amended Upon calculation of the maximum transaction size is equal to 2. 38 percent based on the net tangible asset ( NTA) criteria ( calculated by using the information shown in the company's consolidated

Notifications”) whose transaction size is equivalent to 87.59 percent of the net tangible assets (NTA) of the Company and its subsidiaries according to the reviewed consolidated financial statements of the

position for the year 2017 with those of 2016. This report discusses principal changes in the unaudited consolidated financial statements. Overall market environment The Thai economy in 2017 showed clear

position for the year 2017 with those of 2016. This report discusses principal changes in the audited consolidated financial statements. Overall market environment The Thai economy in 2017 showed clear signs

ratio to sales of 16.5%, an increase from the ratio of 6.7%, mainly due to the increase in sales and overall gross profit margin and the decline in selling and admin expenses as a results of strict

EBT of UE (U Sathorn, U Chiang Mai and U Inchantree Kanchanaburi), which contributed THB 59mn and (iii) the improving overall operating performance of all 3 of our hotels in Thailand excluding hotels

) the reduction of room rates to drive occupancy during the non-peak season. The overall occupancy rate decreased by 11% from 1Q 2019, mainly due to COVID-19 situation. 53 hotels out of 57 hotels in the

to 34.82 THB/EUR in 2Q 2020) since the majority of the Company’s hotels earns their revenue in Euro and (ii) the reduction of room rates to drive occupancy during the COVID-19 situation. The overall

Deduct Minority interest - - Net tangible assets (NTA) 604.68 (0.22) Plus Capital increase from ex-shareholder :At-Ze prior to share sale and purchase date* - 30.00 Net tangible assets (NTA)-adjusted

Intangible assets deduct 11.53 0.54 Deduct Total liabilities 315.37 157.34 Deduct Minority interest - - Net tangible assets (NTA) 604.68 (0.22) Plus Capital increase from ex-shareholder :At-Ze prior to share