E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

especially in real estate sector. On economic stability, inflation has slowed down due to the decrease in retail petroleum prices. 3. WATER SITUATION As of 26 July 2019, the water supply situation in Chonburi

Notification: “Fund” means any mutual fund or private fund; “Specified property fund” means any mutual fund which has specified in its scheme the actual real estate to be acquired pursuant to the Notification of

securities business in the category of private fund management; (7) “Specified property fund” means any mutual fund which has specified in its scheme the real estate to be acquired pursuant to the Notification

at the threshold that is not less than the requirement under the Notification of the Capital Market Supervisory Board concerning the Issuance and Offering of Trust Units of Real Estate Investment Trust

sale of properties for sale were Baht 307 and 226 million respectively, which decreased 26.4% due to the downturn of real estate sector Other operating expenses Unit: Baht in Million Q1/2019 Q4/2019 Q1

- month period ended March 31, 2019 and 2020, gain on sale of properties foreclosed were Baht 307 and 226 million respectively, which decreased 26.4% due to the downturn of real estate sector Other

and conditions stipulated under the Thai Revenue Code for the purpose of tax exemption for such transaction (the “Entire Business Transfer Transaction”). BTSG is a majority shareholder of the Company