%, compared to the same period of the previous year as a result of right of way charged in industrial estates totaling of THB 208.7 mm in the third quarter of this year. Expenses analysis 2016 2017 Increase

- Translation - Page 1 of 5 CBG 022/2019 8 November 2019 Subject Management discussions and analysis for the 3-month and 9-month period ended 30 September 2019 To President The Stock Exchange of

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

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

totals Baht 357,000,000 as a consideration of the first portion of S-TREK shares does not correspond with the current market price and causes Mr. Jirasak to be in a disadvantage position in entering into

Financial Performance Analysis of the Operating Results Revenues In Q2 2018, for the three-month period ended 30 June 2018, the Company generated total revenues of 5,619 million Baht; significantly increasing

1 --Translation-- Sor Gor 7/2018 January 19, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 11/2018 February 22, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Audited) To: The President The Stock Exchange of Thailand

analysis on the financial condition and the operating results during the past two years is required only when they have a significant impact on the financial condition or the operating results of the current

sustainability development 13 4. Management discussion and analysis (MD&A) 17 5. General information and other material facts 19 Part 2: Corporate Governance 6. Corporate governance policy 21 7. Corporate