; income (loss) from continuing operations per share; 3    total assets; total liabilities; net assets or liabilities; capital stock (excluding long term debt and redeemable preferred stock); number of

252,017 (548) 2,233 1,685 253,510 Liability 141,841 1,312 2,514 3,826 145,475 Equity 110,176 (1,860) (281) (2,141) 108,035 PAGE 6PAGE 6 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Operating Results

incur encumbrances. In this regard, the money borrowing of the REIT, either by debt issuance or entering into an agreement in the nature of money borrowing, shall not have the characteristics as specified

the obligation arising from the lease into the financial statements. This accounting method wi ll result in a fairer presentation of assets and liabilities of the lessee, as well as increases disclosure

ณ 31 ธันวำคม 2561 และ 31 ธันวำคม 2560: อัตรำส่วนทำงกำรเงินที่ส ำคัญ Note: 1) Net Debt = Interest bearing liabilities – cash and cash equivalents 2) Leverage Q2 and FY use annualized EBITDA 3) ROFA

สิ้นสุดวนัที่ 31 ธันวำคม 2562 สรุปข้อมลูกระแสเงินสด สิ้นสุดวันที่ 31 ธันวำคม 2562 และ 31 ธันวำคม 2561: อัตรำส่วนทำงกำรเงินที่ส ำคัญ Note: 1) Net Debt = Interest bearing liabilities – cash and cash

% 14.26% อัตรำผลตอบแทนต่อสินทรัพย์ (ROA) 4.32% 7.71% 8.06% 8.79% อัตรำผลตอบแทนต่อสินทรัพย์ถำวร (ROFA) 53.31% 69.28% 29.17% 34.46% อัตรำส่วนหนี้สินตอ่ส่วนผู้ถือหุ้น (เทำ่) 0.78 0.63 0.78 0.63 Net Debt/Equity

Board of Directors of Company approved this transaction, there was the resolution on Non-proportional capital increase in subsidiary arising from conversion of debt to equity which the highest value is

Return on equity(%) 11.3 5.5 Debt to equity(x) 0.5 0.3 Interest bearing debt to equity(x) 0.3 0.2 Interest bearing debt to EBITDA(x) 1.8 2.1

from 25.2% to 44.7% due mainly to the fact that WHART solely used the debt funding from financial institution which is deemed lower cost of fund compared to the fund raised from investors to acquire the