benefits of the warrant holders upon the occurrences of any of the following events: (1) When there is a change in the par value of the Company’s ordinary shares as a result of share split or consolidation

ซึ่ง บันทึกบัญชีแบบงบการเงินรวม (Consolidation) เปนวิธีสวนไดเสีย (Equity Method) สงผลใหตนทุนการพัฒนา โครงการอสังหาริมทรัพยลดลง และเงินลงทุนในกิจการรวมคา(สุทธิ) เพ่ิมขึ้น เชนเดียวกันกับหน้ีสิ

รวม (Consolidation) เปนวิธีสวนไดเสีย (Equity Method) สงผลใหตนทุนการพัฒนา โครงการอสังหาริมทรัพยลดลง และเงินลงทุนในกิจการรวมคา(สุทธิ) เพ่ิมขึ้น หนา 8 จาก 8 เชนเดียวกันกับหน้ีสินรวมท่ีเพ่ิมขึ้น

) change in accounting method for BGYSP earnings contribution from equity method to consolidation method after raising stake from 49% to 100% in Q3’2018 and 2) lower profits at our associate and our joint

project portfolio both local and overseas. • Total interest-bearing debts increased by 6.7% from the end of 2019 to THB 64,423 million as of March 31, 2020, primarily due to debts consolidation after

placed for recovery. Dusit Thani PLC Management Discussion and Analysis For 2Q20 and 6M20 P a g e | 10 Our view on the post COVID-19 hospitality landscape are as follows: • More consolidation of hotels • A

expansion of project portfolio both locally and internationally. • Total interest-bearing debts increased by 1.9% from the end of 2019 to THB 61,552 million as of June 30, 2020, due to debts consolidation

ratio to ensure that the benefits of Warrant holders are no less favorable in the event of the following: (1) when the Company changes the par value of the ordinary shares due to a consolidation or split

, merger or consolidation of the issuer or any of its significant subsidiaries. Examples of other material events may include: acquisitions or disposals of material assets, other than in the ordinary course

a change in the par value of the company's shares As a result of stock consolidation or stock split 2. When the company offers to sell any newly issued shares At a price that is lower than 90 percent