26 February 2020 At: ACC/HO 003/63 Re: Management Discussion and Analysis for the year ended 31 December 2019 To: President The Stock Exchange of Thailand Thailand’s economy grew more slowly than

production capacity of Phase 1 and 2 was expanded, which led to solid revenue growth and profitability. We experienced a number of challenging factors that occurred at the same time, such as production of new

Covid-19 pandemic, which severely affected purchasing power and demand globally. Tourism sector faced a catastrophe, started heavily in March, after most of the countries announced travel restrictions

, leading to higher supplies in the region.  Gasoil/Dubai crack spread (GO/DB) in Q2/2017 was averaged at 11.34 USD/BBL, increased by 0.81 USD/BBL, compared to Q2/2016, with respect to a rise in demand from

continuous consumption of private sector mainly covering with supportive factor from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same

sales and increased in number of registered vehicles for investment purposes. Exports during the first quarter of 2019 contracted 1.6% from the same period last year as a result of declining global demand

over the next few months as we progress into more advanced stages of our projects. We continue to see good pipeline in domestic demand in Thailand for both HR and ERP projects. Other Income Other income

third quarter of 2019) Thai economy was expected to expand at a slower pace than previous expected at 2.8 and 3.3 percent in 2019 and 2020, respectively, due to both external and domestic demand

demand faced contraction in the same direction as private consumption on durable goods and services significantly contracted because people avoided going outside. Other fators include the suspension of a

year while demand for mobile data nearly doubled YoY to 6.7GB/data sub/month from video streaming and increased 4G handset penetration (46%). To compete for quality subscribers who bring growth in data