-1- AIT (VP-SEC) 003E/2024 15 February 2024 Subject: Management's Discussion and Analysis of Operating Results for the year 2023 and Q4-2023 To: The President of the Stock Exchange of Thailand

analysis should be read in conjunction with our financial statements and accompanying notes, as well as our selected operating data, included elsewhere in this Offering Circular. Our financial statements

working capital of the Company (4) Total Value, Size of the Transaction, and Criteria to Value the Transaction 4.1) Total Value of Transaction : Not more than THB 43,200,000.00; the calculation is as

previous year, as the Company mostly relied on its own working capital ratherthan lending from financial institutions. For the 2d quarter of 2O17, according to the financial statement, in which the equity

of Capital Flow The Company will use its excess cash flow for this acquisition and still have adequate working capital for its ongoing operations. 8. Opinion of the Board of Directors on the

adequate working capital for its ongoing operations. 8. Opinion of the Board of Directors on the Transaction The Board of Directors’ Meeting No.3/2017 held on 24 August 2017 considered the Transaction as

Payment : Monthly Other Conditions : None Objectives : To be used for working capital of FKT (4) Total Value, Size of the Transaction, and Criteria to Value the Transaction 4.1) Total Value of Transaction

, trade account payable and other account payable for working capital, investment in real estate project, and deposit and advance received from customers. At the present time, there are 14 projects

long-term loan borrowing from financial institutions, trade account payable and other account payable for working capital, investment in real estate project, and deposit and advance received from

such services, area size, materials selection, and the renovation expertise applied …/4 - 4 - 5. Funding source : From the company’s working capital 6. Those directors with possible conflict of interests