Champeeratana said: “The landscape of the Thai capital market is constantly changing and becoming more complex. SEC’s role is to lay out directions and policies adaptive to such change and in line with the

with dignity, recommending thorough and systematic solutions to tackle debt problems, and developing a financial and debt management system in accordance with good governance principles. This is to

. 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