management for every customer segment. Customers’ businesses were challenged by international protectionism that continued from the previous year, limited purchasing power at home, and a changing business

international protectionism, limited purchasing power at home, and a changing business landscape due to digital disruption. KBank thus put in place more stringent customer screening criteria, particularly for

10.6% 25.1% 3,862.1 4,766.5 23.4% Revenue from finance lease under power purchase agreement 104.9 95.3 109.4 14.8% 4.3% 305.7 307.0 0.4% Cost of sales and services (971.2) (1,174.0) (1,350.7) 15.1% 39.1

1,705.4 1,735.6 30.2 1.8% 5,315.9 6,502.1 1,186.2 22.3% Revenue from finance lease under power purchase agreement 102.3 95.3 109.4 107.9 (1.5) (1.4%) 411.0 414.9 3.9 0.9% Cost of sales and services (1,149.4

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

% 2,499.3 3,061.1 22.5% Revenue from finance lease under power purchase agreement 101.6 102.3 95.3 (6.8%) (6.2%) 200.8 197.6 (1.6%) Cost of sales and services (920.4) (1,149.4) (1,174.0) 2.1% 27.6% (1,795.1

PowerPoint Presentation THE INNOVATIVE POWER FLAGSHIP OF PTT GROUP MANAGEMENT DISCUSSION & ANALYSIS Q4/2019& FY 2019 MD&A PAGE 1 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q4 2019 and FY2019 Global

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

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

Seven Utilities and Power Public Co.,Ltd. 73 Mahachol Building, Soi Sukhumvit 62, Sukhumvit Rd., Phrakhanong Tai, Phrakhanong BKK.10260 บมจ. ซ ว่น ยทลต ์ นด์ พ ว ว ร์ 73 อาคารมหาชล ซอยสขุมุวิท ถนนส