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

discontinuing fixed-speed unlimited plans, which have been limiting data monetization. As majority of fixed- speed unlimited subscriptions came in 2H18 with one-year validity, an uplift in blended ARPU remained

from higher staff cost, shop expansion & renovation, and the one- time expense of Bt134mn regarding withholding tax in 3Q18. In 2018, %bad debt to postpaid revenue declined to 3.8% , compared to 4.3% in

reviewed by the certified auditors of the Company are as follows: No Criteria Calculation Formula Transaction size 1 Net Tangible Assets (NAT) Criteria Cannot be calculated since disposed asset is not

Thailand was decreased by 31.0% YoY due to the COVID-19 pandemic in China since the beginning of the year. This caused a significant decrease in revenue as Chinese tourist was one of the major clients of the

economy. Meanwhile, the Bank of Japan signaled an additional accommodative monetary policy by pledging to purchase government bonds without limit and to step up its asset purchase program, whereas other

fund manager who performs the duty of making decisions on investment in or disposing of securities or any other asset except real estate, leasehold interest in property or seeking benefits by other

, as well as policies to support Thailand’s long term competitiveness, including the Eastern Economic Corridor (EEC) project – which aims to promote Thailand as one of the region’s logistics hubs and

one of the revenue drivers of AP and resulted the gross profit to increase by Baht 45 million or 29%. • Rayong Central Utility Plants: Total revenue in Q2/2018 had increased by Baht 129 million or 4

Miss Kantima Rodsatru (Daughter of one of the GS’s ultimate shareholders) which is not a connected person of the Company. The Detail of this transaction are • Purchase of ordinary shares of High East