) Excludes the impact of the land lease extension for CentralPlaza Rama 2, which is considered a non-recurring item (2) Return on assets and return on equity are calculated based on net profit in the last

("Acquisition and Disposal of Assets Notifications") has the highest value of 103.44% based on the net tangible assets value method according to the financial statements in which the equity method is applied of

1,612 -26% Total Liabilities and Shareholders' Equity 4,523 4,390 +3% Assets As at 31 December 2018, the Company and its subsidiaries had total assets of Baht 4 ,523 million, an increase of 3% from Baht 4

36.15 3) Return on Equity (%) 10.79 9.43 4) Return on Assets (%) 6.60 5.75 5) EBITDA * (Million Baht) 9,600 9,236 6) EBITDA to Total Assets (%) 9.84 9.73 7) Debt to Equity Ratio (Times) 0.69 0.59 8) Debt

) (%) 38.90 43.53 3) Return on Equity (%) 10.21 10.79 4) Return on Assets (%) 8.33 8.53 5) EBITDA * (Million THB) 9,996 9,600 6) EBITDA to Total Assets (%) 9.92 9.84 7) Debt to Equity Ratio (Times) 0.69 0.69 8

Shareholders' Equity 1,612 1,579 +2% Total Liabilities and Shareholders' Equity 4,390 3,640 +21% Assets As at 31 December 2017, the Company and its subsidiaries had total assets of Baht 4,390 million, an

incurred from the acquisition of GLOW. However, the net profit of the company excluding amortization of the difference between fair value and book value of the net assets of GLOW (Adjusted Net Income

252,017 (548) 2,233 1,685 253,510 Liability 141,841 1,312 2,514 3,826 145,475 Equity 110,176 (1,860) (281) (2,141) 108,035 PAGE 6PAGE 6 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Operating Results

........ Year ............. Year ............. Year ............ Total assets Total liabilities Shareholders’ equity Total income Cost Net profits Earnings per share (EPS) Debt/equity ratio (D/E ratio) Return on

Total liabilities 26.4 28.5 37.0 22.7 Total shareholders’ equity 102.9 117.2 138.2 144.1 Material assets 1. Land and TST Tower 1/ Asset type Land of 1 rai 1 ngan 97 square wa with TST Tower, a 24-storey