PowerPoint Presentation Management’s Discussion and Analysis (MD&A) For the Financial Result for the Fiscal Year Ended December 31, 2019 B.GRIMM POWER PUBLIC COMPANY LIMITED Management’s Discussion

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

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

, 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

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

SHR’s hotels with same warmth and hospitality, but with assured safety and hygiene procedures, and most flexible booking terms possible. SHR also believes that tourists from domestic market will firstly

accelerated inflation and a decline in consumer purchasing power. Through challenges from various factors, AIS delivered core service revenue growth of 1.6% YoY, with the momentum of Fixed Broadband and

seasonality of the quarter with no flagship devices releases coupled with a slow recovery of consumer purchasing power. Handset margins recorded at 1.2%, primarily due to a higher proportion of low-margin