คำอธิบายและการวิเคราะห์ของฝ่ายจัดการ 28 February 2020 Re: To clarify the financial statements as of 31 December 2019 To: President The Stock Exchange of Thailand As WHA Corporation Public Company

[COMPANY NAME] Ref.: EFORL IR007/2020 March 4, 2020 Subject: Management Discussion and Analysis Yearly Ending 31 December, 2019 To President The Stock Exchange of Thailand 1. Overview financial

adopted Thai Financial Reporting Standards (TFRS) 15, Revenue from Contracts with Customers. The standard affects the accounting of handset campaigns which are contracted with price plans. Prior to 2019

three months from the date on which the Board of Directors of the Company has the resolution. A purpose is to support the Company’s financial liquidity to be sufficient for business operation and to

BUSINESS ADVISORY COMPANY LIMITED KPM SECURITIES COMPANY LIMITED CREDIT SUISSE SECURITIES (THAILAND) COMPANY LIMITED CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK CREVELING & CREVELING FINANCIAL PLANNING

, analyzed and prudently performed our duties as an Independent Financial Advisor, complying with the generally accepted professional standard and rendered our opinion based on the unbiased analysis with

value appraised by the financial advisor (KT ZMICO Securities Company Limited) and asset appraiser (Prospec Appraisal Co., Ltd.) , and fix the base price for sale of land and constructions at the value

revenues. (2) EBIT, EBIT margins, EBITDA, EBITDA margins are not standard measures, nor measurements of financial performance or liquidity, under TFRS, and should not be considered alternatives to net profit

reference. FORM 56-1 Annual Registration Statement For the financial year ending DATE MONTH YEAR Company: ............................................................................................... Note

, Clause 37, Clause 38, Clause 43(3), and Clause 44 of the Notification of the Capital Market Supervisory Board No. Tor Thor. 35/2556 Re: Standard Conduct of Business, Management Arrangement, Operating