-1- AIT (VP-SEC) 003E/2024 15 February 2024 Subject: Management's Discussion and Analysis of Operating Results for the year 2023 and Q4-2023 To: The President of the Stock Exchange of Thailand

investor on a private placement basis and has a strong financial status. Therefore, this capital increase will help to support the Company’s financial liquidity, capital structure, potential for generating

asset disposal transaction is not the main business of the Company; thus, it does not have any impact on the operation of the Company. Furthermore, this asset disposal will help reduce debt burden of the

expected costs of service during the term of the Marketing Support Service Agreement and is in accordance with arm’s length price of the agreements of a similar nature. In addition, the service fee will help

10,000,000 (Ten Million Baht), which shall be payable on the due date after the anniversary of the closing date of the transaction. In this regard, the aforementioned payment method will help to well mitigate

short and long term and will help the subsidiary to be a full leader in the water business as well as being the main strategy for expanding the water treatment market. In the past, the company has

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

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

discussion and analysis Certification of Information Attachments: Attachment 1: Details of directors, executives, controlling persons and company secretary Attachment 2: Details of directors of subsidiaries

1 ASIA’S BOUTIQUE AIRLINE Management’s Discussion and Analysis For the period ended 30 September 2019 Bangkok Airways Public Company Limited and Its Subsidiaries 2 ASIA’S BOUTIQUE AIRLINE Bangkok