[COMPANY NAME] Ref.:EFORL020/2018 May 15, 2018 Subject: Management Discussion and Analysis for the first quarter ended 31 March 2018 To President The Stock Exchange of Thailand 1. Overview financial

IN ASIA: TAKING CORPORATE GOVERNANCE TO A HIGHER LEVEL © OECD 2011 3 Foreword Since 1999, the Asian Roundtable on Corporate Governance has brought together the most active and influential policy makers

interpreted as having effect in substitution for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office

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years; ​​(3)  a bar from serving as a director or executive in a listed company or a securities company for up to 10 years; and ​​​ ( 4)  a reimbursement of investigative expenses incurred by the SEC.   A

markets have a huge influence on the Thai economy and responsible investments premised on ESG are crucial to bottom lines in a world increasingly dominated by concerns over long-term sustainability

a challenge for Thai listed companies to learn and grow CG to raise the bar of good corporate governance so that it will be sustainable and well-received from the perspectives of both local and

for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office, accordingly, cannot undertake any

construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The

 Securities and Exchange Act B.E. 2535 and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof. Please note that the translation