Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 4th quarter and year ended December 31th, 2019 2 Management Discussion and Analysis of Business Operation for

in the same direction and agree to jointly manage a business, which is considered to be acting in concert as a result of the nature of a relationship or behaviour according to Clause 2 (1) of the

from Utilities Business consists of Excessive Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities

Differentiate Million THB % Million THB % Million THB % Revenues Revenues from sales of real estate 3,000.4 86.9 1,952.5 81.1 (1,047.9) (34.9) Revenues from project management 142.7 4.1 168.9 7.0 26.2 18.4 Gain

THB % Million THB % Revenues Revenues from sales of real estate 2,825.8 84.7 3,088.5 93.8 262.7 9.3 Revenues from project management 280.0 8.4 127.9 3.9 (152.1) (54.3) Dividend income 0.3 0.0 - - (0.3

service expenses, financial costs and other expenses. Land and Houses Fund Management Company Limited Land and Houses Fund Management Company Limited run a business to manage mutual fund, property fund

. The details are as follows: Name of the Company: Dolsiri Development Co., Ltd. Objective: To develop, rent out and manage real estate projects Registered Capital: 1,000,000 THB (One Million Baht Only

1 Ref. FN. 011/2019 Management Discussion and Analysis For operation of the year 2018 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet business, featuring

ZIGA INNOVATION PUBLIC COMPANY LIMITED 999/9,10,11 MOO 9 NAIKLONGBANGPLAKOD, PHASAMUDJADEE, SAMUDPRAKARN 10290 Tel. 02-816-9315 Fax. 02-816-9315 #444 NO. ZIGA 009/2021 5 May 2021 Subject: Management

Houses Fund Management Company Limited Land and Houses Fund Management Company Limited runs a business to manage mutual fund, property fund, real estate investment trust, provident fund and private fund. 3