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

ที่บชง Page 1 of 4 Ref. Bor Chor Ngor 0048/2020 26 February 2020 Subject: Management Discussion and Analysis of Operating Results for Fiscal Year 2019 To President The Stock Exchange of Thailand

(Translation) UAC.CS/003/2020 February 27, 2020 Subject: Explanation of the operating results for the year period ended December 31, 2019 To: President The Stock Exchange of Thailand Attachment

1 Ref FN. 026/2019 Management Discussion and Analysis For operation of the first quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

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