and its personnel; (d) contingency management system which specifies procedures and a person in charge in each case clearly; (2) there is no reasonable ground to believe that the financial condition may

Bangkok Commercial Asset Management Public Company Limited Page 1 13 December 2019 Subject Management Discussion and Analysis for nine-month period ended 30 September 2019 To The President The Stock

percent of the total shares of NEXT, from the Seller. The Company shall pay for the share acquisition upon a condition that the payment amount is varied according to the calculation from the earnings before

100.00 percent of the total shares of NEXT, from the Seller. The Company shall pay for the share acquisition upon a condition that the payment amount is varied according to the calculation from the

, Bangkok  10310  F + 66 (2) 6452828,  + 66 (2) 6452829  VAT ID  0107538000151     Thailand W www.wiik.co.th   -Translation- LWH/ACC 20/02/LT027 February 25, 2020 Subject: Management discussion and analysis

(FSMART) 1Q2020 Management Discussion and Analysis 2020 Management Outlook The Covid-19 pandemic has affected economic condition worldwide including Thailand, which severely decrease revenue of both

attached hereunder: “ intermediary ” means a securities company or a derivatives intermediary. “ fund management company ” means a securities company licensed to undertake securities business in the category

-1- Ref. POL. 028/2020 February 25, 2020 Re: Management Discussion & Analysis of S & P Syndicate Public Company Limited Dear The President The Stock Exchange of Thailand S & P Syndicate Public

relationships with the Company and/or the Buyer Buyer : Furrum Energy Company Limited Seller : Energy Revolution Company Limited Relationship : Seller Group has no relationship with management, directors, major

Energy Company Limited Seller : Energy Revolution Company Limited Relationship : Seller Group has no relationship with management, directors, major shareholders, and controller of the Company and its