[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

No. ECF2 035/2562 23 September 2562 Subject Notification on the resolutions of the Board of Directors’ Meeting approving the purchase of the ordinary shares in KPN Academy Company Limited, the

real estate; - Specify other significant information, i.e., the offeror (REIT manager), trustee, financial advisor, lead underwriter, sub underwriter; - Specify the filing date of the REIT Registration

the Office of the Security and Exchange Commission (the “SEC”) under the relevant notification of the Capital Market Advisory Board prior to the offering of its new shares to VAVA. Please refer to the

owned land (No. 97,98) East Next to owned land (No. 222) The mentioned transaction is considered as connected transaction pursuant to the Notification of the Capital Market Supervisory Board No. ThorJor

land (No. 97,98) East Next to owned land (No. 222) The mentioned transaction is considered as connected transaction pursuant to the Notification of the Capital Market Supervisory Board No. ThorJor. 21

interests of Company an offered by th Such disposa business of t Companies A Notification Entering into Notification Information Assets, 2004 used in the transaction v Asset Basis w Financial St reviewed by

, the company appoints Jay Capital Advisory Limited to be Independent Financial Advisor (IFA) in order to give opinion on entering into such transaction. 5. To set the date for the shareholders’ general

independent financial adviser to give an opinion on the entering into the transaction. Moreover, the transaction is considered an Acquisition of Assets according to the Notification of the Capital Market

transaction under the Notification of the Capital Market Page 2 from 2 Supervisory Board Tor.Jor. 21/2551 Re: Connected Transaction Rules dated 31 August 2008 and the Notification of the Board of Governors of