, Samutprakarn 10280, Thailand Tel. 66 2323 1085..96 Fax. 66 2323 9283 (Translation) 12 November 2018 Subject: Management Discussion and Analysis (MD&A) for the third quarter ended 30 September 2018 To: Director

OHTL Public Company Limited and its subsidiaries Management Discussion and Analysis for the year ended 31 December 2019 (Unit: Thousand Baht) 2019 2018 Increased (Decreased) Room revenue 385,447

token broker, dealer and advisor license;    (2)  To exempt digital asset fund manager license for securities companies and asset management companies to allow mutual funds and private funds to invest in

services to investors continuously and clients’ digital assets are securely safeguarded.   The SEC requires that digital asset business operators have efficient risk management and be equipped to tackle

discipline, training students on correct financial management principles, encouraging responsibility and instilling the habit of spending time on activities that are beneficial to the community by

application for approval have been effective from 16 July 2018. The capital market intermediaries of all kinds, whether it be securities brokers, mutual fund brokers, management companies for mutual funds or

SEC plans to revise criteria on the delegation of other persons to operate a business on behalf of the operators of securities, investment management, and derivative contract business in order to

virtue of Clause 5(1) of the Notification of Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to

Intermediary _____________________________ By virtue of Clause 5(1) of the Notification of Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement

5(1) of the Notification of Capital Market Supervisory Board No. TorThor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing Services to Clients of