shares in 12 companies in Germany and Switzerland with arcona Management GmbH. VHG II will receive rights of operating lease rights of 17 existing hotels under the (i) arcona brand, (ii) arcona Living

to the maturity of Jungle World’s land lease, Jungle World agrees to terminate such land lease before maturity without any penalty and the lease shall be based upon the actual leasing time. 4. Size of

unemployment issues have well from the government measure, such as ameliorate cost of living. In particular, the adjustment to the minimum wage on April 1 ago. As a result, the 2nd quarter of 2018, the Group's

problem as improve from the government measure, such as ameliorate cost of living. In particular, the adjustment to the minimum wage in past. As a result, the 3rd quarter of 2018, the Group's revenue from

hotels under the (i) arcona brand, (ii) arcona Living brand, and (iii) Steigenberger brand as well as 2 new hotels which will operate in 2020 and 2022. 4 June 2019 VHG II paid the share purchase price in

May 3, 2020, the government relief measures for flexible living routine and curfew cancelation which led to the continued increase in traveling trips. In July 2020, the average traffic volume was at

economic recession, inflation rates, increasing household debt, and rising interest rates led to a higher cost of living, which increased prices for IT products, posing pressure for consumers to reduce their

of previous year Moreover, external factors, including economic recession, inflation rates, increasing household debt, and rising interest rates led to a higher cost of living, which increased prices

College of Management, Mahidol University, from Minister of Science and Technology. Significant Events in Q3/2018 4 Q4/2018 Outlook and Business Directions As of Q3/2018, Thailand’s GDP was at 4.6% for 2018

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