the end of the investment period. 2. Gross profit : The total gross profit of the 3rd quarter of year 2019 was Baht 108.66 million representing an decreased of Baht 23.10 million or 26.99% of the total

% Investment Properties 525.0 518.8 6.2 1.2% JAS Asset Management Discussion and Analysis, Q3/2019 Page 3/4 30-Sep-19 31-Dec-18 Change %Change Leasehold Right and Building 1,286.7 1,284.4 2.3 0.2% Deposit 129.0

% 100.00% Cost of sales (48.06 ) (37.80 ) (10.26 ) 27.14% (71.23%) (52.49%) Gross Profit 19.41 18.66 0.75 4.02% 28.77% 33.05% Other income 2.78 1.66 1.12 67.47% 4.12% 2.94% Gain on disposal of investment

activities at Baht 139 million, which mainly due to acquisition of investment in subsidiary (net from commission expenses at Baht 3 million and cash from subsidiary at Baht 3 million) at Baht 133 million and

by Baht 94 million or 5.9% from last year, which was 1,591 million. Mainly it was from spending control efficiently due to the success of Brand investment strategy, Moreover, there was a joint

loss ratio decresed due to selling prices has volatility , Therefore resulting in the Company's gross loss decresed. (%) (Unit : Million Baht) 2019 2018 Loss before share of loss on investment in

January 9th, 2020 To : Managing Director The Stock Exchange of Thailand Re : The acquisition of investment in Vibharam Co.,Ltd.’s new ordinary shares, and elder ordinary share which purchases from

Real Estate Investment Trust (“GLANDRT”) which will be transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) namely the Ninth Towers Grand Rama 9 Project and the Unilever House Grand Rama 9 Project

from Noble Development PCL (Noble) at total investment of THB 800mn. DISPOSAL OF ASSETS Disposal of asset - Boonbaramee Metta Property 11 February 2019 The Company entered into a sales agreement of

Thai Accounting Standard. Net Profit A) Non-recurring loss in 2018 was a result of the impairment of goodwill from investment in TBSP, according to the Thai Accounting Standard. B) Non-recurring loss in