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

authorized management person of a financial institution who involved in the cause of damages or was jointly responsible for the damages to the financial institution of which license was revoked, or business

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

any provision of the Law on Securities and Exchange or this Notification; (2) the offering of securities may be in contrast with the public policy or the national policy; (3) the offering of securities

business growth, while flat 0.3% QoQ from higher SG&A in line with growing top line. EBITDA margin was at 53%, improving YoY from continual focus in profitable revenue, effective cost management, and

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