to have inclusive measure to prevent conflicts of interest. In addition, permissible securities trading will be limited to that executed with a view to managing risks associated with issuance of

engagement in occupations will be abolished or revised to lessen burdens on people. By doing so, methods used must be done with speed, transparency and low costs with participation of all related parties.

issuance and offering of debt securities. Key areas of discussion encompassed the enhancement of information disclosure to investors, with a specific emphasis on augmenting speed, clarity, timeliness, and

obstacles to living or occupations will be abolished or revised to lessen burden on people. By doing so, methods used must be done with speed, transparency, low costs with participation from all related

abolished or revised to lessen burden on people. By doing so, methods used must be done with speed, transparency, low costs with participation of all related parties.

stringent residential financing granting measure has not negatively affected the operation as the Company has the policy to develop project which has average selling price per unit higher than THB 10mn and

growth. In 2019, the real estate sector was beginning to face a slowdown as a result of various negative factors, particularly the Bank of Thailand’s Loan to Value (LTV) measure. The situation is worrisome

Statistics Office of Vietnam 3 Exchange rate is subject to BOT’s average selling rates as of 9 Jan 2020 (THB 0.1315 = VND 100) MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD

increased degree of uncertainty in global economies and trade policies, businesses may have to contend with Thai Baht volatility and rising interest rate trends. Acting upon our strategy of strengthening

gear in the first week of January, 2019, impaired the production of high value added thinner sizes and reduced the mill speed, the breakdown of transformer, in the third week of January, 2019, resulted