slowdown in real estate business. Therefore, the company adjusted its marketing policies by lowering the selling price. Which is divided into sales groups as detailed as follows: Ocean Commerce Public

: The President The Stock Exchange of Thailand The Extraordinary Board of Directors’ meeting of Bangkok Airways Public Company Limited, (“Company” or “BA”) No. 1/2019 held on March 19, 2019 and the Board

attributable to owners of the company Debt to equity(Times) = Total debt divided by shareholders’ equities Interest bearing debt to equity(Times) = Interest bearing debt divided by shareholders' equities

1 Bangkok Commercial Asset Management Public Company Limited Management Discussion and Analysis For the first quarter ended March 31, 2020 Bangkok Commercial Asset Management Public Company Limited

equit (%) = Net profit divided by average equities attributable to owners of the company Debt to equity(Times) = Total debt divided by shareholders’ equities Interest bearing debt to equity(Times

. The Company through Environment Pulp and Paper Co., Ltd. (the Company’s wholly-owned subsidiary) holds 85 percent; 2. EAMC holds 15 percent. Project Value THB 1,300,000,000 divided into: 1. Equity in

company Debt to equity (Times) = Total debt divided by shareholders' equities Interest bearing debt to equity (Times) = Interest bearing debt divided by shareholders' equities Interest bearing debt to

average total assets Return on equity (%) = Net profit divided by average equities attributed to owners of the company Debt to equity (x) = Total debt divided by shareholders’ equities Interest bearing debt

long-term rental services. Products are divided into 7 groups. • Purchase and sale of land for commercial purposes, large, medium and small, for the company and the general public for development

Management Discussion and Analysis For the first quarter ended March 31, 2020 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd., Silom, Bangrak, Bangkok 10500 Thailand Tel 0