Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

Page 2 Management Discussion and Analysis 1. Significant events in the second Quarter of 2019 1.1 The progress in construction projects - Xayaburi Project, a project of the Xayaburi Power Company Limited

restriction measures limiting business activities while government offered some subsidies that partially supported consumer purchasing power. Restrictions were gradually relieved beginning September including

low price offerings remained in the market to address weak spending power. Enterprise non- mobile business grew 6% YoY. Demand for enterprise data service (EDS) started to recover after having been

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

power was limited following rising energy price and inflation. The increased cost of living put pressure on consumers to spend wisely and reduced costs where required. The economic recovery benefited

, outbound tourists, and economic activity. However, the rising inflation was an emerging factor pressuring purchasing power for price-sensitive consumers to look for cheaper packages. • Competition in the

experienced moderate growth amid global economic uncertainty, driven by the expansion of private consumption and tourism sectors, while the purchasing power of the grassroots consumer remained challenging. AIS

gradual rebound of consumer purchasing power alongside the effort to restructure the pricing plans and the recovery of tourist- related usages in tourist sims and international roaming calls. This growth