6,708 mn, a 9.7% increase YoY. Administrative Expenses Total administrative expenses constituted expenses on personnel, marketing & promotion, rental expense of Hilton Pattaya Hotel based on the sublet

% 8.3% 3.8% 10.4% 7.4% % NNP - Owner of the parent 60.9% 59.1% 57.7% 58.4% 51.4% Remark: * EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization - Non-operating income / (expense

% 7.4% 12.2% 6.7% 8.2% % NNP - Owner of the parent 63.1% 63.6% 64.2% 64.5% 62.9% Remark: * EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization - Non-recurring income / (expense

consolidate financial statement as follows: • Income from GLANDRT leasehold asset divestment amount THB 270 mn was recognized in share of profit from associated companies • GLANDRT dissolve expense amount THB

fully repaid in November 2019 from the net proceeds of SHR’s IPO, an increase in income tax expense due to growth in transfer value of residential project as well as fair value adjustments on investment

% Administrative expenses 230 12% 177 14% 53 30% Finance cost 31 2% 23 2% 8 35% Income tax expenses 27 1% 19 2% 8 42% Selling expenses In 2Q17, the Group has the selling expense of Baht 36 million, which is

4,125 4,059 66 1.6 Cost of service 2,451 2,362 89 3.8 Selling and administrative expenses 312 296 16 5.4 Finance cost 305 482 (177) -36.7 Interest expense from the MRT Purple Line Project 99 112 (13

analysis Q1 2018 Q1 2019 Increase/(Decrease) THB mm THB mm THB mm % Selling expense 47.3 42.5 (4.8) (10.1%) Administrative expense 268.0 294.2 26.2 9.8% Finance costs 313.4 278.2 (35.2) (11.2%) Total expense

% in the first quarter of 2018 to 18.98% in the same period of 2019. The total expense to total revenue ratio increased from 13.78% in the first quarter of 2018 to 14.94% in the same period of 2019. 1

first half of 2018 to 17.25% in the same period of 2019. The total expense to total revenue ratio increased from 12.46% in the first half of 2018 to 16.92% in the same period of 2019. 1. Overview of