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

of revenue and cost of sales comparing to Quarter 1 in 2018 decreased as the company managed to reduce the cost of raw material to be cheaper that the same period last year. Selling and Administrative

cost of sales comparing to Quarter 2 in 2019 decreased as the company managed to reduce the cost of raw material to be cheaper that the same period last year. Selling and Administrative Expenses For the

%, respectively. For the decreased in sales of European zone, this is because of the decline in order of automotive accessories from the United Kingdom is facing Brexit problem. Cost of Sales and Services In the

arcona Hotel Portfolio 19 hotels through Vienna House Germany II GmbH (VHG II) (17 operating hotels and 2 projects under development). The number of managed keys decreased by 699 as a result of

Quantity sold in 2019 was increased by 36.59% when compared to 2018 and the average selling price was decreased by 6.67%. The Company received award bidding from new customer and more quantities sold in the

AUGUST 14,2019 Dear Director and The Manager of SET Re: Operating Performance’s Summary of Q2/2019 In the second quarter of 2019, the Company had sales of 291.03 million baht. It decreased 21.80

decreased by Baht 39.0 million or 22.7% compared to Q2 2018. During the year, the hotel carefully managed costs while retaining a minimum impact on the quality of guest services and customer care. In addition

decreased by 40.92 million baht or equivalent to 12.88% compared to the same period of previous year. It caused by the slowdown of the Thai economy which affected to both domestic and outside the country

%. Operating expenses decreased by Baht 18.7 million or 11.8% compared to Q3 2018. During the year, the hotel carefully managed costs while retaining a minimum impact on the quality of guest services and