enjoyed improving growth of 15.45%, 3.26% and 0.14%, respectively, while other fund types’ net asset values decreased. Analysis of the Operating Results The first quarter of 2021, Land and Houses Fund
purchase loan, which enjoyed healthy growth in line with revved-up domestic car sales after the end of the mandated ownership period for the first-time car buyer scheme. As of the end of the second quarter
exhibited signs of ongoing growth, driven largely by exports and tourism. This is in line with the overall global economic improvement. Domestic spending enjoyed promising growth, as evidenced by brighter
unrealized gain on exchange rate of Baht 245 million mainly from the outstanding of net liabilities in US dollar while Thai Baht was appreciated against US dollar during that period; and • Non-recurring
was appreciated from 35.9 THB/USD at the beginning of 2017 to 32.5 THB/USD at the end of the year or 10% appreciation. Nevertheless, GGC’s financial position for the year ended 2017 remains strong, with
an impact from the THB appreciation against USD; in which the THB was appreciated from 33.1 THB/USD in Jul 2018 to 32.4 THB/USD in Sep 2018 (2% appreciation). Consequently, the company posted net
Karlovy Vary (Czech Republic), one of the Company’s managed hotels with a total of 126 keys. The average daily rate (ADR) decreased THB 70 per night as a result of the THB appreciation (THB appreciated from
result of (i) the THB appreciation against EUR (THB appreciated from 35.90 THB/EUR in 1Q 2019 to 34.49 THB/EUR in 1Q 2020) since the majority of the Company’s hotels earns their revenue in Euro and (ii
) increased 68 keys under AHS management contracts. The Average Daily Rate (ADR) decreased by THB 523 per night as a result of (i) the THB appreciation against EUR (THB appreciated from 35.70 THB/EUR in 2Q 2019
quarter of 2020, the Company recorded gain on FX of THB 541.72 million. The main reason was from loan to related parties in AUD currency. As AUD currency appreciated in relative to USD currency, the asset