E_1 Legal_FA_2015_12_29-c A FFeeCCoorrppLL44..11hhiigg A Executive Summary Management Discussion and Analysis For the Quarter Ended September 30, 2017 The Thai economy maintained steady growth in the

margin guidance of 45-47% is maintained with the 9M18 margin at 46.2%. Market and Competitive Environment The mobile fixed-speed unlimited offerings have continued to take on more subscribers, limiting the

demands for health and hygiene products, which boosted up demand for functional drinks, particularly vitamin C drinks. C-Vitt maintained its No.1 position with all-time high market share of 33.9% in Q2’20

adoption by operators have enabled consumers to access higher-value products and services and consequently brought a positive impact on ARPU. Fixed broadband maintained continuous growth in line with the

95,207 million baht as of February 28, 2023 due to the reduction in personal loan receivable by 879 million baht or 2% from end of last fiscal year, whereas the credit card receivable maintained and hire

maintained at same level by increasing 0.2% from Baht 106.7 million to Baht 106.9 million, increased by Baht 0.2 million and increase 9.8% 9M YoY the increase in administrative expenses of 9M YoY mainly

maintained at 37.6% as expected. The operating and administrative expenses accounted for 47% of total expenses. - Expected Credit Loss The consolidated expected credit loss in 9M/2023 amounted 5,942 million

maintained its growth momentum. Similarly, Thailand’s major economic indicators continued to exhibit growth, as evidenced by brighter exports, government spending and private spending on certain items of

was a decrease from the contribution of 46% in 2018. This was followed by the North America markets which increased from 26% to be 34% in total sales, while Europe markets maintained 27%-28% with no

TSE remained unchanged where the Company used Equity Method. This was because the Company maintained significant influence over TSE as the Company had its representative as authorized director of TSE