Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

Microsoft Word - 2005-014EN Management Discussion and Analysis for the Q1 2020 (Ending Mar 31, 2020) Ref. No. 2005/014EN May 13, 2020 Subject Management Discussion and Analysis for the Q1/2020

same time, banks offered help to customers who had suffered from the slow economic recovery while taking care of loan quality and cost management. Government rules and regulations caused commercial banks

(“7UP”)held on April 5, 2019, approved the acquisition of ordinary shares of Universal Waste Management Company Limited(“UWM” or the “Target”), formerly named Asia Recycle Holding Company Limited, by

have a high volume of growth of industrial waste by utilizing appropriate waste management systems that comply with government rules and regulations. As a result, the Company foresees an opportunity to

cancellation of the Convertible Debentures, including contact and filing of the documents and/or any other actions with the SEC Office, the SET, government agencies and/or other relevant authorities in

during the end of 2017 due to the Government Procurement and Supplies Management Act B.E. 2560 that is more stringent and resulted in government agencies becoming more cautious in spending. For domestic

2017 due to the Government Procurement and Supplies Management Act B.E. 2560 that is more stringent and resulted in government agencies becoming more cautious in spending. For domestic sectors

the more effective management its loans portfolio and government investment incentives make it possible to save more on tax expense. 2. Analysis of Financial Status – in 2017 and 2016 Assets Financial

Securities and Exchange Commission No. Sor Nor. 87/2558 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Funds, and