Page 1 No. CMC Sor Lor.012/2019 August 13, 2019 Re: Management Discussion & Analysis for the Period Ended 30 June 2019 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN

downturn and normally performs ahead of the general GDP trend. As uncertainties lie ahead, the management focuses on mobilizing operational responses to protect revenue while managing cost to ensure

include pipeline transport, waste management, ICT infrastructure and projects with various kinds of infrastructure assets.Under the SEC strategic plan, the SEC aims the Thai capital market to become the GMS

include pipeline transport, waste management, ICT infrastructure and projects with various kinds of infrastructure assets. Under the SEC strategic plan, the SEC aims the Thai capital market to become the

> ผู้ประกอบธุรกิจต้องดำเนินธุรกิจโดยใช้ความรู้ ความสามารถ และความชำนาญด้วยความเอาใจใส่และระมัดระวัง (3)  การบริหารจัดการและการควบคุม (management and

transaction value is equal to 7.78 percent, calculated based on the Total Value of Consideration Paid or Received. Since the total highest transaction value is less than 15 percent, therefore, the Management

Bt12,822mn, while 5G network continued rolling out, it decreased -1.8% YoY due fully depreciated asset in some part of 3G network equipment and remain flat QoQ. Revenue from interconnection charge (IC) and NT

, Ratchadapisek Road, Klongtoey Subdistrict, Klongtoey District, Bangkok, 10110 Tel. 0 2204 2601 Fax. 0 2204 2616 Company’s Performance (unit: THB million) 2019 Percentage 2018 Percentage Management benefit

per the Company had informed such information to the Stock Exchange of Thailand on March 27, 2018. (5) Details of the Disposed Assets The Disposed Asset are located in the vicinity of Tambon Pa Rai

reserves and financial investments were THB 8.7 billion at 31st December 2019 similar to THB 8.7 billion at 31st December 2018 . reviewQ419.xlsx MD&A 2019 24/02/2020 Asset Quality Accounts Receivable Most of