management business2 4,356.32 5,777.90 5,673.6 920.39 708.46 536.75 Notes: 1 For the year ended December 31, 2017,2018 and 2019, decreased net acquisition or transfer costs of properties for sale is calculated

% (%) 6.94 5.94 1.00% 7.67 6.38 1.29% 7. Expenses on sales (excluding ownership transfer) (Million THB) 354.23 206.48 71.56% 317.84 171.61 85.21% (%) 3.15 2.15 1.00% 3.49 2.20 1.29% 8. Expenses on management

5.38 1.16% 7.22 5.67 1.55% 7. Expenses on sales (excluding ownership transfer) (milion THB) 66.39 37.38 77.61% 57.60 27.48 109.61% (%) 2.90 1.59 1.31% 3.12 1.48 1.64% 8. Expenses on management (milion

promise in the amount of Baht 1,000,000,000 The said price does not include the value added tax, fee and expense for ownership transfer, lease registration fee, stamp duty to be posted on the lease

promise in the amount of Baht 100,000,000 The said price does not include the value added tax, fee and expense for ownership transfer, lease registration fee, stamp duty to be posted on the lease agreement

Bratislava”). The Company would like to inform that on 1 9 April 2 0 1 8 , VBRE has registered the transfer of hotel ownership in Vienna House Easy Bratislava which is one of the conditions precedent as a

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ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0280/2019 13 August 2019 Subject: Management Discussion and Analysis for the Second Quarter ended 30 June 2019 To President The Stock Exchange of Thailand

ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0140 /2020 13 May 2020 Subject: Management Discussion and Analysis for the First Quarter ended 31 March 2020 To President The Stock Exchange of Thailand Quality