on Connected Transaction"). The transaction size is equal to 0.66 percent of Net Tangible Asset (NTA) of the Company according to the most recent consolidated financial statements of the Company for

government sector introducing stimulus packages, which would cause demand for fuel consumption in the industrial and transport sector to increase. Moreover, the excess of crude oil supply trends to decrease

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

compared to the year 2016. This is because the stimulus policy from the government in relation to telecommunication industry has given a positive impact towards the Company in being awarded by many new

acquisition or disposal of a property or leasehold right to a property; (2) having a value of one hundred million baht or more, or three percent or more of the net asset value of the mutual fund, whichever is

weaker to previously average level. Amongst uncertain situation in many countries, Thailand’s post-election government was formed in June. That was a positive factor to promote the country’s stability in

or more of the net asset value of the mutual fund, whichever is lower. In this regard, the calculation of the value of the transaction shall include the total value of the transactions executed over a

discount campaign for the Hi-Premium diesel. The latter was to support the government sector’s promotion of environmentally-friendly fuel to dissipate the pollution situation, and at the same time, support

volume of B100 products increased from the previous year with respect to the various measures taken by the government sector to solve the excess crude palm oil dilemma, including policies to promote the

Ref. WINNER 0009/20108 Page 1 of 8 Disclosures on the asset acquisition of Winner Group Enterprise Public Company Limited on share purchase of Aesthetic Zecret (At-Ze) Company Limited (Schedule 1