Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

all countries where the Company owns or operates its businesses. Significant Developments Impact from COVID-19 pandemic The Company announced the temporary suspension on hotel operations from April 1

lessen countrywide spread control measurements, Thai economy was slowly recovering from the world economy contraction. Private consumption slightly recovered from the ease of measurements. Export sector

Management 11  Market Risk Management 14  Liquidity Risk Management 16  Operational Risk Management 17  Cyber Risk Management 17  Strategic Risk Management 19 3. Business Directions and Operations of Core

Company Limited (the “Company”) would like to inform management discussion and analysis for its results of operations from the financial statements for the three-month period ended 30 June 2019 as follows

Management and Risk Factors 7 2.1 Credit Risk Management 7 2.2 Market Risk Management 7 2.3 Liquidity Risk Management 8 2.4 Cyber Risk Management 8 3. Business Directions and Operations of Core Businesses 9

% Management service 1.1% Other income 1.2% Hotel Property development Food and beverage Management service Revenue from property development operations through sales of residential projects in both low rise and

the total number of branches. Since 3 May 2020 onwards. By starting to gradually open since the government has implemented measures to ease the lock down. Which is expected to have a better trend in