-9320 1 Ref: PCL 2020/018 November 14, 2020 Subject: Management Discussion and Analysis for the 9-month period ended 30 September 2020 To: The President of the Stock Exchange of Thailand Panjawattana

Microsoft Word - MD&A-3Q2019-E FA V25Oct2019.docx 1 Ref: CSO. 026/2019 Date: 5th November 2019 Subject: Management Discussion and Analysis Quarter 3 Ending 30th September 2019 Attention: President

global economy grew at a decelerating rate in 2019 amid uncertainty surrounding the US- China trade rift and concerns about Brexit which lingered throughout the year. The World Economic Outlook of the

every finished product and crude oil price crack spreads, with supporting factors ranging from the maintenance of various refineries in North Asia, as well as concerns over supplies tightening after the

continuous decline in global HRC prices and concerns about the growing spread of global epidemic of COVID 2019 towards the end of 1st quarter of 2020. This also resulted in slowing orders from customers due to

-in sales from the pandemic control measures in endemic areas and consumers’ concerns over the situation. However, this was a relatively mild decline due to the company launching promotions to drive

Goodwill is the amount recorded from company valuation/appraisal from the purchase price allocation of ICE, (which completed restructuring on March 27, 2019). We have no concerns for the impairment of

a whole shall be consolidated under CCPH’s account as a whole in aiming to waive unnecessary tax concerns in Philippines as per inquiry from the Philippines authorities. 2. The Board of Directors

, causing the consumer purchasing power to decrease, together with the concerns of users about future inflation. As a result, users were more cautious in their spending. The gross profit from digital content

inflationary situation of the country's economy, causing the consumer purchasing power to decrease, together with the concerns of users about future inflation. As a result, users were more cautious in their