Management Discussion and Analysis, Q1/2020 Page 1/4 JMT Network Services Public Company Limited - Translation - Ref: IR63/009 13 May 2020 Subject: Management Discussion and Analysis, 1st Quarter

Network Co., Ltd., Change of Names&Nature of Business Operations of Subsidiaries&the Acquisition of the Assets&Connected Transactions of the Company&its Subsidiaries (Revised) 21/05/2021 07:53 The

the share transfer agreement (Share purchase transaction). Guarantee obligations and other obligations : -None - Reasons for the share disposal : TL’s business has accumulated losses; therefore, the

: Unit : Million Baht 2015 2016 Total assets 648.92 633.25 Total liabilities 185.02 180.58 Equity 463.90 452.66 Revenues from sales 648.91 584.76 Net profit 17.76 9.75 …/3 - 3 - (6) Funding source : The

the revenue from equipment rental while the cost of roaming is presented under network OPEX. The net financial impact before and after the agreements’ effective date does not materially change. 4. The

.  Network OPEX & TOT partnership cost (net of revenue) was Bt18,642mn decreasing -2.3%YoY from saving on base rental from TOT partnership since Sep- 19 offset by increasing expense from 4G/5G expansion

3Q17 and 47. 0% in 2Q18. With higher network depreciation, net profit was Bt6,800mn, decreasing 9.0% YoY and 15% QoQ. Normalizing the one-time expense (see general admin expense), EBITDA increased 2.1

% YoY and 14% QoQ. Cost optimization was continued even as we expanded our 5G network, resulting in increased cost of service (+5.3% YoY, +2% QoQ) but lower SG&A (-13% YoY, +1.8% QoQ). Our reported NPAT

a decreased EBITDA. Net cash flow from investing was at Bt14,455mn for network investment and Bt3,474mn for spectrum license. As a result, free cash flow for 1H22 was at Bt18,274mn (OCF less CAPEX and

network expansion led to increasing cost of service 3.9%YoY and 3.4%QoQ; however, SG&A was well-managed and dropped -12%YoY and -8.8%QoQ, resulted in stabilized EBITDA with -0.9%YoY and +1.6%QoQ. Net profit