where management company invest to acquire any assets for its own account (proprietary trading), management company shall provide an effective operating system to protect such investment or entry into a

information, management team, experience in operating such business, previous operating results, conditions and remuneration the REIT received from the lease agreement, opinion of the REIT Manager on the

during the period. The Company are now having 264 villas or 1,091 rooms under its owned management. 3Q19 and 9M19 Operating Results: In 3Q19, the Company reported total revenue of Baht 1,621 million

of 27 villas during the period. The Company are now having 264 villas or 1,091 rooms under its owned management. 3Q19 and 9M19 Operating Results: In 3Q19, the Company reported total revenue of Baht

from the decrease in employees’ expenses, advertising and promotional expenses and effective management of expenses during the COVID-19 pandemic. Table: Operating Results (Unit: Million Baht) Items

• Revenue from rental, services, common area fee, and utilities charges Q3/2019 Operating Revenue of Baht 2,421.5 million *Value may differ by one decimal point due to rounding error MANAGEMENT DISCUSSION

. Management Discussion and Analysis 3.1. Selected Financial Position and Operating Results 3.2. Cash Collection from NPLs and NPAs Management Businesses 3.3. NPLs by Portfolio Concentration 3.4. NPAs

. Gains on tradings and foreign exchange transactions rose by Baht 812 million, while other operating income rose by Baht 714 million, due mainly to the recognition of profit sharing from the management of

increase of Baht 367 million, or 1.57 percent in net interest income derived from rising interest income and effective funding cost management. Meanwhile, operating expenses rose Baht 487 million, or 3.07

3 VIII. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 5 IX. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 6 X. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 7 XI. INTERESTS OF EXPERTS AND COUNSEL 8