initial franchise fee from “After You” Hongkong and initial franchise fee from “Mikka” • *Actual franchise fee recognized in Q2/2020 was THB 0.48 million Management Discussion & Analysis Q2/2020 292 294 259

Feb-20 and the adoption of TFRS16 which recognized right of use assets of Bt62,934mn against the lease liabilities of Bt62,282mn. Total liabilities reported Bt296,378mn increasing +35% from ending Dec

from “After You” Hongkong, Initial franchise fee and royalty fee from “Mikka” sales • *Actual franchise fee recognized in Q3/2020 was THB 0.75 million Management Discussion & Analysis Q3/2020 • Revenue

100 – 500 MB. In this regard, the large projects in which the Company has recognized revenue in 2020 such as The New Parliament Project in Information and Communication Technology, The Purchasing and

ending of tax benefit recognized from 2016-2020 (Reference: Royal Decree No. 604 dated 18 April 2016). The effective tax rate was at 18.2%. Profit In 2Q21, EBITDA as Bt23,006mn increasing 3.2%YoY and 1.9

-2.4% YoY and -3.2%QoQ due to decrease in interest- bearing debt and slightly drop in average interest rate. Income tax was Bt1,399mn, increasing 15% YoY due to the ending of tax benefit recognized from

] the code of ethics and standards of professional conduct as defined by the associations related to securities business or by organizations in connection with securities business recognized by the SEC

decrease in deferred income tax. • Land, Property and Equipment increased by THB 4 million mainly due to the value of investment in expanding branches is higher than the depreciation expense recognized

started production yet. Purem AAPICO reported launch cost during this pre-operating period while revenue will be recognized once start production in September and December 2023 for Malaysia and Thailand

projects of the government and state enterprises have slowed down and increased more competition in the market. The majority of the Company's revenue recognized in 2023 comes from government and state