Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

(Enclosure 4) 1 (-Translation-) Information Memorandum on the Connected Transaction and Asset Acquisition of Master Ad Public Company Limited pursuant to Schedule 2 of the Notification of the Board

Company Limited - Translation - Ref: IR61/007 26 February 2018 Re: Management Discussion and Analysis for Yearly Ending 2016 To: President The Stock Exchange of Thailand Pursuant to Jaymart Public Company

share (Baht) 0.03 0.06 (0.03) * According to the adoption of Thai Financial Reporting Standard No.9 Financial Instruments since January 1, 2020, the Company reclassified loan from financial institution

8 บริษัท จี สตีล จ ำกัด (มหำชน) G Steel Public Company Limited Management Discussion and Analysis Quarter 1 Ending 31 March 2019 G Steel Public Company Limited Page 1/12 Management Discussion and

SAAM Energy Development Public Company Limited - 1 - 10 May 2019 Subject: Management Discussion and Analysis for the period ended 31 March 2019 To: The President The Stock Exchange of Thailand SAAM

SAAM Energy Development Public Company Limited - 1 - 9 August 2019 Subject: Management Discussion and Analysis for the period ended 30 June 2019 To: The President The Stock Exchange of Thailand SAAM

Stock Exchange of Thailand Filter Vision Public Company Limited and its subsidiaries (Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for the Year 2017 with the

disposal of the investments in NU would use to reduce the debt burden of the Company, as the Company has the debt with the financial institution and short-term loan of Baht 1,647.82 million, and also the

granted by a financial institution. 11. Opinion of the Board of Directors The Board of Directors has viewed that the Advertising Media Renovation Transaction would benefit the Company in terms of providing