Management Discussion and Analysis For the fourth quarter and year ended December 31, 2019 Bangkok Commercial Asset Management Public Company Limited 99 Surasak Rd, Silom, Bangrak, Bangkok 10500

is because of the revision of interest revenue recognition according to TFRIC 12. • Shares of profit from Thai Solar Renewable Company Limited (TSR) increased by Baht 4 million from Q1/2018 due to

recognition of long term loans from the related parties, in another word, the sub-lease agreement from SPF. The revised policy stipulated that the Company has to provide estimated fixed rental costs and

Company had revised its accounting policy regarding the recognition of long term loans from the related parties, in another word, the sub-lease agreement from SPF. The revised policy stipulated that the

Company had revised its accounting policy regarding the recognition of long term loans from the related parties, in another word, the sub-lease agreement from SPF. The revised policy stipulated that the

Chinese companies. On the other hand, to monetize our largest mobile customer access, AIS has established an insurance broker company to be a point of online insurance sale and utilized Rabbit LINE Pay as a

continued to have presence as strong brands in the market. Implemented company-wide cost optimization With low growth market, AIS has been focusing on optimizing and digitizing the core operation including

2,839.1 67.0 Total Operating Expenses 6,532.6 3,887.7 2,644.9 68.0 Profit (Loss) 392.1 236.8 155.3 65.6 For the Company’s performance in 2019, the Company had achieved the highest total revenue since the

of the revision of revenue recognition according to TFRIC 12. • Shares of profit from Thai Solar Renewable Company Limited (TSR) increased by Baht 9 million from Q4/2017 due to higher sunlight

among CCPH’s existing customers as well KPPH’s customers. In additional, the Company can be benefit by continuing gaining the brand recognition. 12 8. Source of Funding The Company’s subsidiary, CCPH