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

(130.08) (100.22) 30.86 30.79% 5 Finance costs (14.29) (9.86) 4.43 44.93% 6 Share of profit (loss) of associates - (20.68) (20.68) (100.00%) Profit before income tax 43.35 28.22 15.13 53.61% Income tax

by Coronavirus disease (COVID-19). 4. Financial position Statement of Financial Position – Consolidated (Million Baht) As at Increase (Decrease) % March 31, 2020 December 31, 2019 Asset 839.33 772.52

Acquisition of Asset of Padaeng Industry Public Company Limited Reference is made to the resolution of the Board of Directors’ Meeting No. 04-2017 of Padaeng Industry Public Company Limited (the “Company”) held

clarifies the performance as follows: During the first quarter of 2020, the Company had the total revenue and share of profit and net profit of THB 1,277.8 mm and THB 99.3 mm, respectively. If excluding FX

PUBLIC COMPANY LIMITED ASIASOFT CORPORATION PUBLIC COMPANY LIMITED ASN BROKER PUBLIC COMPANY LIMITED ASSET FIVE GROUP PUBLIC COMPANY LIMITED ASSET WISE PUBLIC COMPANY LIMITED ASSET WORLD CORP PUBLIC

and above under the ASEAN Asset Class PLCs category. The company is one of the Thai listed companies among 135 firms in ASEAN countries winning this award. It is sponsored by the ASEAN Capital Market

share, increasing from 55.1 baht per share as of February 28, 2017. Debt to Equity ratio as of August 31, 2017 remained constant at 4.3 times. Return on Equity and Return on Asset for six month period are

(collectively, the “Asset Acquisition and Disposal Rules”). The Transaction is considered Type 2 transaction pursuant to the Asset Acquisition and Disposal Rules. Therefore, the Company is required to disclose

Share Acquisition”). After the acquisition, the percentage shareholding of VGM in PBSB shall increase from 25 percent to 65 percent of PBSB’s total share. VGM expects the PBSB Share Acquisition to be