)  st Coverage (time Service Coverage  n on Equity  es from P&L are ann repayment sched Debent 17  7, 1, 7, 6, 7,   PEX & Fixed asset idend paid  ome tax paid ance cost & Finan payment of LT bor payment

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 fourth quarter and year ended December 31, 2019 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd, Silom, Bangrak, Bangkok 10500

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

by 13% y-y and 1% q-q which mainly came from continued improvement in asset quality since 2015 and efficiency improvement in collection and credit judgment. - Finance Cost In the first half 2017, The

deduct at source related to Mixed Use Project. Description Q2/2017 Q2/2016 Gross margin 28.43% 27.41% EBITDA margin 16.23% 21.31% Net profit margin 1.22% 3.97% Return on equity 2.53% 3.96% Return on asset

-performing loan ratio was 2.49%, decreased from 2.71% in the fiscal year 2016. The Company was able to control accounts receivable overdue more than 3 months better than last year. The coverage ratio of

Position............................................................................ 16 Table 11: Analysts Coverage and IVL Contacts

Position............................................................................ 18 Table 11: Analysts Coverage and IVL Contacts

Position............................................................................ 16 Table 12: Analysts Coverage and IVL Contacts