effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

1 3Q20 MD&A Advanced Info Service Plc. Executive Summary Continued economic impact on mobile business despite improved pandemic situation in Thailand With well-managed pandemic situation, domestic

Baht 1,511.7 million of 2018. The decrease was mainly additional contribution of GNLL2 which started COD in January 2019 and other SPPs, despite from lower contribution from GHECO-One mainly driven by

million mainly due to the decreased in revenue from Combine Heat and Power Producing Company Limited (CHPP) by Baht 19 million as a result of the lower revenue from solar cell implementation; despite the

to the increased in sales volume despite the declined in natural gas prices. • Very Small Power Producer (VSPP) and other: The gross profit decreased by Baht 24 million mainly due to the seasonal

previous year. Sales and services of Q3 2017 reached 1,439.36MB, an increase of 17% from 1,230.68MB in Q3 2016. This mainly resulted from a 31% increase in USD zinc price despite a 4% appreciation of Thai

.) Government spending and investment in infrastructure despite a lower rate of growth due to the delay of government establishing and pending promulgation of 2020 capital expenditure 3.) growth in private

quarter (2Q2020), despite the COVID-19 pandemic and flashfloods in some area in Thailand and Vietnam. The major highlights of our business in the first nine months are as follows: - Fashion business: a

to levels last seen in 2015/16 as reflected in third quarter earnings. This has been achieved despite being negatively impacted by the cost increase from secondary raw material IPA by about $10 per ton

residential business of Nirvana Daii Public Company Limited (“NVD”), a 52%-owned subsidiary of Singha Estate, invested in January 2017. In spite of higher revenues, earnings before taxes (“EBT”) declined by 589