information 16. Management discussion and analysis Part 3 Information on the offer for sale of securities 1. Details of the securities being offered for sale 2. Transfer restriction of the securities being

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

sustainability development 13 4. Management discussion and analysis (MD&A) 17 5. General information and other material facts 19 Part 2: Corporate Governance 6. Corporate governance policy 21 7. Corporate

Ref. No. IVL 003/02/2019 26 February 2019 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Year 2019 Ended December 31, 2019 Note: This Management Discussion and Analysis (MD&A) was made to

Management Discussion and Analysis For the Annual Operating Results 2017 Ended December 31, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

Management Discussion and Analysis For six-month period ended June 30, 2020 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd., Silom, Bangrak, Bangkok 10500 Thailand Tel: 0

section is intended to be a summary of more detailed discussion contained elsewhere in the registration statement. 2. Provide the disclosure in a separate section titled “Risk Factors” and separate

required, to list the risk factors in the order of their priority to the issuer. The Risk Factors section is intended to be a summary of more detailed discussion contained elsewhere in the registration

) Summary of management’s discussion and analysis: describe only significant items