Microsoft Word - MDA 2017 EN SET Final.docx Page 1 of 5    L-WAVE ENT 28/2018 28 February 2018 Subject: Report on reasons of change to profit (loss) and analysis on operating results by the

Comprehensive Income – Consolidated (Million Baht) For -month period ended June , Increase (Decrease) % For 6-month period ended June , Increase (Decrease) % 2020 2019 2020 2019 Revenues from sales and services

by SREIT, the Company’s wholly owned subsidiary and REIT manager of SPRIME. Net proceed was recorded as unearned revenue in the Company’s consolidated financial statement and would be recognized as

on the Stock Exchange of Thailand’s Thailand Sustainability Index (SETTHSI Index) while the Company’s corporate governance practice is also in line with 5-stars ranking Performance Summary Consolidated

consideration and approval in accordance with the process required by the Private Investment in State Undertakings Act B.E.2556 (2013). Nevertheless, there would be a change in the aforementioned guidelines as

was THB 122 million, a slight decrease from THB 124 million in 1Q17 due to the reasons mentioned above. Unit: THB mn 1Q18 1Q17 Change Amount % Hotel Business 1,364 1,324 40 3.0 Education Business 122

508 Million representing a decrease from the same quarter of the previous year by Baht 351 Million or 40.9 percent from the effect of COVID-19 outbreak also the change in recording revenue from TTW

revenue 1Q/2020 1Q/2019 Change THB mn % THB mn % THB mn % The River - - 42.8 2.9 (42.8) (100.0) UNIXX South Pattaya 1.6 0.4 7.1 0.5 (5.5) (77.5) Mews Yen Akat 41.0 9.7 53.8 3.7 (12.8) (23.8) The Lofts Asoke

, lifestyle, retail and dining destination. Page 2 of 7 Management Discussion and Analysis 2Q2019 Performance Summary Consolidated Statement of Comprehensive Income 2Q18 2Q19 % Y-o-Y THB m % THB m % Revenue

transaction value, from the Consolidated Financial Statement of the Company for the period ending 30 September 2017 which was reviewed by the certified public accountant. In this regard, there were no other