fundamentals which should be included in individual CRA codes of conduct, and the elements contained in the IOSCO CRA Code should receive the full support of CRA management and be backed by thorough compliance

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For the first quarter ended March 31st, 2019 Management Discussion and Analysis of Business Operation for Q1/2019

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 10 August 2020 No. ZEN 2563-016 Subject Management Discussion and Analysis for the

handset bundling and pre- to-post migration. Prepaid segment grew robustly, adding 888k underpinned by strong acquisition and government stimulus campaigns as well as improving churn management. Although

-Translation- Ref. WINNER 006/2020 February 27, 2020 Subject: Management Discussion and Analysis (MD & A) for the year 2019 To: The President The Stock Exchange of Thailand 1. Analysis of Overall

, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from Operation excludes Other Revenue

in the businesses of service provider and human resources management for all companies in PTT’s Group. (Translation) - Sarn Palung Social Enterprise Co., Ltd. (SPSE), a company established to support

Operating Profit 10,879 9,202 10,063 -7.5% 9.3% 10,024 (39) Depreciation & amortization 8,079 8,919 8,847 10% -0.8% 8,847 - (Gain) loss on disposals of PPE - (20) 29 NA -245% 29 - Management benefit expense

% Depreciation & amortization 8,325 8,847 9,052 8.7% 2.3% 16,404 17,899 9.1% (Gain) loss on disposals of PPE 10 29 15 43% -48% 10 43 318% Management benefit expense (56) (35) (47) -16% 34% (104) (82) -21% Other

consists of Raw Water Sales, Industrial Water Sales, and Wastewater Treatment Services. 2 Other Utilities Revenue consists of Excessive Charge, Service Fees for Wastewater Management 3 Gross Profit from