Management Discussion and Analysis 1 Ref: AC.017/2020 18 May 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange

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handset discounts and prepaid- to-postpaid migration, while prepaid segment acquired a net addition of 360k following an uptake in segmented SIMs and improving churn management. Fixed broadband subscribers

still in higher level than anticipated by the management. Other income and fixed cost Financial performance of solar energy for the three-month period (Unit : Million Baht) Quarter 2, 2017 Quarter 1, 2017

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ended March 31, 2018 In the first quarter of 2018, Thai economic growth gained

implemented cost management program to reduce fixed expense items such as salary and benefits, professional fee and office rental. Finance Costs Finance costs consist of lease payments under the sub-lease

Securities and Exchange Commission No. Sor Nor. 87/2558 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Funds, and

Unit trust Fixed income Operator %total UT  Invesco BlackRock JPMorgan Asset Management Allianz Wellington Management 13% 10% 9% 6% 5% Total 43% 97% 2% Gov. Bond 1% Deposit FI Debt instrument Issuer