were, Description Quarter2/2018 Quarter2/2019 Differentiate Million THB % Million THB % Million THB % Revenues Revenues from sales of real estate 3,625.9 86.7 2,825.8 84.7 (800.1) (22.1) Revenues from

sale of properties for sale were Baht 307 and 226 million respectively, which decreased 26.4% due to the downturn of real estate sector Other operating expenses Unit: Baht in Million Q1/2019 Q4/2019 Q1

- month period ended March 31, 2019 and 2020, gain on sale of properties foreclosed were Baht 307 and 226 million respectively, which decreased 26.4% due to the downturn of real estate sector Other

Real Estate s.r.o. (“VBRE”) (the Company’s newly established subsidiary in which the Company indirectly holds 100% of the total issued shares through Lombard Estate Holdings Limited, the Company’s

.Revenues 1.1 Sales of Construction Supply 950.86 967.78 860.99 1.2 Revenue from Real Estate Business 226.36 263.75 71.12 1.3 Total Revenues 1,177.22 1,231.53 932.11 2.Gross Profit ( % of Revenues) 2.1 Sales

marketing activities. 1.3) Revenue from selling of real estate increase 62 . 6 7 million baht or 100% due to its subsidiaries start to recognize revenue from selling of real estate. 1.4) Revenue from

.Revenues 1.1 Sales of Construction Supply 860.99 933.38 1,044.70 1.2 Revenue from Real Estate Business 71.12 79.60 107.50 1.3 Total Revenues 932.11 1,012.98 1,152.20 2.Gross Profit ( % of Revenues) 2.1 Sales

.Revenues 1.1 Sales of Construction Supply 967.78 860.99 933.38 1.2 Revenue from Real Estate Business 263.75 71.12 79.60 1.3 Total Revenues 1,231.53 932.11 1,012.98 2.Gross Profit ( % of Revenues) 2.1 Sales

Office of the Securities and Exchange Commission No. SorJor. 28/2555 Re: Reporting of Circumstances of Real Estate Investment Trust after Offer for Sale of Units ____________________ By virtue of Section

Bangkok, April 9, 2013 ? The SEC will facilitate existing property funds (Type 1 property fund) to convert themselves into Real Estate Investment Trusts (REITs) to enhance the private sector?s