Microsoft Word - ACE MDA Q420 - ENG Final 1 No. ACE-ACC-1/2021 25 February 2021 Subject Management Discussion and Analysis for the year ended 31 December 2020 To President The Stock Exchange of

E_1 Legal_FA_2015_12_29-c A CorpL4.1hig A Executive Summary of Management Discussion and Analysis 1 For the Year Ending December 31, 2019 Thai economy in 2019 showed decelerating growth at 2.4

1 --Translation-- Sor Gor 7/2018 January 19, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Unaudited) To: The President The Stock Exchange of Thailand

1 --Translation-- Sor Gor 11/2018 February 22, 2018 Subject: Management Discussion and Analysis for the year ended December 31, 2017 (Audited) To: The President The Stock Exchange of Thailand

seat, and will appoint executives to hold key managerial positions, including the Chief Executive Officer of the Company. The said Allocation and Offering of the Newly Issued Ordinary Shares of the

Asset Management (Europe) S.à r.l. ซ่ึงเป็น กองทุนท่ีอยู่ภายใต้การก ากับดูแลของ Commission de Surveillance du Secteur Financier (CSSF) ภายใต้กฎหมายท่ีเกี่ยวข้องของประเทศลักเซมเบิร์ก (Luxembourg) ซ่ึงเป็น

income and other income 53.24 100.00 188.89 100.00 Costs 20.59 38.67 114.29 60.51 Administrative expenses, impairment finance costs and share of loss from associates 108.96 204.66 50.22 26.58 Management

is merely accounting impact, not related to cashflow from operation. Other Income Q1 2018 Q1 2019 Increase/(Decrease) THB mm THB mm THB mm % Dividend and Management income 48.1 68.7 20.6 42.9% Others

= Translation = Management Discussion and Analysis for Interim Business Operations The Information of Share Capital Registration and Entire Business Transfer The Company registered the change of

of network capacity and coverage. This shall result in saving of investment to expand capacity and the enhancement of overall efficiency of network management as well as customer experience. AIS