, professional fees in relation to M&A activity, sales & marketing expenses for the launch of new residential projects, write-off/impairment of asset, one-time income/expense, etc. Page 3 of 7 Management

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

a large amount of cumulative loss in the past 3 years with the current ratio of only 0.12, which is a result of the large amount of current liabilities being due in one year, but also is at high

74,000 Million Capital Increase and Progress on Tender Offer to Delist GLOW Note: 1. Adjusted Net Income is the net profit attribute to the company that excludes the fair value of intangible asset from the

statement TOTAL ASSET 1,118.83 1,172.62 (53.79 ) (4.59%) TOTAL LIABILITIES 744.94 718.09 26.85 3.74% TOTAL SHAREHOLDER EQUITY 373.90 458.08 (84.18 ) (18.38%) As at September 30, 2019, company and subsidiaries

Rental and mpany incu baht more th Income for nt Discussion a nagement D sident Stock Exch Asset Publ ust 2017, th e second q ditor can be erformance wer than the d at 3.20 pe t profit of 2. ults the com

financial status : Financial Statement Year 2015 Year 2016 As at Quarter3 of 2017 (Unit: Thousand Baht) Total asset 435,825 476,255 383,372 Total liabilities 240,872 268,495 188,538 Equity 194,953 207,760

NTA of the Company). The transaction is more than 1 million baht but less than 20 million baht, or the transaction is more than 0.03% but less than 3% of Net Tangible Asset (NTA) whichever is higher. As

ASB will be USD1 per share after payout dividend) - The new shareholder structure will be changed as follow; Shareholders Current Proposed Capital Injection After Injection No. of Shares Amount (USD

March 31, 2018 is as follows: Unit : million baht Statement of financial Mar 31, 2018 Dec 31, 2017 Add (Reduce) Percentage Asset 1,183.56 1,103.82 79.74 7.22 Liabilities 281.62 204.06 77.57 38.01