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

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2020 The Thai economy in the first quarter of 2020 sank into a

-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

Charge for additional Utilities demand and Service Fees for Wastewater Management. 3 Gross Profit from Operation excludes Other Income from Utilities Business. 4 Other Incomes mainly consists of Interest

% Dividend and Management income 71.3 102.4 31.1 43.6% 242.5 260.0 17.5 7.2% Others 264.9 109.7 (155.3) (58.6%) 381.7 261.3 (120.4) (31.5%) Total other income 336.2 212.0 (124.2) (36.9%) 624.2 521.3 (102.9