% 1.1 Turnkey Total Solutions 0.9 3.2 2.7 (17.1%) 200.5% 2.1 5.9 182.8% 2. Revenue from services 176.5 185.6 183.0 (1.4%) 3.7% 343.4 368.6 7.3% 2.1 Fully Outsourced Contact Center Management Service 125.8

17.8% 1.1 Turnkey Total Solutions 5.1 2.7 2.7 (1.3%) (48.3%) 7.3 8.6 17.8% 2. Revenue from services 174.9 183.0 185.1 1.2% 5.9% 518.3 553.7 6.8% 2.1 Fully Outsourced Contact Center Management Service

71.7% 1.1 Turnkey Total Solutions 2.7 4.7 5.5 16.7% 102.9% 5.9 10.2 71.7% 2. Revenue from services 183.0 172.7 169.3 (2.0%) (7.5%) 368.6 342.0 (7.2%) 2.1 Fully Outsourced Contact Center Management

revenue recognitions. 2. Revenues from project management, in the period of Quarter2/2019, amount of 280.0 million baht, or 8.4% from the total revenues, an increase of 84.8 million baht, or 43.4% compared

management based on the Company's financial statements for the 12 months ended December 31, 2018 NCL Group gained net profit of 3.16 million Baht or 0.26% of revenue from sales and services, increasing 141.53

, total revenue stood at THB 12,189 mn and net profit stood at THB 1,890 mn). However, the Company implemented the cost-effective management as planned to reduce impact to business performance. As a result

, total revenue decreased by 31.8% and net profit decreased by 65% YoY). However, the Company implemented the cost-effective management as planned to reduce impact to business performance. As a result of

challenging in 1Q19. In strategic areas, aggressive price plans and handset campaigns were launched, especially in prepaid, in which AIS was competitive to preserve scale. As a result, mobile revenue grew 1.1

No. B52-202002/001 17 February 2020 Subject: Management Discussion and Analysis - for the year ended 31 December 2019. To: The President of Stock Exchange of Thailand B-52 Capital Public Company

Page 1 Date 25 February 2020 Re: Management Discussion & Analysis for the Year Ended 31 December 20020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY