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Form 56-1 One Report 2022

from such process and may be unable to collect the debts from its debtors and to recognize revenues from those NPLs
as projected, which may have a significant adverse impact on its financial position and operational performance.

3.) Risk involved with changes in the macro economy and market conditions that could materially affect
the Company’s business
The Company’s operational performance relates to the general macro-economic conditions, relevant policies and
fluctuations in the money and capital markets, financial costs, interest rate volatility, inflation rate, the Company’s ability
to acquire short-term and long-term financing, financial business trends, fiscal and monetary as well as foreign exchange
policies, foreign exchange fluctuations, taxation policy, and laws and regulations that may affect the financial business.

The slowing macro-economic and market conditions will adversely impact the NPLs’ quality, the value of
collateral assets underlying the NPLs and NPAs, the Company’s business and business opportunities, and its liquidity
as well as ability to secure funding sources under the terms that would benefit the Company. These factors may
negatively affect the Company’s business, cash flows, financial position, and operational performance.

4.) Risk associated with the Company’s NPL and NPA management business operation and possession
of a huge volume of assets that are under strict supervision of relevant authorities and changes in the applicable
laws and regulations that may adversely affect the Company’s business, financial position, and operational performance
The Company’s NPL and NPA management business is subject to strict regulatory supervision requiring the Company
to comply with various provisions of the relevant rules, practice guidelines and policies, such as those regarding debt restructuring,
price appraisal and disposal of collateral assets and NPAs, rules and procedures for NPA management, debt collection from
debtors, debt write-off, taxation regulations, and accounting standards. Moreover, as the owner of a large volume of real
estates, the Company must abide by all requirements under the relevant regulations, practice guidelines and policies like
land and building tax law, environmental law, town planning law, and other rules and regulations.

Besides, 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 to adjust to such changes in a timely manner may pose
significant adverse impacts on its business, financial position, and operational performance. There are also uncertainties in
the interpretation and enforcement of certain new policies, laws, regulations or accounting standards. If the Company is
unable to adjust and adapt to such changes, it could be subject to legal punishment or there could be negative effects
on its business, financial position, and operational performance.

5.) Pandemic risk
The Company still needs to monitor pandemic risk and deal with the situations of whether the new outbreak
or the social and business changes after the pandemic. It is difficult to set the scope of the impacts due to uncertainties
in terms of virus variants, severity, transmission speed and duration of the prolonged situation. There are also challenges
from the lifestyle transition to the New Normal which could influence customer behaviors and needs as well as changing
way of work of employees, as well as rationalization of work processes and controls.