- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

USD in Mill ions 2Q17 1Q17 2Q16 LTM 2Q17 LTM 2Q16 (R) LTM YoY% Core EBITDA 239 219 219 879 661 33% (1) Net working capital and others 19 7 (100) 87 (130) Operating Cash Flow (OCF) 258 226 119 966 531 82

3 VIII. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 5 IX. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 6 X. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 7 XI. INTERESTS OF EXPERTS AND COUNSEL 8

31, 2019, VHG II will receive rights of operating lease of 17 existing hotels (total number of room is 1,792 room keys) consist of hotels under (1) arcona brand, (2) arcona Living brand and (3

will be used to fund the repurchase of the existing notes and to finance the Group’s general corporate purposes, including, but not limited to, working capital requirements, capital expenditures, funding

shopping mall business, which is CPN’s core business, continues to perform strongly, especially on a same-store basis that continues to grow in terms of revenue and operating profit, which is in-line with

from the offering for working capital for its business, increasing the liquidity and supporting the Company’s expansion of its core business as well as investing in various projects – all of these will

. Moreover, other operating expenses increased by Baht 4,381 million or 6.41 percent, especially from branding campaigns and marketing activities in line with KBank’s business direction. As a result, the cost

the operating result change Excess 20% Dear Sirs, We would like to report financial operating result for financial year ended June 30, 2017 as followings: 1. Sales and Services revenue decreased to

May 12, 2018 Subject: Clarification of Operating Results for The three -month period ended March 31, 2018 Attention: President The Stock Exchange of Thailand Further to our submission of the report