% Net profit in equity 148.5 226.9 52.9% 293.0 433.8 48.0% Total Revenues Analysis The Company's total revenue for the second quarter of 2020 is 762.4 million baht increased from the same period of the

times. This was due to the fact that net loans decreased while shareholder equity increased. The significant decrease of total debt to total equity ratio of the Company was due to the ability of revenue

debt to total equity ratio of the Company was due to the ability of revenue recognition from The Ritz-Carlton Residences, Bangkok (“RCR”) which is a part of MahaNakhon project. As a result, the Company

revenues of Baht 1,252.83 million, a decrease of 29.70% or equivalent to Baht 529.36 from 2018 which was Baht 1,782.19 million. Revenue from sales The Company and its subsidiaries registered consolidated

1.89 million baht, reversing from a net loss of 5.00 million baht, representing the earnings acceleration of 137.86% or 6.89 million baht.  The revenue from sales and service amounted to 134.23 million

25 37 (12) -32% Selling expenses 189 291 (102) -35% Administrative expenses 117 145 (28) -20% Profit for the year 352 314 38 12% Profit (loss) attributable to Equity holders of the Company 353 322 31

OHTL Public Company Limited and its subsidiaries Management Discussion and Analysis for the second quarter ended 30 June 2020 (Unit: Thousand Baht) 2020 2019 Increased/ (Decreased) Room revenue 337

(12) -32% Selling expenses 189 291 (102) -35% Administrative expenses 117 145 (28) -20% Profit for the year 352 314 38 12% Profit (loss) attributable to Equity holders of the Company 353 332 21 10

and Analysis For the 1st Quarter Ended 31 March, 2019 Page 3 2. Operation performance according to consolidated financial statement Unit : Million Baht 2019 2018 Revenue from sales and rendering of

ratio of 0.57, decreasing from previous year, as a result of the reduction in current assets from collection of unearned revenue and other receivables of Bt130.07mn. Debt to equity ratio was 2.13