Bangkok Commercial Asset Management Public Company Limited Page 1 13 December 2019 Subject Management Discussion and Analysis for nine-month period ended 30 September 2019 To The President The Stock
of December 31, 2018 are summarized as below: Assets As of March 31, 2018, the Company and its subsidiaries had a total asset by 680.8 MB which decreased from December 31, 2018 by 21.8 MB as a result
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110 per share, totaling of Baht 9.90 million from the shareholders of Trans.Ad (the “Sellers”) who are not the related persons of the Company (the “Transaction”). This Transaction is considered as an
new ordinary shares with a par value of Baht 100.00 per share, at a price of Baht 649.88 per share, totaling Baht 150.00 million. It will be implemented simultaneously with the acquisition of HECH's
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