` 3N G"ER3 SX 5?"D:L8/K.4K}%O /K.#ME3 L< L2==;W3O<; L=GG W?/W/G= GG9W =.N/ DME=K4 L=GG ER3 SX 5?"D:L8 =A;

"4 L=W"þ3W$8LJ N# L=

2557

2556

2557

613,991

914,326

399,273

129,085

16,750

26,758

170,826

135,925

399,273

435,836

630,741

135,925 1,247,835

2556

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

185

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

µ¶± :LCOW"þ3[. LZ% # L<:LCOW"þ3[. DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 D=R5[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2557

"4 L=W"þ3W$8LJ N# L=

2556

2557

2556

(5=K45=R"ZE; ) :LCOW"þ3[. 5 ##Ė4K3» :LCOW"þ3[. 3N/N4R ?DME=K45 :LCOW"þ3[. =G L=/K.4K}%O» :LCOW"þ3[. =G L=/K.4K}%O#L L=W N.6?X/ / L"%K_A =LA X?J L= ?K4=L< L=6?X/ / L"%K_A =LA LZ% # L<:LCOW"þ3[. 1O_XD."G<S Z3"4 M[= L.1R3W4^.WD=^#

(5=K45=R"ZE; )

439,178

713,274

2,317,207

808,892

253,049

282,885

3,806,394

1,248,070

966,323

282,885

1,489,187

#dL3A3:LCOW"þ3[. 1O_W O_<A G" K4D A35=J G4X/ ?JD A3 G" dL[= L.1R3W4^.WD=^#GQ_3DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 D=R5[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A;

"4 L=W"þ3W$8LJ N# L= 2556

2557

2556

2557

(5=K45=R"ZE; ) :LCOW"þ3[. =G L=/K.4K}%O1W_O O<_ A G" K4: 6? M[=#L L=AK.;S? LW"þ3?"1R3Z3E?K 1=K8< W6ĤG_ L<W8Ċ;_ Ā3` (?.?") D A3W N31R3#L L=/O=L L1O._ 3N ?.?" 6? L.1R3#L L=5=J;L- L=/L;E?K -N/BLD/= 5=J K3:K<?.?" (W8Ċ;_ Ā3` )

(5=K45=R"ZE; )

23,523

(3,739)

23,523

(3,739)

(69,638)

7,348

(240)

23,523

(66,029)

23,523

(3,979)

=L< L= =J14<G.#dL3A3W"þ3=JEA L" LZ% # L<:LCOW"þ3[. K46? S- G" dL[=1L"4K}%O K4GK/=L:LCO1O_Z% DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 DL;L=0 XD."[. .K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; 2557

"4 L=W"þ3W$8LJ N# L= 2556

2556

2557

(5=K45=R"ZE; ) M[=1L"4K}%O G3:LCOW"þ3[. 3N/N4R ? :LCOW"þ3[. M3A-Z3GK/=L:LCOW"þ3[. G"5=JW1B[1< = G<?J 20 (2556: = G<?J 23) 6? =J14/ G:LCOW"þ3[. #L 6?X/ / L"%K_A =LA 6? =J141L":LCO G" LZ% # L<1O_[; DL;L=03M;LEK :LCO[. 6? =J141L":LCO G" LZ% # L<1O_;ODN12NEK [. W8Ċ_; Ā`3 6? =J141L":LCO G"=L<[. 1O_[; / G"WDO<:LCO 6? =J141L":LCO G"=L<[. 1O_/ G"WDO<:LCOW8Ċ_;W/N; 6? =J14#L 6? L.1R3DME=K45 G"4=þCK1< G< 6?X/ / L" G"GK/=L:LCOW"þ3[. 1O_[; W1 L K3 G" ?R ;4=þCK1 GQ_3 ] LZ% # L<:LCOW"þ3[. 1O_XD."G<S Z3"4 M[= L.1R3W4^.WD=^#

186

(5=K45=R"ZE; )

17,391,424

3,175,632

21,159,882

5,469,795

3,478,285

730,395

4,231,976

1,258,053

89,469)

34,017

(89,469)

34,228

56,109

76,177

13,931

40,094

(2,875)

(4,066)

(470)

(2,873)

(75,260)

(24,693)

(3,577,672)

(1,048,964)

406,805

342,507

406,805

62,198

94,812

(252)

(627)

(29,147)

(452)

(18,777)

2,347

3,806,394

1,248,070

966,324

282,885

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 GK/=L:LCO1O_;O6?4K" K4Z% - AK3DNď3=G4=J<JWA?L=L<"L3 G"4=þCK1I X?J4=þCK1< G<5=J G4. A<= G<?J 20 X?J 25 (2556: = G<?J 23 X?J 25) D A35=J G4 G"DN31=K8< :LCOW"þ3[. =G L=/K.4K}%OX?JE3O`DN3:LCOW"þ3[. =G L=/K.4K}%O 5=J G4. A<=L< L=.K"/ G[53O` (E3 A<: 8K34L1)

"4XD."*L3J L=W"þ3 "4 L=W"þ3=A;

"4 L=W"þ3W$8LJ N# L=

31 ;O3L ; 2557 31 ;O3L ; 2556 1 W;CL<3 2555 31 ;O3L ; 2557 31 ;O3L ; 2556 1 W;CL<3 2555 (5=K45=R"ZE; ) (5=K45=R"ZE; ) DN31=K8< :LCOW"þ3[. =G L=/K.4K}%O LW6Ĥ_GE3O`D"DK<#JDS} LW6Ĥ_G L=. G< L G"DN31=K8< LW6Ĥ_G L=. G< L G"W"þ3?"1R3 6?X/ / L"1L"4K}%OX?J:LCO#L L==K4=S =L<[. X?J/ 31R3#L L= L<GDK"EL=þ;1=K8< L.1R31O_<K"[; W N. Ā`3#L L=W5?O_<3X5?" ;S? LW"þ3?"1R3 DM=G"6?5=JY<%3 =J<J<LA G"83K "L3 L.1R31L":LCO1O_<K"[; [. Z% GQ_3 ] =A; E3O`DN3:LCOW"þ3[. =G L=/K.4K}%O D A3W N31R3#L L=/O=L L1O_.N3 LGL =XD/;5 # L<? A"E3 L M[=#L L= L<=L<[. DR12NZ3G3L / L2==;W3O<; L= `M5=J K3 6?/ L" G"GK/=LX? W5?O_<31O_/ ?"[A ? A"E3 L K4GK/=LX? W5?O_<3 - DNď3"A. 6?X/ / L"1L"4K}%OX?J:LCO#L L= GG ER 3 S X5?"D:L8 6?X/ / L"1L"4K}%OX?J:LCO#L L= N. LWDQ_G;=L L G"DN31=K8< GQ_3 ] =A; DR12N Y.<XD."W5 3 DN31=K8< :LCOW"þ3[. =G L=/K.4K}%O - DR12N E3O`DN3:LCOW"þ3[. =G L=/K.4K}%O - DR12N DR12N

6,444

246,082

428,168

232

240,378

426,227

153,894

160,014

165,974

9,071

1,034,746

7,982

18,763

107,080

93,827

10,029

5,164

4,499

5,302

19,694

77,377

246,613

20,737

124,578

15,375

40,546

75,792

1,573

4,960

24,718

330,321

617,846

1,961,322

25,732

270,574

588,807

594,172

598,932

524,534

32,745

33,911

2,555,710

67,486

72,693

29,759

59,055

78,957

84,023

59,055

78,957

84,023

3,265

7,044

2,800

10,731

6,145

2,689

3,385,126

718,844

641,116

69,786

85,102

116,471

(3,054,805)

(100,998)

1,320,206

(44,054)

185,472

472,336

37,340

259,843

1,428,352

185,472

472,336

(3,092,145)

(360,841)

(108,146)

(44,054)

(3,054,805)

(100,998)

1,320,206

(44,054)

185,472

472,336

4=þCK1I X?J4=þCK1< G< dL3A-DN31=K8< :LCOW"þ3[. =G L=/K.4K}%O/L; L=5=K4?.GK/=L:LCOW"þ3[. 3N/N4R ?#L GK/=L= G<?J 30 W5 3= G<?J 23 Z35 2555 X?J = G<?J 20 /K`"X/ 5 2556 /L;8=J=L% >C(O L5=J LB?.GK/=L:LCOW"þ3[. 3N/N4R ?Z3W.QG32K3AL ; 2554 - AK31O_ 31 ;O3L ; 2557 4=þCK1I X?J4=þCK1< G<;O=L< L=6?X/ / L"%K_A =LA1O_Z% EK :LCOX?J L.1R31L":LCO1O_<K"[; [. Z% #dL3A3 505 ? L34L1 (2556: 560 ? L34L1) 1O_4=þCK1I X?J4=þCK1< G<[; [. 4K31P DN31=K8< :LCOW"þ3[. =G L=/K.4K}%O W3Q_G"#L 4=þCK1I X?J4=þCK1< G<8Ċ#L=-LX? AWE^3A L4=þCK1I X?J4=þCK1< G<GL#[; ;O dL[=1L":LCO Z3G3L /W8ċ<"8G1O_#J3dL6?X/ / L"%K_A =LAX?J L.1R31L":LCO1O_<K"[; [. Z% L"/ 3;LZ% 5=JY<%3 [.

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

187

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57

µ·± dL[=/ GER 3 dL[=/ GER 3 K`38č`3*L3 dL3A-Y.<EL= dL[= ( L.1R3) DdLE=K45 1O_W5 3 G"6S 0QGER 3 G"4=þCK1I ([; =A; dL[= L.1R3W4^.WD=^#GQ_3) . A<#dL3A30KAW$?O_<0 A"3`dLE3K G"ER 3 DL;K}1O_GG G<S Z3=JEA L"5 dL[=/ GER 35=K4?. dL3A-Y.<EL= dL[= ( L.1R3) DdLE=K45 1O_W5 3 G"6S 0QGER 3 G"4=þCK1I ([; =A; dL[= L.1R3W4^.WD=^#GQ_3) . A<6?=A; G"#dL3A3ER 3DL;K}0KAW$?O_< 0 A"3`dLE3K 1O_GG G<S Z3=JEA L"5 K4#dL3A30KAW$?O_<0 A"3`dLE3K G"ER 3DL;K}1O_4=þCK1I GL#/ G"GG W8č_GX5?"ER 3DL;K}W1O<4W1 L5=K4?.1K`"DNď3ZE W5 3ER 3DL;K} Y.<D;;/NA L[. ;O L=X5?"W5 3ER 3DL;K} - AK3/ 3"A.E=āG - AK3GG ER 3DL;K}W1O<4W1 L dL[=/ GER 3DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 ;O=L<?JWGO<. L= dL3A-.K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; #M3A3ER 3DL;K} 0KAW$?O_<0 A"3`ME3K

M[=

M[=/ GER 3 K`38č`3*L3 M[=D A31O_W5 3 G"6S 0QGER 34=þCK1I 6? =J14 G"ER 3DL;K}W1O<4W1 L5=K4?. Z4DM K}XD."DN12N (BTS-W2) Z4DM K}XD."DN12N (BTS-WA) Z4DM K}XD."DN12N (BTS-WB) M[=/ GER 35=K4?. M[=1O_W5 3 G"6S 0QGER 3DL;K}D;;/N A L;O L=X5?"W5 3ER 3DL;K}

M[=/ GER 3

2557 8K34L1

2556 8K34L1 (5=K45=R"ZE; )

2557 8K3ER3

2556 8K3ER3

2557 4L1

2556 4L1 (5=K45=R"ZE; )

12,644,864

1,718,583

11,687,607

9,991,489

1.082

0.172

109,294

286,973

6,542

4,578

2,567

12,644,864

1,718,583

11,806,010

10,283,040

1.071

0.167

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= #M3A3ER 3DL;K} 0KAW$?O_<0 A"3`ME3K

M[=

M[=/ GER 3 K`38č`3*L3 M[=D A31O_W5 3 G"6S 0QGER 34=þCK1I 6? =J14 G"ER 3DL;K}W1O<4W1 L5=K4?. Z4DM K}XD."DN12N (BTS-W2) Z4DM K}XD."DN12N (BTS-WA) Z4DM K}XD."DN12N (BTS-WB) ER 3 S X5?"D:L8 M[=/ GER 35=K4?. M[=1O_W5 3 G"6S 0QGER 3DL;K}D;;/N A L;O L=X5?"W5 3ER 3DL;K}

188

M[=/ GER 3

2557 8K34L1

2556 8K34L1 (5=K45=R"ZE; )

2557 8K3ER3

2556 8K3ER3

2557 4L1

2556 4L1 (5=K45=R"ZE; )

20,193,558

5,186,910

11,687,607

9,991,489

1.728

0.519

109,294

286,973

6,542

4,578

2,567

210,929

1,092,076

20,193,558

5,397,839

11,806,010

11,375,116

1.710

0.475

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 dL[=/ GER 3#L L=.dLW3N3"L3/ GW3Q_G"DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 X?J 2556 ;O=L<?JWGO<. L= dL3A-.K"3O` (E3 A<: 8K34L1)

"4 L=W"þ3=A; #M3A3ER 3DL;K} 0KAW$?O_<0 A"3`ME3K

M[=( L.1R3)

M[=/ GER 3 K`38č`3*L3 M[= ( L.1R3) D A31O_W5 3 G"6S 0QGER 34=þCK1I 6? =J14 G"ER 3DL;K}W1O<4W1 L5=K4?. Z4DM K}XD."DN12N (BTS-W2) Z4DM K}XD."DN12N (BTS-WA) Z4DM K}XD."DN12N (BTS-WB) M[=/ GER 35=K4?. M[=1O_W5 3 G"6S 0QGER 3DL;K}D;;/N A L;O L=X5?"W5 3ER 3DL;K}

M[=/ GER 3

2557 8K34L1

2556 8K34L1 (5=K45=R"ZE; )

2557 8K3ER3

2556 8K3ER3

2557 4L1

2556 4L1 (5=K45=R"ZE; )

12,615,259

(144,785)

11,687,607

9,991,489

1.079

(0.014)

109,294

6,542

2,567

12,615,259

11,806,010

1.069

(E3 A<: 8K34L1)

"4 L=W"þ3W$8LJ N# L= #M3A3ER 3DL;K} 0KAW$?O_<0 A"3`ME3K

M[=

M[=/ GER 3

2557 8K34L1

2556 8K34L1 (5=K45=R"ZE; )

2557 8K3ER3

2556 8K3ER3

2557 4L1

2556 4L1 (5=K45=R"ZE; )

20,193,558

5,186,910

11,687,607

9,991,489

1.728

0.519

109,294

286,973

6,542

4,578

2,567

210,929

1,092,076

20,193,558

5,397,839

11,806,010

11,375,116

1.710

0.475

dL[=/ GER 3 W3Q_G"#L Z4DdL K}XD."DN12N1O_#J&Q`GER 3DL;K} G"4=þCK1I (BTS-W3) ;O6?1dLZE dL[=/ GER 3Z3"4 L=W"þ3=A;X?J"4 L=W"þ3W$8LJ N# L=DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 W8Ċ_; Ā`3 .K"3K`3 4=þCK1I #P"[; 3dL6? G"Z4DdL K}XD."DN12N.K" ? LA;L=A; dL3A-W8č_GEL dL[=/ GER 35=K4?. 3G #L 3O` W3Q_G"#L ER 3 S X5?"D:L8;O6?1dLZE dL[=/ GER 3Z3"4 L=W"þ3=A;DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2556 W8Ċ_; Ā`3 .K"3K`3 4=þCK1I #P"[; 3dL6? G"ER 3 S X5?" D:L8.K" ? LA;L=A; dL3A-W8č_GEL dL[=/ GER 35=K4?.

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

189

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 dL[=/ GER 3#L L=.dLW3N3"L3/ GW3Q_G" W3Q_G"#L Z4DdL K}XD."DN12N1O_#J&Q`GER 3DL;K} G"4=þCK1I (BTS-W3) ;O6?1dLZE dL[=/ GER 3Z3"4 L=W"þ3=A;X?J"4 L=W"þ3W$8LJ N# L=DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 W8Ċ_; Ā`3 .K"3K`3 4=þCK1I #P"[; 3dL6? G"Z4DdL K}XD."DN12N.K" ? LA;L=A; dL3A-W8č_GEL dL[=/ GER 35=K4?. 3G #L 3O` W3Q_ G "#L Z4Dd L K } XD."DN 1 2N 1_O # J&Q` G ER 3 DL;K } G"4=þ CK 1 I X?JER 3 S X 5?"D:L8;O 6 ?1d L ZE L.1R 3 / G ER 3 Z3"4 L=W"þ 3 =A;Dd L E=K 4 5 DďN 3 DR . AK 3 1O_ 31 ;O3L ; 2556 ?.?" .K"3K3` 4=þC1K I #P"[; 3Ld 6? G"Z4DdL K}XD."DN12N1#_O J&QG` ER3 DL;K} G"4=þC1K I X?JER3 SX 5?"D:L8.K" ? LA;L=A; dL3A-W8čG_ EL dL[=/ GER3 5=K4?.

µ¸± W"þ35 36? W"þ35 36? W"þ35 36?5=J#M5 2554/2555 W"þ35 36?=JEA L" L? DME=K45 2555/2556 =A;W"þ35 36?DME=K45 DNď3DR.AK31O_ 31 ;O3L ; 2556 W"þ35 36?=JEA L" L?DME=K45 2555/2556 W"þ35 36?5=J#M5 2555/2556 W"þ35 36?=JEA L" L?DME=K45 2556/2557 W"þ35 36?=JEA L" L?DME=K45 2556/2557

G3R;K/NY.< 1O_5=J%R;DL;K}6S 0QGER 3 W;Q_GAK31O_ 26 = (L ; 2555 1O_5=J%R; -J ==; L=4=þCK1I W;Q_GAK31O_ 11 ; =L ; 2556

W"þ35 36?# L<

W"þ35 36?# L</ GER 3

(? L34L1)

(4L1)

1,379

0.15

1,794

0.16

3,173

1O_5=J%R; -J ==; L=4=þCK1I W;Q_GAK31O_ 19 W;CL<3 2556 1O_5=J%R;DL;K}6S 0QGER 3 W;Q_GAK31O_ 26 = (L ; 2556 1O_5=J%R; -J ==; L=4=þCK1I W;Q_GAK31O_ 9 DN"EL ; 2556 1O_5=J%R; -J ==; L=4=þCK1I W;Q_GAK31O_ 10 ; =L ; 2557

=A;W"þ35 36?DME=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557

2,052

0.18

513

0.045

2,190

0.19

2,382

0.20

7,137

1O_5=J%R;DL;K}6S 0QGER 3W;Q_GAK31O_ 26 = (L ; 2556 ;O;/NG3R;K/NZE X [ 3Y<4L< L=# L<W"þ35 36?W5 3#dL3A3[; 3 G< A L 6,000 ? L34L1 DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2557 [; 3 G< A L 7,000 ? L34L1 DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2558 X?J[; 3 G< A L 8,000 ? L34L1 DdLE=K45 DNď3DR.AK31O_ 31 ;O3L ; 2559

µ¹± :L=J6S 8K3X?JE3O`DN31O_GL#W N. Ā`3 - AK31O_ 31 ;O3L ; 2557 4=þCK1I X?J4=þCK1< G<;O:L=J6S 8K3X?JE3O`DN31O_GL#W N. Ā`3.K"/ G[53O` µ¹±1 :L=J6S 8K3W O_<A K4=L<# L<7 L<1R3 ) 4=þCK1I X?J4=þCK1< G< (4=þCK1 WG%WG%1O G3D/=K %K_3 #dL K. 4=þCK1 W;QG"1G" XGDW&^1D #dL K. 4=þCK1 3SYA[?3 WGW#3&O_ #dL K. X?J4=þCK1 L; R " 8=^G8W8G= /O` #dL K.) ;O:L=J6S 8K3W O_<A K4DK}}L1O_5=Ā CL GG X44X?J GD= L"Y =" L=W5 3#dL3A3W"þ35=J;L- 380 ? L34L1 (2556: 253 ? L34L1) ) 4=þCK1I X?J4=þCK1< G< (4=þCK1 4O1OWGD XGDWD1D #dL K. X?J4=þCK1 3SYA[?3 WGW#3&O_ #dL K.) ;O:L=J6S 8K3W O_<A K4 L=5=K45=R"X?J8K,3LD3L; G? 9X?J"L3 =JEA L" GD= L" K44=þCK1< G<XE "E3P_" (4=þCK1 WG%WG%O1O G3D/=K %K_3 #dL K.) W5 3#dL3A3W"þ35=J;L- 406 ? L34L1 (2556: 364 ? L34L1) ) 4=þCK1I [. 1dLDK}}LW% L1O_.N3 K4 =J1=A" L= ?K"W8č_G GD= L"GL L=X?JDNĎ"5?S D= L" Y.<4=þCK1I / G".dLW3N3 L= GD= L"GL L=ZE X? AWD=^#:L<Z3WA?L [; W N3 3 5 4=þCK1I ;O:L=J6S 8K3/ G"%dL=J L/G4X13 L=Z% 1O_.N3Z3=JEA L" GD= L"GL L=W.QG3?J 0.1 ? L34L1X?JE?K"#L L=D ";G4GL L= 4=þCK1I ;O:L=J6S 8K3/ G"%dL=J LW% L=L<5 W5 3=J<JWA?L 30 5 GK/=L LW% LW=þ_;X= N.W5 3#dL3A3 0.8 ? L34L1/ G5 Y.<#JW8Ċ_; Ā`3Z3GK/=L= G<?J 15 1R % A"=J<J WA?L 5 5 #3 =4 dLE3.GL<RDK}}L

190

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12,645

1,719

DN31=K8< =A; G"D A3"L3 G"4=þCK1IX?J4=þCK1< G< - AK31O_ 31 ;O3L ; 2557 X?J 2556 ;O.K"/ G[53O`

(E3 A<: ? L34L1)

D A3"L3=J44 3D ";A?%3 - AK31O_ 31 ;O3L ; 2557 - AK31O_ 31 ;O3L ; 2556

D A3"L32R= N# D A3"L32R= N# D A3"L32R= N# Y!C-L GDK"EL=þ;1=K8< 4=þ L=

DN31=K8< 1O_ [; [. 5 3D A3

"4 L=W"þ3=A;

3,965

7,069

10,183

55,540

76,757

42,123

2,562

10,584

4,501

7,521

67,291

¶ù± G"1R3DdL=G"W?O`<"%O8 4=þCK1I X?J4=þCK1< G<X?J83K "L3 G"4=þCK1X?J4=þCK1< G<[. = A; K3#K./K`" G"1R3DdL=G"W?O`<"%O8 Ā`3/L;8=J=L%4K}}K/N G"1R3DdL=G"W?O`<"%O8 8.B. 2530 Y.<4=þCK1I X?J4=þCK1< G<X?J83K "L3#J# L<D;14W L G"1R3W5 3=L<W.QG3Z3GK/=L= G<?J 5 G"W"þ3W.QG3 G"1R3DdL=G"W?O`<"%O83O`4=þEL=Y.<4=þCK1E?K 1=K8< #K. L= G"1R3=A; 4KAE?A" #dL K. X?J#J# L<ZE X 83K "L3W;Q_G83K "L33K`3GG #L "L3/L;=JW4O<4A L. A< G"1R3 G"4=þCK1I X?J4=þCK1< G< Z3=JEA L"5 DNď3DR.AK31O_ 31 ;O3L ; 2557 4=þCK1I X?J4=þCK1< G<[. # L<W"þ3D;14 G"1R3W5 3#dL3A3W"þ3 30.7 ? L34L1 (2556: 41.5 ? L34L1) ("4 L=W"þ3W$8LJ N# L=: 2.1 ? L34L1 (2556: 1.9 ? L34L1))

¶1± W =ā_G";QG1L" L=W"þ3 ¶1±1 3Y<4L< L=4=þEL= AL;WDO_<" W =ā_G";QG1L" L=W"þ31O_DdL K} G"4=þCK1I X?J4=þCK1< G</L;1O_3N<L;G<S Z3;L/=*L3 L=4K}%O$4K41O_ 107 î L=XD."=L< L=X?J L=W5 .W6< G;S?DdLE=K4W =ā_G" ;QG1L" L=W"þ3ï 5=J G4. A<=L< L=.K"/ G[53O` DN31=K8< 1L" L=W"þ3 - W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D. - W"þ3?"1R3%K_A =LA - W"þ37L 23L L=DdLE=K4W"þ3=K4? A"E3 L#L 6S 0QG4K/= - ?S E3O` L= LX?J?S E3O`GQ_3 - W"þ3ZE S <Q;=J<JDK`3X N# L=1O_W O_<A G" K3 - W"þ37L 1O_;O:L=J6S 8K3 - W"þ3D.1O_3dL[5AL"1=K8< W8č_GW5 3E?K 5=J K3Z3 L=%dL=JE3O` - W"þ3ZE S <Q;=J<J<LAX N# L=1O_W O_<A G" K3 - W"þ3?"1R3=J<J<LAGQ_3 - ?S E3O`W"þ35=J K36?"L3 - W"þ3;K.#dLX?JW"þ3# L<? A"E3 LW8č_G&Q`GDN31=K8<

E3O`DN31L" L=W"þ3 - W"þ3W4N W N34K}%OX?JW"þ3 S <Q;=J<JDK`3#L D0L4K3 L=W"þ3 - W# LE3O` L= LX?JW# LE3O`GQ_3 - W"þ3=K4? A"E3 L#L 6S 0QG4K/= - W"þ3 S <Q;=J<JDK`3#L 4R ?1O_W O_<A G" K3 - W# LE3O`W"þ35=J K36?"L3 - W# LE3O`/L;X639ąć39Ě N# L= - W"þ3 S <Q;=J<J<LA - ER 3 S =J<J<LA

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

195

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 4=þCK1I X?J4=þCK1< G<;O AL;WDO_<"1O_W O_<A G" K4W =ā_G";QG1L" L=W"þ3.K" ? LAX?J;O3Y<4L<Z3 L=4=þEL= AL;WDO_<".K"3O` AL;WDO_<". L3 L=ZE DN3W%Q_G 4=þCK1I X?J4=þCK1< G<;O AL;WDO_<". L3 L=ZE DN3W%Q_G1O_W O_<AW3Q_G" K4?S E3O`X?JW"þ3ZE S <Q; 7 L<4=þEL= A4 R; AL;WDO_<"3O`Y.< L= dLE3.ZE ;O3Y<4L<X?JAþ2O L= Z3 L= A4 R;DN3W%Q_G1O_WE;LJD; .K"3K`34=þCK1I X?J4=þCK1< G<#P"[; L.A L#J[. =K4 AL;WDO<EL<1O_W5 3DL=JDdL K}#L L=ZE DN3W%Q_G 3G #L 3O` L=ZE DN3W%Q_G G" 4=þCK1I X?J4=þCK1< G<[; ;O L= =J#Ė /KAW3Q_G"#L 4=þCK1I X?J4=þCK1< G<;O*L3 G"?S L1O_E?L E?L<X?J;OG<S #dL3A3;L =L< #dL3A3W"þ3DS"DR.1O_4=þCK1I X?J 4=þCK1< G<GL#/ G"DS}WDO<#L L=ZE DN3W%Q_G QG;S? L/L;4K}%O G"?S E3O`X?JW"þ3ZE S <Q;1O_XD."G<S Z3"4XD."*L3J L=W"þ3 AL;WDO_<"#L GK/=L.G W4O`< 4=þCK1I X?J4=þCK1< G<;O AL;WDO_<"#L GK/=L.G W4O`<1O_DdL K}GK3W O_<AW3Q_G" K4W"þ37L D0L4K3 L=W"þ3 W"þ3?"1R3Z3/=LDL=E3O` W"þ3ZE S <Q; W"þ3 S <Q;X?JER 3 S G< L"[= ^/L; W3Q_G"#L DN31=K8< X?JE3O`DN31L" L=W"þ3D A3ZE} ;OGK/=L.G W4O`<1O_5=K4 Ā`3?"/L;GK/=L/?L. E=āG;OGK/=L.G W4O`< "1O_&P_"Z ? W O<" K4GK/=L /?L.Z35 ##Ė43K AL;WDO_<"#L GK/=L.G W4O`< G"4=þCK1I #P"G<S Z3=J.K4/_dL - AK31O_ 31 ;O3L ; 2557 X?J 2556 DN31=K8< X?JE3O`DN31L" L=W"þ31O_DdL K}DL;L=0#K./L;5=JW:1GK/=L.G W4O`< X?JDdLE=K4DN31=K8< X?JE3O`DN31L" L=W"þ31O_ ;OGK/=L.G W4O`< "1O_DL;L=0X< /L;AK31O_ =4 dLE3. E=āG AK31O_;O L= dLE3.GK/=L.G W4O`<ZE; (EL AK31O_;O L= dLE3.GK/=L.G W4O`<ZE; 0P" G3) [. .K"3O` (E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"þ3=A; GK/=L.G W4O`< "1O_ GK/=L.G W4O`< :L<Z3 ;L A L 1 ;L A L 5=K4 Ā`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

=A;

Interest GK/=Lrate

.G W4O`< (= G<?J/ G5 )

DN31=K8< 1L" L=W"þ3 W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D. W"þ3?"1R3%K_A =LA W"þ37L 23L L=DME=K4W"þ3=K4? A"E3 L #L 6S 0QG4K/= ?S E3O` L= LX?J?S E3O`GQ_3 W"þ37L 1O_;O:L=J6S 8K3 W"þ3D.1O_3M[5AL"1=K8< W8č_GW5 3E?K 5=J K3 Z3 L=%M=JE3O` W"þ3?"1R3=J<J<LAGQ_3 ?S E3O`W"þ35=J K36?"L3 W"þ3;K.#MX?J# L<? A"E3 LW8č_G&Q`GDN31=K8<

196

1,153.4

6,658.8

50.6

7,862.8

0.37 - 3.25

24,112.1

190.0

24,302.1

1.65 - 3.70

152.7

0.63 - 3.25

1,074.5

579.2

1.9

30.0

611.1

1.85

232.7

4,019.8

200.0

2,018.4

6,238.2

2.4

45.0

25,844.7

4,019.8

200.0

6,813.4

3,643.6

40,521.5

3.35 - 10.26

?R ;4=ĂžCK1 4O1OWGD =L<"L35=J#dL5 2556/57 (E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"Ăž3=A; GK/=L.G W4O`< "1O_ GK/=L.G W4O`< :L<Z3 ;L A L 1 ;L A L 5=K4 Ä&#x20AC;`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

=A;

Interest GK/=Lrate

.G W4O`< (= G<?J/ G5 )

E3O`DN31L" L=W"Ăž3 W# LE3O` L= LX?JW# LE3O`GQ_3 W"Ăž3=K4? A"E3 L#L 6S 0QG4K/= W"Ăž3 S <Q;=J<JDK`3#L 4R ?1O_W O_<A G" K3 W# LE3O`W"Ăž35=J K36?"L3 W# LE3O`/L;X639Ä&#x2026;Ä&#x2021;39Ä&#x161; N# L= W"Ăž3 S <Q;=J<J<LA ER 3 S =J<J<LA

2,222.4

151.1

20.0

1.50

40.6

794.9

240.0

MLR - 2

3,607.6

2,807.5

6,415.1

3,627.6

2,807.5

240.0

3,209.0

9,884.1

5.25 - 6.75

(E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"Ăž3=A; GK/=L.G W4O`< "1O_ GK/=L.G W4O`< :L<Z3 ;L A L 1 ;L A L 5=K4 Ä&#x20AC;`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

=A;

Interest GK/=Lrate

.G W4O`< (= G<?J/ G5 )

.8 '5"&Ä&#x153; 6 6'A Ă¨ W"Ăž3D.X?J=L< L=W1O<4W1 LW"Ăž3D. W"Ăž3?"1R3%K_A =LA W"Ăž37L 23L L=DME=K4W"Ăž3=K4? A"E3 L#L 6S 0QG4K/= ?S E3O` L= LX?J?S E3O`GQ_3 W"Ăž37L 1O_;O:L=J6S 8K3 W"Ăž3D.1O_3M[5AL"1=K8< W8Ä?_GW5 3E?K 5=J K3 Z3 L=%M=JE3O` W"Ăž3?"1R3=J<J<LAGQ_3 ?S E3O`W"Ăž35=J K36?"L3 W"Ăž3;K.#MX?J# L<? A"E3 LW8Ä?_G&Q`GDN31=K8<

2,584.2

859.6

69.5

3,513.3

993.8

2.9

78.9

0.75

945.6

5.1

3.4

80.0

88.5

0.75 - 2.05

232.7

200.0

167.5

367.5

4.375

2.0

481.7

3,578.0

5.1

200.0

941.9

1,979.0

6,704.0

0.10 - 3.40

6.5 E;L<WE/R5=J G4"4 L=W"Ăž3=A;

197

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 (E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"þ3=A; GK/=L.G W4O`< GK/=L.G W4O`< "1O_ :L<Z3 ;L A L 1 ;L A L 5=K4 Ā`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

=A;

Interest GK/=Lrate

.G W4O`< (= G<?J/ G5 )

E3O`DN31L" L=W"þ3 W"þ3W4N W N34K}%OX?JW"þ3 S <Q;=J<JDK`3 #L D0L4K3 L=W"þ3 W# LE3O` L= LX?JW# LE3O`GQ_3 W"þ3=K4? A"E3 L#L 6S 0QG4K/= W# LE3O`W"þ35=J K36?"L3 W# LE3O`/L;X639ąć39Ě N# L= W"þ3 S <Q;=J<J<LA ER 3 S =J<J<LA

3.90 X?J 200.0

917.0

1,117.0

MLR - 3.30

1,948.2

77.7

68.0

797.2

2,364.0

MLR -1 0P" -2

2,078.6

6,401.0

8,479.6

4.75 - 6.75

2,278.6

6,401.0

3,281.0

2,891.1

14,851.7

(E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"þ3W$8LJ N# L= GK/=L.G W4O`< "1O_ GK/=L.G W4O`< :L<Z3 ;L A L 1 ;L A L 5=K4 Ā`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

=A;

GK/=L .G W4O`< (= G<?J/ G5 )

DN31=K8< 1L" L=W"þ3 W"þ3D.X?J=L< L=W1O<4W1 LW"þ3D. W"þ3?"1R3%K_A =LA ?S E3O` L= LX?J?S E3O`GQ_3 W"þ3ZE S <Q;=J<JDK`3X N# L=1O_W O_<A G" K3 W"þ37L 1O_;O:L=J6S 8K3 W"þ3D.1O_3M[5AL"1=K8< W8č_GW5 3E?K 5=J K3 Z3 L=%M=JE3O` W"þ3ZE S <Q;=J<J<LAX N# L=1O_W O_<A G" K3 W"þ3?"1R3=J<J<LAGQ_3 ?S E3O`W"þ35=J K36?"L3 E3O`DN31L" L=W"þ3 W# LE3O` L= LX?JW# LE3O`GQ_3 W# LE3O`W"þ35=J K36?"L3 W# LE3O`/L;X639ąć39Ě N# L=

198

684.5

1,585.1

2,269.6

0.50 - 2.75

2,314.1

1.65 - 3.10

354.1

176.5

2.75 - 4.25

579.2

30.0

609.2

1.85

232.7

3,823.7

2.75 - 4.25

8.4

100.0

2,018.4

2,126.8

4.375 - 10.26

3.2

3,754.3

8.4

100.0

5,408.8

2,638.4

11,909.9

174.7

26.8

794.9

996.4

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 (E3 A<: ? L34L1)

- AK31O_ 31 ;O3L ; 2557 "4 L=W"þ3W$8LJ N# L= GK/=L.G W4O`< "1O_ GK/=L.G W4O`< :L<Z3 ;L A L 1 ;L A L 5=K4 Ā`3?" [; ;O 1 5 0P" 5 5 5 5 /L;=L L/?L. GK/=L.G W4O`<

Interest GK/=Lrate

=A;

.G W4O`< (= G<?J/ G5 )

1,059.7

569.2

1,628.9

993.8

0.375 - 3.15 2.9

194.5

111.5

3.00 - 6.50

1.6

80.0

81.6

0.75 - 2.00

232.7

2,986.8

3.375

100.0

167.5

267.5

4.375

107.6

2,165.0

100.0

3,557.6

782.3

6,604.9

140.5

57.6

797.2

995.3

E3O`DN31L" L=W"þ3 W# LE3O` L= LX?JW# LE3O`GQ_3 W# LE3O`W"þ35=J K36?"L3 W# LE3O`/L;X639ąć39Ě N# L=

AL;WDO_<"#L GK/=LX? W5?O_<3 4=þCK1I X?J4=þCK1< G<;O AL;WDO_<"#L GK/=LX? W5?O_<31O_DdL K}GK3W O_<AW3Q_G"#L W"þ37L D0L4K3 L=W"þ3 W"þ3?"1R3Z3/=LDL=E3O` X?J L=&Q`GGJ[E? =0[99 LX?J GR5 =- W5 3W"þ3/=L/ L"5=JW1B - AK31O_ 31 ;O3L ; 2557 X?J 2556 4=þCK1I X?J4=þCK1< G<;O<G. "WE?QG G"DN31=K8< X?JE3O`DN31L" L=W"þ31O_W5 3D R?W"þ3/=L/ L"5=JW1B.K"3O`

D R?W"þ3

"4 L=W"þ3=A; DN31=K8< 1L" L=W"þ3 E3O`DN31L" L=W"þ3 2557 (? L3)

WE=ÿ<}DE=K*GW;=þ L <SY= WE=ÿ<}DN" Y5= WE=ÿ<}H G" " W=3;N34N

2556 (? L3)

"4 L=W"þ3W$8LJ N# L= DN31=K8< 1L" L=W"þ3 E3O`DN31L" L=W"þ3

2557 (? L3)

2556 (? L3)

2557 (? L3)

2556 (? L3)

2557 (? L3)

2556 (? L3)

GK/=LX? W5?O_<3W$?O_< 2557 2556 (4L1/ GE3 A<W"þ3/=L/ L"5=JW1B)

32.4432

29.3085

44.6075

37.5712

25.7764

23.5880

4.1821

1,713

188

5.2245

4.7284

- AK31O_ 31 ;O3L ; 2557 4=þCK1I X?J4=þCK1< G<;ODK}}L&Q`G L<W"þ3/=L/ L"5=JW1B? A"E3 L W5 3#dL3A3 63 ? L3WE=ÿ<}DE=K*GW;=þ L X?J 1,712 ? L3W=3;N34N ("4 L=W"þ3W$8LJ N# L=: 63 ? L3WE=ÿ<}DE=K*GW;=þ L X?J 188 ? L3W=3;N34N) &P_";OGK/=LX? W5?O_<3/L;DK}}L 31.25 - 33.10 4L1/ GWE=ÿ<}DE=K*GW;=þ L X?J 5.1686 - 5.4500 4L1/ GW=3;N34N ("4 L=W"þ3W$8LJ N# L=: 31.25 - 33.10 4L1/ GWE=ÿ<}DE=K*GW;=þ L X?J 5.1686 4L1/ GW=3;N34N /L;?dL.K4)

6.5 E;L<WE/R5=J G4"4 L=W"þ3=A;

199

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“. .”

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207

?R ;4=þCK1 4O1OWGD =L<"L35=J#dL5 2556/57 Terms “.Ę+ Ę1 &6&.6&.9)%”

“.Ę+ Ę1 &6&.6&.< Ā%+è ” “.5gg6.5% 6 ” “.6&.9)%” “.6&.< Ā%+è ” “AHS” “BMCL” “CARROT REWARDS” “EBIT” “EBITDA” “HHT” “IF” “IOD” “M-Map”

208

Deﬁnitions

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