IDH-AC-000-อส6305/04.00 11 May 2020 Re: Management Discussion and Analysis Operating results for the three-month period ended 31 March 2020 To: President The Stock Exchange of Thailand Overview of

100.78% when comparing to the same period of last year. Sale of low-rise residential units was THB 632.82 million, an increase of THB 52.36 million or 9% when comparing to the same period of last year

6 / 7 In 4Q/2019 3-month period, the Company had financial cost of THB 46.9mn, a slightly decrease of THB 0.4mn, or 0.8% YoY from THB 47.3mn in 4Q/2018 due to the loan for the Lofts Asoke project had

2.85 3.98% 3.95 5.38% (1.10) (27.83%) Profit for the period 15.19 21.17% 19.02 25.89% (3.84) (20.17%) Profit for Equity holders of the Company 15.44 21.53% 19.08 25.96% (3.63) (19.05%) Profit for Non

transfer. Nevertheless, revenue from rental and services increased by 14%, which mainly derived from Crossroads project phase 1 officially opening on 1 September 2019 together with the acquisition of

visiting the Company’s projects significantly increased comparing to that during the outbreak period. Additionally, one more ultra luxury single detached house at Santiburi The Residenses project was sold in

948.1 1,180.1 960.5 (232.0) (19.7) (12.4) (1.3) Profit for the period 67.4 69.1 133.3 (1.7) (2.5) (65.9) (49.4) In Q1–2018, the company’s total revenue decreased form Q4–2017 and Q1–2017, representing a

Governance Project" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between

vision of the management in order to assist investors to better understand the company's financial status and operation. It also supports the "Good Corporate Governance Project" of the Securities and

measurement in several countries resulting a significant decrease across economic activities which expected a deep economic deceleration throughout the year. During the last period shrinking economy impacted