Page 79 - BAM ONE REPORT 2564 (ENGLISH VERSION)

Form 56-1 One Report 2021
Bangkok Commercial Asset Management Public Co., Ltd. 77

In this regard, the Land and Building Tax Act B.E. 2562 (“the Act”) was already published in the Government
Gazette on March 12, 2019 to replace the Building and Land Tax Act B.E. 2475 and the Local Development Tax Act B.E.
2508. Later, two subsequent royal decrees on tax reduction for certain types of land and buildings were enacted, and
the Royal Decree Prescribing Land and Building Tax Rates B.E. 2564 was issued for applying to tax collection in the tax
year 2022 onwards. As such, the Company may incur additional tax expenses on the land and immovable properties
under its possession. Such incremental tax expenses may have a material adverse impact on its profitability, financial
position, and operating performance.

Moreover, the Company’s business operation could be affected by changes in the rules and regulations related
to financial business or real estate business in Thailand. Failure by the Company to adjust to all those changes in a
timely manner may have a significant adverse impact on its business, financial position, and performance. Besides, there
still are uncertainties in the interpretation and enforcement of the new policies, laws, regulations or accounting standards.
Given that the Company is unable to conform to those changes, it could be subject to the legal punishment or there
could be negative effects on its business, financial position, and performance.

In the case where the creditor fails to act in accordance with the provisions set forth in the Civil and Commercial
Code, this may result in the guarantor or mortgagor who is not the principal debtor being discharged from the liability
as prescribed by laws. For instance, upon default by any debtor, if the creditor fails to send a written notice thereof
to the guarantor or mortgagor who is not the principal debtor within the period specified by laws, the guarantor or
mortgagor who is not the principal debtor (as the case may be) will be discharged from the liability for only interest,
insurance claim, and accessories of obligations of such debt. After the end of the period specified by laws, the creditor
shall send a written notice to that guarantor or mortgagor. Moreover, in the case of guarantee or mortgage of property
as collateral for debt which is to be repaid by other person and has a definite repayment schedule, if the creditor