Management Discussion and Analysis For the first quarter ended 31 March 2020 (reviewed) Ratchthani Leasing Public Company Limited May 13, 2020 Subject : Management Discussion and Analysis For the

Management Discussion and Analysis for the 2st Quarter 2017 ended August 31 Management Discussion and Analysis for the 2 st Quarter 2017 ended August 31, 2017 AEON Thana Sinsap (Thailand) Public

1708-043EN Management Discussion and Analysis for Q2-2017 _Ending June 30, 2017_ Ref. No. 1708/043EN August 11, 2017 Subject Management Discussion and Analysis for Q2/2017 (Ending June 30, 2017) To

1802-008EN Management Discussion and Analysis for the year 2017 (Ending Dec 31, 2017) Ref. No. 1802/008EN February 20, 2018 Subject Management Discussion and Analysis for the year 2017 (Ending

capital) has entered into the Agreement to sell and purchase shares in 12 companies in Germany and Switzerland (“Shares Sale and Purchase Agreement”) with arcona Management GmbH (the “Seller”), total

Supervisory Board No. Tor.Jor.20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets. 3.3 Purchase Pricing Criteria The Management calculated the price by

, Suburb Estate Co., Ltd.). B). The short-term loan is a transaction that has occurred since the acquisition of this company because of the date of the share purchase. The management considers an expected

resource management expense. As a result, the purchase of the shares will resulted in the Company be a 100% major shareholder in the company and being able to fully control the operations and management

. As a result, the purchase of the shares will resulted in the Company be a 100% major shareholder in the company and being able to fully control the operations and management. What is more, the Company

Resorts, which will become subsidiaries of the Company after the purchase of the equity of the Target Company, enter into Hotel Management Agreements with companies in the Seller Group concerning the