OHTL Public Company Limited and its subsidiaries Management Discussion and Analysis for the first quarter ended 31 March 2020 (Unit: Thousand Baht) 2020 2019 Increased/ (Decreased) Room revenue

Distribution Expense 43.96 50.47 Administrative Expense 59.52 60.31 Finance Costs 20.08 27.51 Net Profit 161.28 (12.84) Earnings per share (Baht) 0.403 (0.032) The comparison between Third Quarter of 2020 and

ratios (%) 3Q17 3Q16 %YoY 2Q17 %QoQ 9M17 9M16 %YoY Gross profit margin (%) 44.99 46.51 (1.52) 47.00 (2.01) 44.99 45.68 (0.69) Distribution costs and administrative expenses to total revenue (%) 39.22 30.84

disposal in late 2017. Education Business FY2018, the total revenue from Education Business including share of profit from investment was THB 425 million, falling by 3.8% yoy, owing to a decrease in revenue

of Baht 11 million for the quarter ended 30th June 2019 and 2018. The decrease of Baht 9.55 million in the profit is mainly due to the following. 1. The decrease in the Group’s revenue 3.29% or Baht

was decreased as a result of profit for the period was decreased 40.12 Million Baht. (The third quarter of 2017, there were profit for the period 30.42 Million Baht.) Revenue from sales were 481.82

in accordance to a decrease in sales revenue in this period. However, the Company has a better performance in gross profit margin from 27.34% to 27.83% in this period. Mainly came from the fact that

operating performance of the company more than 20% as follow: Revenue Total Revenue of the Company and subsidiaries the quarter ended June 30, 2020 when comparing with the quarter ended June 30, 2019

1,705.4 1,735.6 30.2 1.8% 5,315.9 6,502.1 1,186.2 22.3% Revenue from finance lease under power purchase agreement 102.3 95.3 109.4 107.9 (1.5) (1.4%) 411.0 414.9 3.9 0.9% Cost of sales and services (1,149.4

net profit of 2019 was 449.87 million baht. A de prior year. The total revenue was 1,036.22 Interest expenses were 263.73 increase was due to additional of borrowing to support hire purchase loan