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Translation CEN 001-2020 March 2, 2020 Subject Management Discussion and Analysis for business operation of year 2019 To The Manager and President The Stock Exchange of Thailand Business operation as

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High- speed network telecommunications service project ( Broadband) in the area of the 80th Anniversary Chalermprakiat Government Complex of National Telecom Public Company Limited, the Equipment

comparison is made based on the 2016 consolidated financial statement, the actual result will depend on business operation, management and future investment plan. 3.1 Sale of investments in Nation U Co., Ltd