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

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

. Assets 5. Legal disputes 6. General information and other material facts Part 2: Management and Corporate Governance 7. Securities and shareholders 8. Organizational structure 9. Corporate governance 10

E_1 Legal_FA_2015_12_29-c A WCorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2018 In 2018, the overall Thai economy maintained its growth due

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to

” means a person authorized by a company’s board of directors to assume the highest responsibility in the company’s management, regardless of his or her title; (3) “ institutional investor ” means an

” means a person authorized by a company’s board of directors to assume the highest responsibility in the company’s management, regardless of his or her title; (3) “institutional investor” means an

” means a person authorized by a company’s board of directors to assume the highest responsibility in the company’s management, regardless of his or her title; (3) “institutional investor” means an

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5