E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending September 30, 2019 Thai economic activity in the third quarter of 2019

and according to target. In 3Q19, growth in the Thai economy decelerated primarily driven by a decline in export growth from world-trade sluggish effecting from Trade War. However, the Thai economy is

of Corporate Governance The Thai Institute of Directors Association (IOD) disclosed the result of 2019 corporate governance evaluation of Thai listed companies. LH Financial Group Public Company

UNOFFICIAL TRANSLATION Codified up to No. 12 As of 14 February 2017 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two languages, the Thai version shall prevail

" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two

properties and cost management In 1Q18, the Thai economy continues to expand, primarily driven by a number of supporting factors, namely 1) growth in exports with a record high in March 2018. 2) Growth in the

solutions. AIS expects service revenue and EBITDA in 2021 to grow low-single digit while CAPEX for 5G/4G network and FBB budgeted Bt25-30bn. Significant Event in FY20 1. In 1Q20, AIS adopted Thai Financial

(Discounted Cash Flow) The estimates are subject to assumptions, which are summarized below. - Revenue recognition starting from the opportunity to be selected into the procurement contract The income that can

the procurement contract The income that can be used for discounting can be classified as follows: Project type contract budget (Million baht Opportunities1/ (Persent) Start recognizing revenue The