Common use of DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Clause in Contracts

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Changes in deferred tax assets (liabilities) for the years ended December 31, 2020 and 2019 are summarized as follows: Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 19 In profit or loss In other comprehensive income Dec. 31, 20 Deferred tax assets: Trade receivables 274,141 (79,722) - 194,419 Right-of-use assets - 12,568 - 12,568 Other current provisions - 3,000,000 - 3,000,000 Employee benefit obligation 13,208,386 1,859,863 - 15,068,249 Total 13,482,527 4,792,709 - 18,275,236 Deferred tax liabilities: (Gain) loss on measuring other non-current financial assets (33,893,300) - 6,733,327 (27,159,973) Total (33,893,300) - 6,733,327 (27,159,973) Deferred tax assets (liabilities)-net (20,410,773) (8,884,737) Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 In profit or loss In other comprehensive income Dec. 31, 19 Deferred tax assets: Trade receivables 261,502 12,639 - 274,141 Employee benefit obligation 9,209,523 4,340,057 (341,194) 13,208,386 Total 9,471,025 4,352,696 (341,194) 13,482,527 Deferred tax liabilities: Unrealized gain on remeasuring available for sale Investments (32,493,301) - (1,399,999) (33,893,300) Total (32,493,301) - (1,399,999) (33,893,300) Deferred tax assets (liabilities)-net (23,022,276) (20,410,773)

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. 26.1 Deferred tax assets and deferred tax liabilities as follows: Consolidated Financial Statements Separate Financial Statements 2018 2017 2018 2017 Deferred tax assets 15,368,525.59 11,169,666.75 15,368,525.59 11,169,666.75 Deferred tax liabilities (1,273,385.20) (6,233,805.16) (2,994,957.76) (7,955,377.72) 14,095,140.39 4,935,861.59 12,373,567.83 3,214,289.03 26.2 Changes in deferred tax assets (liabilities) and deferred tax liabilities for the years ended December 31, 2020 2018 and 2019 2017 are summarized as follows: Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 19 17 In profit or loss In other comprehensive income Dec. 31, 20 18 Deferred tax assets: Trade receivables 274,141 (79,722) Allowance for declining value-clubhouse 537,786.80 102,935.01 - 194,419 Right-of-use assets 640,721.81 Provisions for employee benefits Provisions for compensation for housing estate juristic persons 7,380,808.20 3,251,071.75 3,441,525.20 654,398.63 - 12,568 - 12,568 Other current provisions 10,822,333.40 3,905,470.38 Total 11,169,666.75 4,198,858.84 - 3,000,000 - 3,000,000 Employee benefit obligation 13,208,386 1,859,863 - 15,068,249 Total 13,482,527 4,792,709 - 18,275,236 15,368,525.59 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (Gain15,277.10) loss on measuring other non-current financial assets (33,893,300668.37) - 6,733,327 (27,159,97315,945.47) Property development costs and inventories (6,218,528.06) 4,961,088.33 - (1,257,439.73) Total (33,893,3006,233,805.16) 4,960,419.96 - 6,733,327 (27,159,9731,273,385.20) Deferred tax assets (liabilities)-net (20,410,773) (8,884,737) Net 4,935,861.59 9,159,278.80 - 14,095,140.39 Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 16 In profit or loss In other comprehensive income Dec. 31, 19 17 Deferred tax assets: Trade receivables 261,502 12,639 Allowance for doubtful other receivable 285,400.00 (285,400.00) - 274,141 Employee benefit obligation 9,209,523 4,340,057 - Allowance for declining value-clubhouse 537,786.80 - - 537,786.80 Provisions for employee benefits Provisions for compensation for housing estate juristic persons 7,747,992.00 2,968,748.25 870,662.60 282,323.50 (341,1941,237,846.40) 13,208,386 - 7,380,808.20 3,251,071.75 Total 9,471,025 4,352,696 11,539,927.05 867,586.10 (341,1941,237,846.40) 13,482,527 11,169,666.75 Deferred tax liabilities: Unrealized gain on remeasuring available held for sale Investments trade investments (32,493,30114,456.12) (820.98) - (1,399,99915,277.10) Property development costs and inventories (33,893,3006,956,194.55) 737,666.49 - (6,218,528.06) Total (32,493,3016,970,650.67) 736,845.51 - (6,233,805.16) Net 4,569,276.38 1,604,431.61 (1,237,846.40) 4,935,861.59 Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 17 In profit or loss In other comprehensive income Dec. 31, 18 Deferred tax assets: Allowance for declining value-clubhouse 537,786.80 102,935.01 - 640,721.81 Provisions for employee benefits Provisions for compensation for housing estate juristic persons 7,380,808.20 3,251,071.75 3,441,525.20 654,398.63 - - 10,822,333.40 3,905,470.38 Total 11,169,666.75 4,198,858.84 - 15,368,525.59 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,277.10) (668.37) - (1,399,99915,945.47) Property development costs and inventories (7,940,100.62) 4,961,088.33 - (2,979,012.29) Total (7,955,377.72) 4,960,419.96 - (2,994,957.76) Net 3,214,289.03 9,159,278.80 - 12,373,567.83 In Baht Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 16 In profit or loss In other comprehensive income Dec. 31, 17 Deferred tax assets: Allowance for doubtful other receivable 285,400.00 (285,400.00) - - Allowance for declining value-clubhouse 537,786.80 - - 537,786.80 Provisions for employee benefits Provisions for compensation for housing estate juristic persons 7,747,992.00 2,968,748.25 870,662.60 282,323.50 (1,237,846.40) - 7,380,808.20 3,251,071.75 Total 11,539,927.05 867,586.10 (1,237,846.40) 11,169,666.75 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (14,456.12) (33,893,300820.98) - (15,277.10) Property development costs and inventories (8,677,767.11) 737,666.49 - (7,940,100.62) Total (8,692,223.23) 736,845.51 - (7,955,377.72) Net 2,847,703.82 1,604,431.61 (1,237,846.40) 3,214,289.03 26.3 Tax expense (income) 26.3.1 Major components of tax expense (income) For the years ended December 31, 2018 and 2017 consisted of: In Baht Consolidated Financial Statements Separate Financial Statements Income tax expense (income) shown in profit or loss : Current tax expense: Income tax expense for the year 26,955,532.63 3,441,292.96 26,955,532.63 3,441,292.96 Deferred tax assets expense (liabilities)-net income): Changes in temporary differences relating to the original recognition and reversal (23,022,2769,159,278.80) (20,410,773)1,604,431.61) (9,159,278.80) (1,604,431.61) Total 17,796,253.83 1,836,861.35 17,796,253.83 1,836,861.35 Recognized in other comprehensive income Actuarial gain (loss) from post-employee benefit - 1,237,846.40 - 1,237,846.40 26.3.2 A numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate for the years ended December 31, 2018 and 2017 which are summarized as follows: Consolidated Financial Statements Separate Financial Statements 2018 2017 2018 2017 Accounting profit (loss) for the year 114,096,947.04 20,655,290.06 116,961,064.96 25,141,732.88 The applicable tax rate (%) 20% 24% 20% 20% Tax expense (income) at the applicable tax rate 22,819,389.41 5,028,346.58 23,392,212.99 5,028,346.58 Reconciliation items: Tax effect of expenses that are not deductible in determining tax profit: - Expenses not allowed as expenses in determining taxable profit (5,023,135.58) 1,115,718.82 (5,595,959.16) 1,115,718.82 Tax effect of income that are not deductible in determining tax profit: - (4,307,204.05) - (4,307,204.05) Total reconciliation items (5,023,135.58) (3,191,485.23) (5,595,959.16) (3,191,485.23) Total tax expense (income) 17,796,253.83 1,836,861.35 17,796,253.83 1,836,861.35 2018 2017 Tax amount (Baht) Tax rate (%) Tax amount (Baht) Tax rate (%) Accounting profit (loss) before tax expense for the year 114,096,947.04 20,655,290.06 Tax expense (income) at the applicable tax rate 22,819,389.41 20.00 5,028,346.58 24.00 Reconciliation items (5,023,135.58) (4.40) (3,191,485.23) (15.45) Tax expense (income) at the average effective tax rate 17,796,253.83 15.60 1,836,861.35 8.55 2018 2017 Tax amount (Baht) Tax rate (%) Tax amount (Baht) Tax rate (%) Accounting profit (loss) before tax expense for the year 116,961,064.96 25,141,732.88 Tax expense (income) at the applicable tax rate 23,392,212.99 20.00 5,028,346.58 20.00 Reconciliation items (5,595,959.16) (4.78) (3,191,485.23) (12.69) Tax expense (income) at the average effective tax rate 17,796,253.83 15.22 1,836,861.35 7.31 As at December 31, 2018 and 2017, a subsidiary has the accumulated tax losses less than 5 years at the amount of Baht 5.03 million and Baht 5.74 million, respectively, which the such subsidiary did not record such deferred tax assets from losses above as there is no policy to use such losses in the tax calculation for the year.

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. 24.1 Deferred tax assets and deferred tax liabilities as follows: Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Deferred tax assets 16,496,382.57 15,368,525.59 16,496,382.57 15,368,525.59 Deferred tax liabilities (1,851,286.04) (1,273,385.20) (3,572,858.60) (2,994,957.76) Net 14,645,096.53 14,095,140.39 12,923,523.97 12,373,567.83 24.2 Changes in deferred tax assets (liabilities) and deferred tax liabilities for the years ended December 31, 2020 2019 and 2019 2018 are summarized as follows: Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 19 In profit or loss In other comprehensive income Dec. 31, 20 Deferred tax assets: Trade receivables 274,141 (79,722) - 194,419 Right-of-use assets - 12,568 - 12,568 Other current provisions - 3,000,000 - 3,000,000 Employee benefit obligation 13,208,386 1,859,863 - 15,068,249 Total 13,482,527 4,792,709 - 18,275,236 Deferred tax liabilities: (Gain) loss on measuring other non-current financial assets (33,893,300) - 6,733,327 (27,159,973) Total (33,893,300) - 6,733,327 (27,159,973) Deferred tax assets (liabilities)-net (20,410,773) (8,884,737) Baht Consolidated Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 In profit or loss In other comprehensive income Dec. 31, 19 Deferred tax assets: Trade receivables 261,502 12,639 Allowance for doubtful other receivable - 274,141 Employee benefit obligation 9,209,523 4,340,057 196,000.00 - 196,000.00 Allowance for declining value-clubhouse 640,721.81 (341,194289,801.27) 13,208,386 - 350,920.54 Provisions for employee benefits 10,822,333.40 1,122,420.00 699,581.93 12,644,335.33 Provisions for compensation for housing estate juristic persons 3,905,470.38 (600,343.68) - 3,305,126.70 Total 9,471,025 4,352,696 (341,194) 13,482,527 15,368,525.59 428,275.05 699,581.93 16,496,382.57 Deferred tax liabilities: Unrealized gain on remeasuring available held for sale Investments trade investments (32,493,30115,945.47) (769.73) - (1,399,99916,715.20) Property development costs and inventories (1,257,439.73) (33,893,300577,131.11) - (1,834,570.84) Total (32,493,3011,273,385.20) (577,900.84) - (1,399,9991,851,286.04) Net 14,095,140.39 (149,625.79) 699,581.93 14,645,096.53 Consolidated Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 17 In profit or loss In other Deferred tax assets: Allowance for doubtful other receivable - - - - Allowance for declining value-clubhouse 537,786.80 102,935.01 - 640,721.81 Provisions for employee benefits 7,380,808.20 3,441,525.20 - 10,822,333.40 Provisions for compensation for housing estate juristic persons 3,251,071.75 654,398.63 - 3,905,470.38 Total 11,169,666.75 4,198,858.84 - 15,368,525.59 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,277.10) (33,893,300668.37) - (15,945.47) Property development costs and inventories (6,218,528.06) 4,961,088.33 - (1,257,439.73) Total (6,233,805.16) 4,960,419.96 - (1,273,385.20) Net 4,935,861.59 9,159,278.80 - 14,095,140.39 comprehensive income Dec. 31, 18 Separate Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 18 In profit or loss In other Dec. 31, 19 comprehensive income Deferred tax assets assets: Allowance for doubtful other receivable - 196,000.00 - 196,000.00 Allowance for declining value-clubhouse 640,721.81 (liabilities)-net 289,801.27) - 350,920.54 Provisions for employee benefits 10,822,333.40 1,122,420.00 699,581.93 12,644,335.33 Provisions for compensation for housing estate juristic persons 3,905,470.38 (23,022,276600,343.68) - 3,305,126.70 Total 15,368,525.59 428,275.05 699,581.93 16,496,382.57 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,945.47) (20,410,773999.47) - (16,944.94) Property development costs and inventories (2,979,012.29) (576,901.37) - (3,555,913.66) Total (2,994,957.76) (577,900.84) - (3,572,858.60) Net 12,373,567.83 (149,625.79) 699,581.93 12,923,523.97 Separate Financial Statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 17 In profit or loss In other Deferred tax assets: Allowance for doubtful other receivable - - - - Allowance for declining value-clubhouse 537,786.80 102,935.01 - 640,721.81 Provisions for employee benefits Provisions for compensation for housing estate juristic persons 7,380,808.20 3,251,071.75 3,441,525.20 654,398.63 - - 10,822,333.40 3,905,470.38 Total 11,169,666.75 4,198,858.84 - 15,368,525.59 Deferred tax liabilities: Unrealized gain on remeasuring held for trade investments (15,277.10) (668.37) - (15,945.47) Property development costs and inventories (7,940,100.62) 4,961,088.33 - (2,979,012.29) Total (7,955,377.72) 4,960,419.96 - (2,994,957.76) Net 3,214,289.03 9,159,278.80 - 12,373,567.83 comprehensive income Dec. 31, 18 24.3 Tax expense (income) 24.3.1 Major components of tax expense (income) For the years ended December 31, 2019 and 2018 consisted of: Consolidated Financial Statements Separate Financial Statements Income tax expense (income) shown in profit or loss : Current tax expense: Income tax expense for the year 6,629,471.01 26,955,532.63 6,521,062.24 26,955,532.63 Deferred tax expense (income): Changes in temporary differences relating to the original recognition and reversal 149,625.79 (9,159,278.80) 149,625.79 (9,159,278.80) Total 6,779,096.80 17,796,253.83 6,670,688.03 17,796,253.83 Recognized in other comprehensive income Actuarial gain (loss) from post-employee benefit (699,581.93) - (699,581.93) - 24.3.2 A numerical reconciliation between tax expense (income) and the product of accounting profit multiplied by the applicable tax rate for the years ended December 31, 2019 and 2018 which are summarized as follows: Consolidated Financial Statements Separate Financial Statements 2019 2018 2019 2018 Accounting profit (loss) for the year 28,025,017.00 114,096,947.04 28,458,704.77 116,961,064.96 The applicable tax rate (%) 20% 20% 20% 20% Tax expense (income) at the applicable tax rate 5,605,003.40 22,819,389.41 5,691,740.95 23,392,212.99 Reconciliation items: Tax effect of expenses that are not deductible in determining tax profit: - Expenses not allowed as expenses in determining taxable profit 1,174,093.40 (5,023,135.58) 978,947.08 (5,595,959.16) Tax effect of income that are not deductible in determining tax profit: - - - - Total reconciliation items 1,174,093.40 (5,023,135.58) 978,947.08 (5,595,959.16) Total tax expense (income) 6,779,096.80 17,796,253.83 6,670,688.03 17,796,253.83 24.3.3 A numerical reconciliation between the average effective tax rate and the applicable tax rate For the years ended December 31, 2019 and 2018 are summarized as follows: Consolidated Financial Statements 2019 2018 Tax amount (Baht) Tax rate (%) Tax amount (Baht) Tax rate (%) Accounting profit (loss) before tax expense for the year 28,025,017.00 114,096,947.04 Tax expense (income) at the applicable tax rate 5,605,003.40 20.00 22,819,389.41 20.00 Reconciliation items 1,174,093.40 4.19 (5,023,135.58) (4.40) Tax expense (income) at the average effective tax rate 6,779,096.80 24.19 17,796,253.83 15.60 Separate Financial Statements 2019 2018 Tax amount (Baht) Tax rate (%) Tax amount (Baht) Tax rate (%) Accounting profit (loss) before tax expense for the year 28,458,704.77 116,961,064.96 Tax expense (income) at the applicable tax rate 5,691,740.95 20.00 23,392,212.99 20.00 Reconciliation items 978,947.08 3.44 (5,595,959.16) (4.78) Tax expense (income) at the average effective tax rate 6,670,688.03 23.44 17,796,253.83 15.22 As at December 31, 2019 and 2018, a subsidiary has the accumulated tax losses less than 5 years at the amount of Baht 3.35 million and Baht 5.03 million, respectively, which the such subsidiary did not record such deferred tax assets from losses above as there is no policy to use such losses in the tax calculation for the year.

DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES. Deferred tax assets and deferred tax liabilities as follows:- Ba ht Consolidated financial statements Separate financial statements As at June 30, 2019 As at December 31, 2018 As at June 30, 2019 As at December 31, 2018 Deferred tax assets 5,509,213 4,086,896 14,785,442 13,480,219 Deferred tax liabilities (84,651,495) (86,627,919) (99,436,937) (100,108,138) (79,142,282) (82,541,023) (84,651,495) (86,627,919) Changes in deferred tax assets (liabilities) and deferred tax liabilities for the years six-month period ended December 31June 30, 2020 and 2019 are 2019, is summarized as follows: Baht Consolidated financial statements Balance as at Revenue (expenses) during the year Balance as at Dec. 31, 19 In profit or loss In other comprehensive income Dec. 31, 20 Deferred tax assets: Trade receivables 274,141 (79,722) - 194,419 Right-of-use assets - 12,568 - 12,568 Other current provisions - 3,000,000 - 3,000,000 Employee benefit obligation 13,208,386 1,859,863 - 15,068,249 Total 13,482,527 4,792,709 - 18,275,236 Deferred tax liabilities: (Gain) loss on measuring other non-current financial assets (33,893,300) - 6,733,327 (27,159,973) Total (33,893,300) - 6,733,327 (27,159,973) Deferred tax assets (liabilities)-net (20,410,773) (8,884,737) Balance as at Revenue (expenses) during the year period Balance as at Dec. 31, 18 In profit or loss In other comprehensive income Dec. 31Jun. 30, 19 Deferred tax assets: Trade account and other receivables 261,502 12,639 3,209,068 129,282 - 274,141 Employee benefit obligation 9,209,523 4,340,057 3,338,350 Difference of rental between straight line method and agreement 2,144,191 (341,1942,144,191) 13,208,386 - - Provisions for employee benefits 12,213,856 4,742,449 - 16,956,305 Total 9,471,025 4,352,696 (341,194) 13,482,527 17,567,115 2,727,540 - 20,294,655 Deferred tax liabilities: Additional portion from fixed assets revaluation 69,861,403 656,768 - 69,204,635 Liabilities under financial lease agreements 16,124,204 14,433 - 16,109,771 Unrealized gain on remeasuring available for sale Investments measurement of investment 14,122,531 - - 14,122,531 Total 100,108,138 671,201 - 99,436,937 Baht Separate financial statements Balance as at Revenue (32,493,301expenses) during the period Balance as at Dec. 31, 18 In profit or loss In other comprehensive income Jun. 30, 19 Deferred tax assets: Trade account and other receivables 3,015,032 236,010 - 3,251,042 Difference of rental between straight line method and agreement 2,144,191 (2,144,191) - (1,399,999) (33,893,300) - Provisions for employee benefits 8,320,996 3,213,404 - 11,534,400 Total (32,493,301) 13,480,219 1,305,223 - (1,399,999) (33,893,300) 14,785,442 Deferred tax liabilities: Additional portion from fixed assets (liabilities)-net (23,022,276) (20,410,773)revaluation 69,861,403 656,768 - 69,204,635 Liabilities under financial lease agreements 16,124,204 14,433 - 16,109,771 Unrealized gain on measurement of investment 14,122,531 - - 14,122,531 Total 100,108,138 671,201 - 99,436,937