redemption of debentures. In addition, the capital increase will lead to more working capital and at the same time the financial position and the debt structure of the Company will be more reasonable. 4.4

including: (a) hybrid securities with debt repayment period longer than 270 days as from the date on which hybrid securities have been issued. In addition, such hybrid securities shall have one of the

Management Discussion and Analysis For the Financial Result of Quarter 3 Year 2017 Ended Semtember 30, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and

. “liquid assets” means the following assets without binding obligation: (a) cash and bank deposit; (b) a certificate of cash deposit or promissory note issued by a commercial bank, bank established under

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2019 Ended June 30, 2019 Note: This Management Discussion and Analysis (MD&A) was

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 3 Year 2020 Ended September 30, 2020 Note: This Management Discussion and Analysis (MD&A

assets acquired x FKRMM’s NTA x100 Proportion of assets acquired x FKRMM’s NTA x100 Note: 1. NTA = Total tangible assets 2. Net tangible assets (1) is computed from FKRMM’s NTA as of January 31, 2017 and

regards to the best benefit of the shareholders. However, it is important to note that the IFA’s opinions are based on the information and documents received from the Company and other publicly available

incur encumbrances. In this regard, the money borrowing of the REIT, either by debt issuance or entering into an agreement in the nature of money borrowing, shall not have the characteristics as specified

of assets acquired x FKRMM’s NTA x100 NTA of listed company and its subsidiary = 100% x 283.08 x 100 431.06 = 65.67% 5 Note: 1. NTA = Total tangible assets – Liabilities – Minority interest 2. Net