Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 2nd quarter ended June 30th, 2018 Management Discussion and Analysis of Business Operation

12.30 million barrels per day. Management Discussion and Analysis of Business Operation for Q3/2019 Bangchak Corporation Plc. I 9 Crack Spreads Situation (Unit: USD/BBL) Crack Spreads Q3/2019 Q2/2019 QoQ

the Management Discussion and Analysis (MD&A) as attached herewith. Please be informed accordingly. Yours faithfully, For and on behalf of Diamond Building Products Public Company Limited (Mr. Satid

growth. In 2019, the real estate sector was beginning to face a slowdown as a result of various negative factors, particularly the Bank of Thailand’s Loan to Value (LTV) measure. The situation is worrisome

Management Discussion & Analysis of Business Operation Bangchak Corporation Public Company Limited For the 3rd quarter ended September 30th, 2018 Management Discussion and Analysis of Business

MD&A Q2Y2018 (E) -14.8.61(6.25PM) Ratchabur i Electr icity Generating Holding PCL Management Discussion and Analysis For the Three-month and Six-month Per iods Ended 30 June, 2018 Management

Management Discussion and Analysis For the Annual Operating Results 2018 Ended December 31, 2018 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 24 February 2020 No. ZEN 2563-003 Subject Management Discussion and Analysis for

of one of 8 SPPs resulted in the decrease of Normalized Share of Profit by Baht 11.4 million when comparing to 2Q2019. For Utilities business in Thailand, it was impacted mainly by drought situation

handset bundling and pre- to-post migration. Prepaid segment grew robustly, adding 888k underpinned by strong acquisition and government stimulus campaigns as well as improving churn management. Although