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

Nation U Co., Ltd., the subsidiary of the Company, and change in the accounting policy regarding the record of the land valuation To: Director and Manager The Stock Exchange of Thailand (SET) Attachment

capital market as well as the decline in the price of the global oil market and the recession in the United States, the overall Thai economy was affected. Agricultural prices dropped sharply; causing

Amount and Term of Bond Issuance, and Determination of Date of the Extraordinary General Meeting of Shareholders No.1/2018 (Revised No.3) To: The President of the Stock Exchange of Thailand Enclosure: 1

received the Top Innovative Organization Award 2018, which was arranged by National Innovation Agency (Public Organization), The Stock Exchange of Thailand (SET), Market for Alternative Investment (MAI) and

Agreement which is a Connected Transaction, Appointment of the Independent Financial Advisor and Calling the Extraordinary General Meeting of Shareholders No. 2/2019 To The President The Stock Exchange of

Ref. No. IVL 002/11/2018 Nov 8, 2018 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of Indorama

benefited from TTTBB enterprise revenue consolidation. Market and Competitive Environment In FY23, the Thai economy sustained modest growth, driven by private consumption and the recovering tourism sector

entitled for subscription of new ordinary shares (Record Date) and Subscription period To: The President of the Stock Exchange of Thailand Enclosure: 1. No. For. 19/2018 Capital Increase, Waiver from

Thai economy in the third quarter of 2018 had a positive trend in line with the expansion of world economy. The continuous growth from export sector and the implementation of advanced technology in