securities, the Notification of the Capital Market Supervisory Board regarding establishment and management of collective investment schemes and Sections 59 of the Trust for Transactions in Capital Market Act

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Consolidated Financial Results: Q4’19 and FY2019 26 February 2020 FY2019 Management Discussion & Analysis Page 1/6 Financial

enterprise market in the medium term. Cost management has resulted in profitability improvement. Excluding payment to TOT, cash cost of service and SG&A continued to be stabilized, -4.8% YoY and +2.2% QoQ, due

management companies, investment unit brokerage companies; directors of the Thai BMA; directors of inter-dealer brokers (IDB); 2. Fund managers, derivatives fund managers, property fund managers

position of manager or equivalent in accounting or finance departments; “controlling person” means a shareholder or any other person who by behavior has an influence over policy making, management or

shares which the Company will allocate to accommodate the investment in the ordinary shares of KPN Academy to the Existing Shareholders may change, depending upon the market price of the ordinary shares of

Ref. No. IVL 004/02/2020 26 February 2020 The President The Stock Exchange of Thailand Subject: Submission of Annual Audited Financial Statements and the Management Discussion and Analysis of

appraised price, the characteristic of benefit procurement, for instance, the structure of rental income, including the significant condition of the benefit procurement agreement or the real estate management

under the law governing securities and exchange but excluding a securities company licensed to undertake securities business in the category of mutual fund management; (c) other financial institution

Microsoft Word - MD฿A ประจำปี 2560_E 1 -1- Management Discussion and Analysis for the Year 2017 1. Operating Results (Company and Subsidiaries) Consolidated revenue for the twelve months of year 2017