. The company had increased distribution costs of Baht 85.43 million or 64.67% due to the company changing the sales management structure with distributor. The company is responsible for marketing and

with power in whole or in part in the management of the company 5. changing in credit rating of the issuer’s debt securities 6. expanding the amount of debt securities to be offered under the MTN Program

1 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Management Discussion and Analysis 2019 2 March 2020 KEY EVENT IN 2019 In 2019, UWC announced a corporate restructuring, which featured in changing in many

changing in many key management positions and business strategies in order to enhance efficiency and growth. Under new structure, UWC shifted the focus from less competent business such as renewable energy

new loan for business expansion to generate new revenue stream. CPN continues to exercise effective cost management and according to the changing business environment. Central Pattana Public Company

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

CONTENTS Page I. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS .......................... 5 II. DESCRIPTION OF MTN Program

exercise effective cost management and according to the changing business environment. Central Pattana Public Company Limited Management’s Discussion and Analysis (MD&A) Page 11 of 18 Weighted average

management company should coordinate and prepare to deliver the information to the new management company/the mutual fund supervisor at least within 15 days before the date of changing of the management

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction