PRINCIPAL ASSET MANAGEMENT COMPANY LIMITED|Feeder Fund | Offering Date : 19/02/2018 - 27/02/2018

by THB 18mn (or 50.6%), and (iv) other revenue that increased by THB 392mn (or 343%) YoY, primarily from the THB 200mn revenue from the termination fee of management contract of 2 managed hotels in

2018 +/- FY 2019 FY 2018 +/- Owned 3,961 3,961 0 2,541 2,788 (247) 68.4% 66.3% 2.1% 1,738 1,850 (112) Leased 3,251 1,295 1,956 3,194 3,430 (236) 73.6% 74.1% (0.5%) 2,352 2,542 (190) Managed 4,537 4,619

: Acquisition of a formerly managed hotel. VHE Bratislava Real Estate s.r.o., a wholly owned subsidiary of Vienna House, entered into a Real Estate Purchase Agreement with Hotel AVION s.r.o. (a non-related party

customers after completion of the payment. Despite the sales of assets in the previous year there are remaining backlog and inventories awaiting to transferred at a total value of 15,686 million Baht. The

and inventories awaiting to transferred at a total value of 14,697 million Baht. The pending amount are to be recognized as planned. 1. As of 30 September 2019, Details and progress of the Company’s

Total Consolidate Joint Venture Total Real estate transferred activities 5,826.2 - 5,826.2 5,041.0 2,184.4 7,225.4 1,399.2 24.0% PAGE 2 However, The Group still managed to maintain the net profit margin

managed in-house. The hotel, where the word “Kitch” derives from “Kitchen”, is all set to accommodate lifestyle of gastro-tourists, who are looking to cover in local Thai cultures, mainly focusing on Thai

formerly only managed by Vienna House for EUR 8.9mn (THB 347mn). On 1 March 2018, all economic benefits, risks, obligations, and rights attached to the hotel were transferred to the purchaser, while the

Operating Leased 1,090 963 127 3,560 3,594 (34) 77.4% 83.2% (5.8) 2,757 2,989 (232) Managed* 5,192 2,570 2,622 3,573 3,245 328 75.2% 77.2% (2.0) 2,687 2,506 181 Total 10,076 7,083 2,993 3,138 2,932 206 72.6