1,805 - 100% Debentures - 62,607 (100%) Employee benefit obligations 72,154 53,982 34% Total non-current liabilities 1,785,634 572,811 212% Total liabilities 5,492,150 5,870,589 (6%) Total equity

loan from related parties 1,479 0 100% Liabilities under financial lease 2 0 100% Debentures 0 63 (100%) Employee benefit obligations 72 54 34% Total non-current liabilities 1,786 573 212% Total

of the repayment, the Tender Offeror intends to, either or both, refinance, issue debentures, and/or increase the share capital. Under the Facility Agreement, the Tender Offeror is obliged to use any

2019 July Issued unsubordinated unsecured debentures with bondholder representative total value of THB 1,005mn, interest rate 5.5% p.a., 3 years, quarterly interest payment, and having maturing date on 1

creditor more than 400 persons, who is an agent for the reconciliation of debentures. Kudun and Partners PS Limited, Shareholding structure information as of 20 August 2019 Shareholders No of shares

statement after commencing commercial operation, interest on debentures of approximately THB 16 million, and, most of the remaining amount, interest related to liquidity management. For 9M/2019, financial

unsecured debentures with bondholder representative total value of THB 1,005.0mn, interest rate 5.50% p.a., 3 years, quarterly interest payment, and having maturing date on 1 August 2022.  August Launched

the Board of Directors. 2) Started construction of “Hotel Kitch”, a new lifestyle hotel on Charoen Nakhorn Rd., in front of the River condominium. December 1) Issued unsubordinated unsecured debentures

of 2020 increased by 2.8%. • Finance Cost increased to THB 305.2 mm because the Company had loan drawdown from financial institution in the end of Q1 2020 in order to reserve cash for debentures

of 2019 by 3,395.2 million baht or 16. 7% due to increased cash from fund raising Page | 8 Management Discussion and Analysis Q2/2020 through the issuance of debentures, companies in the investment