occupancy rates. • The company has diversified business in property development business and sales of food and beverage restaurants, which helps reduce the impact of the particular incident By excluding one

regarding the Interest bearing debt to Equity ratio. The Company continued to focus on enhancing operational efficiency and capabilities, and on improving gross margin rates through the selection and

Statistics Office of Vietnam 3 Exchange rate is subject to BOT’s average selling rates as of 9 Jan 2020 (THB 0.1315 = VND 100) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD

0.01 Effects of exchange rates on cash and cash equivalents (1.15) 0.01 Net increase (decrease) in cash and cash equivalents 93.44 (38.26) Cash and cash equivalents at beginning of period 40.46 78.78

line with our incremental rates. We adjusted employee salary to remain competitive in the labour market. We hired more staff to be prepared for new big projects in the first quarter of Y.2020 and for the

rates especially in the service sector. The Company still expected that the operating results in 2nd half will be better than that of the 1st half due to seasonal effect in 4th quarter where economic

as of 31 December 2019. The amount of outstanding of the overdrafts and short-term loans have interest rates between 5.5 percent to 7 percent per annum. This caused not only for the objective to

million Baht, decreased by 68% YoY. This was resulted from, in Q4’2017, the company recognized one-time revenue from upfront lease at Singha complex. Overall rent rates at Suntowers was improve both QoQ and

1,045.5 million or 6.4% due to an increase of Baht 259.0 million in cash and cash equivalents, receivables under finance lease increased by Baht 21.3 million from the adjustment of exchange rates

and volume of transactions. The Thailand Futures Exchange Plc and the Office of the Securities and Exchange Commission prescribe no regulation on commission rates. 3.3 Risk of Liquidating Position and