(Translation) NEP-AC 003/2563 13 Aug 2020 Subject: Management Discussion and Analysis for Q2 end of 30 June 2020 To : The President The Stock Exchange of Thailand Operating Result NEP Realty and

liquidity status. Net debt to EBITDA rose up from 2.0X in FY22 to 2.9x and remained manageable despite new debt incurred for the acquisition deal. The interest coverage ratio remains healthy at 13x. In FY23

such services; (12) clients’ asset An intermediary shall arrange adequate protection for clients’ assets when it is responsible for them; (13) relations with regulators An intermediary shall deal with

(12) clients’ asset An intermediary shall arrange adequate protection for clients’ assets when it is responsible for them; (13) relations with regulators An intermediary shall deal with relevant

intermediary shall arrange adequate protection for clients’ assets when it is responsible for them; (13) relations with regulators An intermediary shall deal with relevant regulators in utterly cooperative way

intermediary shall arrange adequate protection for clients’ assets when it is responsible for them; (13) relations with regulators An intermediary shall deal with https://publish.sec.or.th/nrs/5726pe.doc การดำรง

urges investors wishing to invest in derivatives to deal with licensed companies only for proper legal protection. The licensee list can be viewed at the SEC website - www.sec.or.th. In case of

recommended to deal with the said insufficiency;   (4) Monitoring (MR): Some audit firms were found having insufficient monitoring and without action plans to monitor deficiency remediation. In this regard

election slated in November 2020. Even though tension over the US-China situation eased somewhat after Phase One of a trade deal was reached in mid-January 2020, the details of any further negotiations are

the forms prescribed herein: “depositary receipt” means a depositary receipt representing foreign securities; “foreign securities” means securities traded on the foreign stock exchange; “unit of foreign