addition, the economic slowdown in 2019 created a price war competition in this industry. For this quarter, the outbreak of COVID-19 since middle of March 2020 caused a direct impact toward customers

market recorded marginally lower oil sales compared to the previous year due to the intense competition brewing within the industrial market, and stock management within the refinery during the

quarter. C Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant

intensified competition, and the refinery’s TAM which resulted in the lower volume of finished oil produced. On the other hand, retail market which is the company’s main distribution channel recorded sales

Global and Thai Economy in the Third Quarter of 2019 1 1.2 Banking Industry and Competition 2 1.3 Significant Regulations and Rules related to Business Operations 2 2. Risk Management and Risk Factors 5

year. This is due to the lower sales than in the same quarter of the previous year, affected by the higher intensive competition in stainless steel pipes aluminum and copper in the market and resulting

2- and 3-Carrier Aggregation (CA) technology. During the quarter, the competition focused on acquiring/maintaining quality customers in postpaid segment through handset campaigns and pricing strategy

4G network and value-for-money price plans continued to be localized in some key cities. On fixed broadband, competition remained intense in pricing and acquisition whereby the incumbents continued to

the year. Foreign purchasing power was greatly contracted by the impact of trade war affecting the sales volume while the falling price of raw materials in global market and intensive competition among

Philippines law, the newly issued shares will be offered to the existing shareholders in proportion to their rights. However, the Company will waive its right to subscribe CCPH's rights issue for the