Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the year ended December 31st, 2018 Management Discussion and Analysis of Business Operation for

Inoue Rubber (Thailand) Public Company Limited (the “Company”) would like to clarify its operation results for the quarter 3/2017 (ended 30 June, 2017) of the Company and its subsidiaries, as follows; In

due to the R&D and sales force invested for new products development enhancement and 7.6% lower compare to last quarter due to Q2’19 have high R&D outsource service in Europe Operating profit in Q3-19

other receivables, about 90% of total net trade and other receivables, were under current due. Unit : Million Baht 30 Sep 2020 31 Dec 2019 % Change Cash and cash equivalents 12,363 12,394 (0.2) Trade and

Korea - Vietnam - Thailand 2) Charter service for voyage charter and time charter 3) Ship management 4) Stevedoring 5) Ship repair and ship maintenance 6) Sale and purchase of ships 7) Agency. Top 10

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

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

reason for changing in assets due to cash and cash equivalents decreased by Baht 757.8 million, trade and other receivables increased by Baht 358.7 million and receivables under finance lease decreased by

Securities and Exchange Commission, with Fast And Fair Valuation Co.,Ltd., who is the appraiser, using market approach for the appraisal. 2 The change is the result of the Thai Accounting Standard No. 16

Dusit Thani PLC Management Discussion and Analysis For 2Q20 and 6M20 P a g e | 1 Executive Summary The COVID-19 pandemic has severely hit Thai and global economy, especially the tourism and