the end of last year, due to loss in operation leading to decrease of shareholders’ equity more than interest-bearing debt recognition. Consolidated 2019 2018 Current Ratio (Times) 0.75 0.75 Interest

order to consolidate the consolidated financial statements. Shareholding Structure of SUTGH Prior to The Investment Disposal Transaction Enclosure 1 Page 6 Shareholding Structure of SUTGH Prior to The

%. • Consolidated CAPEX plan has been revised to THB 925 million (from THB 625 million) due to additional CAPEX for a new hotel under the ASAI brand. - THB 355 million for hotel renovations in Maldives, Pattaya and

were executed on July 20, 2018 for the abovementioned ETB. Consequently, as a result of the abovementioned ETB, the company’ s consolidated financial statement as ended September 30, 2018 then recorded

based on consolidated financial statement as of 31 December 2019. Therefore, AIS is entitled to disclose the transaction to the SET and submit a notice of information on such transaction to all

based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, and return on investment in other companies. Therefore, there was

as an increase of shareholders’ equity. Consolidated 2020 2019 Current Ratio (Times) 0.65 0.64 Interest-bearing Debt to Equity (Times) 2.41 2.49 Cash Flow (Unit: Baht Million) 31/3/2020 31/3/2019

June 30, 2020 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2020 Overall Group Performance Table 1

consolidated financial statements for the three-month period ended 30 June 2019 and 2020 Revenues Q2/63 % Q2/62 % Change +/(-) Revenue from hotel operations 34 6% 279 69% (88%) Revenue from property development

Consolidated Financial Statements 1.1 Report and analysis of Business Operations Revenue Revenue from operations Revenue from operations for the Company and its subsidiaries for the second quarter of the year