2017 Page 6 of 15 Management Discussion and Analysis This MD&A report has been prepared based on the consolidated and separate statements of GFPT Public Company Limited (“GFPT” or “the Company”) and its

based on the sublet agreement with CPNREIT. Hence, administrative expenses to total revenue ratio stood at 14.6%, higher than the same period in the previous year at 13.7%. Gross profit ratio stood at

rental portion of the sub-lease agreement and the variable portion based on the number of departing passengers from and the arriving flights to Samui Airport. However, in 2013, Company has revised its

the sub-lease agreement and the variable portion based on the number of departing passengers from and the arriving flights to Samui Airport. However, in 2013, Company has revised its accounting policy

malls, as well as administrative costs associated with transfers of condominium units and rental expense of Hilton Pattaya Hotel based on the sublet agreement with CPNREIT. Having considered the growth in

consolidated financial statement of the Company and NYKT for the nine month period ended 30 September 2018, with the highest transaction size based on consideration value criteria of 21.54 percent of the total

in Singapore-based ICHX Tech Pte. Ltd. (ICHX), an operator of a fully integrated platform offering end-to-end digitized securities service under the name iSTOX (www.istox.com). The iSTOX platform will

2019 and the advisory fee from the raw materials derogation issue . Based on these factors, EBITDA was recorded at THB -112 million, a decrease of THB 271 million or 170% from 3Q/2018. When deducting the

excluding proprietary trading) of Phatra Securities Plc. (PSEC) was 10.59%, increased from 8.89% in 2Q19, ranking 1st from total 38 brokers. During 3Q19, Phatra Capital has made investments in Singapore-based

GFPT Public Company Limited Interim Management Discussion and Analysis for the 2nd Quarter 2020 Page 1 of 14 Management Discussion and Analysis This interim MD&A report has been prepared based on the