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

CORPORATION PUBLIC COMPANY LIMITED ASN BROKER PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC COMPANY

CORPORATION PUBLIC COMPANY LIMITED ASN BROKER PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC COMPANY

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC

BROKER PUBLIC COMPANY LIMITED ASPHERE INNOVATIONS PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC COMPANY LIMITED ATP 30 PUBLIC