Company Limited would like to submit the report of Management Discussion and Analysis for the 3-month period ended September 30, 2019 which has been unaudited but reviewed by the auditor this is caused by

billboards with digital screens in July 2017. Currently, MACO has a total of 35 digital screens under management. Aviation  In 2017/18, Aero Media Group Company Limited (“Aero Media”) has secured additional

end of 2017 declining to 5.0% from 5.6% at the end of 2016. On Special Asset Management business, the Bank sold non-performing assets (NPAs) totaling Baht 987 million and had gain of Baht 481 million

loans ratio at the end of 2017 declining to 5.0% from 5.6% at the end of 2016. On Special Asset Management business, the Bank sold non-performing assets (NPAs) totaling Baht 987 million and had gain of

in the period. Management Discussion and Analysis of Business Operation for 1Q/2018 Bangchak Corporation Plc. I 13 3. The number of service stations as of Q1/2018 totals at 1,127 branches with the

. Shareholders’ Equity As at Q3/ 2018 and Year-end 2017, the Group had shareholders’ equity of THB 908.51 million and THB 932.30 million, respectively. The reduction in shareholders’ equity was due to THB 122.64

year. In 2017, the Company achieved a remarkably success in distress debt management business. The Company achieved its record high in cash collection at 1,847 million Baht. Thanks to distress the

. All short-term and long-term loans of the group are in THB currency only, thus; The Company has no exposure in foreign currency borrowings. The consolidated interest-bearing liabilities as at December

. GFPT Public Company Limited Management Discussion and Analysis for the Year 2019 Page 2 of 14 Overall Financial Performance and Profitability Business Segment of GFPT Group 2017 2018 2019 MB % MB % MB

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 August 2019 No. ZEN 2562-021 Subject Management Discussion and Analysis for 2nd