, Pattani and Narathiwat. (3) an increase in deferred tax assets of THB 1.26 million (+3.49%), from the increase in employee benefit obligations as per actuary estimates. 8 I 10 Management Discussion

quarter of 2023. (3) An increase in deferred tax assets of THB 0.80 million (+2.23%), from the increase in employee benefit obligations as per actuary estimates. and (4) Other non-current assets increased

% 12,004 5% Employee benefit obligations 4,879 2% 6,036 2% 7,332 3% Other non-current liabilities 26,856 10% 24,510 10% 18,196 7% Total non-current liabilities 31,735 11% 30,546 12% 25,528 10% Total

conditions” means the provisions governing the rights and obligations of the issuer and the corporate bondholders, and shall include the provisions governing the rights and obligations of the issuer and the

registration statement; e. prohibition on issuing other types of securities under certain circumstances to prevent the issuer from taking unreasonably burdensome indebtedness or obligations; f. covenant

Describe material events in the development of the issuer’s business that could have an impact on its ability to fulfill its obligations on the debt securities or affect its solvency. Include discussion

December 2018 and 2019 (Enterprise value/EBITDA) at 6.448. Appendix 1 3 The equity value of SGAH is derived from the enterprise value of SGAH deducting financial obligations that, by nature of loan

years ended 31 December 2018 and 2019 (Enterprise value/EBITDA) at 6.448. Appendix 1 3 The equity value of SGAH is derived from the enterprise value of SGAH deducting financial obligations that, by nature

benefit obligations 113 105 8% Total non-current liabilities 2,219 1,467 51% Total liabilities 18,566 21,746 -15% Management’s Discussion and Analysis (MD&A) For Q3/2017 22 Table 5: Condensed Consolidated

or terms governing the rights, obligations and responsibilities of the issuer and holders of depositary receipts; “foreign custodian” means any custodian who is able to operate the custodian business