Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the 2nd quarter ended June 30th, 2019 Management Discussion and Analysis of Business Operation for Q2/2019

. “Institutional investor” means: (1) Commercial Banks; (2) Financial companies; (3) Securities companies which purchase investment units for proprietary trading, managing for private funds, or for management of

Banks; (2) Financial companies; (3) Securities companies which purchase investment units for proprietary trading, managing for private funds, or for management of investment schemes established under the

business and management business increased 30.89% and 14.04% respectively from the same period of the previous year. It derived from the expansion of rental business at Lumpini Township Rangsit - Klong 1

SAAM Energy Development Public Company Limited - 1 - 21 February 2020 Subject: Management Discussion and Analysis for the year ended 31 December 2019 To: The President The Stock Exchange of Thailand

, inventory and cash on hand, upon the consolidation of TigerSoft. Cash surplus increased by 48.13mb or 43.2% due to cash flow generated from operations and good working capital management. (b) Total

period of 2016 decreased by Baht 0.09 million or a 1.43 percent decrease compared to the three-month period of 2015 due to the decrease of revenue from utilities, revenue from management fees and actuarial

the same range as at the end of the last year, which is mainly resulted from: 1. A increase of cash and cash equivalents in the amount of THB 70 million, which is caused by the better management of the

Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 28 February 2019 No. ZEN 2562-010 Subject Management Discussion and Analysis for

. 1 Tambon Tarsit, Amohoe Pluag-daeng, Rayong (Translation) 1 KWM 007/2562 May 14th, 2019 Subject : Management Discussion and Analysis the three month-period ended March 31, 2019 To : President The