[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

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

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

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, accordingly, cannot

be 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

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

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