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

overseas. Revenue breakdown EBITDA breakdown Unit: THB mn 2Q20 2Q19 2Q20 2Q19 Hotel business 100 813 -713 -87.7% -257 44 -301 -684.1% Education business 57 78 -21 -26.9% -17 -12 -5 -41.7% Food business 17

closure of Dusit Thani Bangkok Hotel; and a decrease in revenue from the absence of Dusit Princess Korat Hotel, which was disposed in late 2017. Revenue breakdown EBITDA breakdown Unit: THB mn 2Q18 2Q17

due to increased room inventory following the completion of rooms renovation while increase in revenue at Dusit Thani Huahin contributed by improved occupancy rate. Revenue breakdown EBITDA breakdown

inside information related to trading orders of securities of fund which was managed by himself and disclosed such information to Miss Monsicha, in which, Miss Monsicha placed trading orders of securities

Malaysia  Currently, Titanium Compass Sdn Bhd (“TCSB”) managed advertising on 2 stations and 15 trains, while the SBK Line recorded ridership of more than 200,000 trips, having fully operated since July

Management Discussion and Analysis 2017 P a g e | 2 Business Segment Performance In 2017, total revenue was THB 5,570 million, decreasing by 2.7 % from last year. Total revenue and EBITDA breakdown is as

million comparing to the net profit of Baht 1 million and Baht 50 million, respectively, in the same period last year. During this pandemic period, the Company has carefully managed the situation in all

& ANALYSIS CONSOLIDATED P&L SNAPSHOT THB (mn) 2017/18 2018/19 YoY (%) PERFORMANCE ANALYSIS (2018/19 vs 2017/18) REVENUE BREAKDOWN (THB mn) % Contribution to total revenue THB (mn) 2017/18 2018/19 YoY (%) 2017

SNAPSHOT THB (mn) 1Q 2018/19 (Restated) 4Q 2018/19 (Restated) 1Q 2019/20 QoQ (%) YoY (%) REVENUE BREAKDOWN (THB mn) % Contribution to total revenue THB (mn) 1Q 2018/19 (Restated) 1Q 2019/20 YoY (%) 1Q 2018