and operating control, which has caused the foreign entity to have the characteristics under Clause 15(1) and (2). Clause 17 A foreign entity who submits an application for approval shall arrange a

and buildings awaiting development -Long-term loans from financial institutions due within one year -Obligations under finance leases current portion due within one year 50,000 75,746 21,984 17,528 338

3,137mn, from the assumption of a 50% stake in the joint venture with Sansiri, Keystone Estate joint venture and Keystone Management joint venture, (iv) an increase in land and project awaiting development

and project awaiting development of THB 1,918mn, largely from land plots acquired in the EBT of UE last quarter, (v) an increase in restricted deposits of THB 1,587mn, as collateral for loan from a

increase in investments to joint-ventures of THB 3,005mn (Sansiri JVs and Keystone JVs acquired); (iii) an increase in land and project awaiting development of THB 1,918mn (largely from land plots acquired

, land, and project awaiting development. CASH FLOW As of December 2019, cash and cash equivalents was THB 2,767mn, decreasing 1% from THB 2,797mn at the beginning of the period. In 2019, Cash generated

, (ii) increase in land and project awaiting for development from acquisition of a new subsidiary (BSH15), and (iii) the depreciation of the Thai Baht that affected the Company’s foreign assets. Current

) increase in land and project awaiting for development from the acquisition of a new subsidiary, Prime Area 12 Company Limited (“PA12”) (formerly known as “BTS Sansiri Holding Fifteen Limited”), and (iii) the

business sectors remained cautious in investment spending awaiting clarity on the political situation and ongoing geopolitical concerns that impact the global economy. The mobile industry demonstrated signs

2003. (Translation) -3- Clause 2.3 In providing investment advisory service, the investment advisory company shall at least undertake to act as follows; provided that if it intends to arrange a mutual