Management Discussion and Analysis For the Annual Operating Results 2018 Ended December 31, 2018 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending March 31, 2019 In the first quarter of 2019, the Thai economy continued to

campaigns. • Admin and others were Bt4,086mn increasing 25% YoY mainly from higher staff cost and one-time of reverse of handset provision in 1Q17. QoQ, admin and others increased 2.6% from higher staff cost

- ร่าง - 1 Feb 12, 2019 Subject Management Discussion and Analysis for the periods of three months and nine months ended 31st December 2018 To President of the Stock Exchange of Thailand Secretary of

provision (284) (584) (525) 85% -10% Depreciation (96) (111) (110) 15% -0.9% Operating profit 9,436 8,279 10,327 9.4% 25% Net foreign exchange gain (loss) 25 6 150 496% 2395% Other income (expense) 117 114

- ร่าง - 1 Nov 7, 2017 Subject Management Discussion and Analysis for the period of three months and the period of 1st half ended 30th September 2017 To President of the Stock Exchange of Thailand

) (3,303) 0.8% -0.5% (11,812) (12,424) 5.2% Bad debt provision (584) (551) (558) -4.5% 1.3% (1,538) (2,199) 43% Depreciation (111) (120) (121) 8.8% 0.5% (414) (464) 12% Operating profit 8,279 9,900 10,315 25

- ร่าง - 1 Feb 13, 2018 Subject Management Discussion and Analysis for the period of three months and the period of nine months ended 31st December 2017 To President of the Stock Exchange of Thailand

) (CNES and other subcontractors under facilitation of CNES) is below THB 50 Million, the Management is seeking Board of Directors approval for the project as the total aggregate amount of the project is

Management, a spare gear of similar specification was identified and procured from a foreign Company, which resulted in saving of 12 months of impaired operations. Similarly, actions were also underway for