had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margin in the first quarter of 2018 was at 49.2

2017 was 38.3%. This gross margin had accounted for the fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margin in the

speed of the market has shifted from 30Mbps in 2017 to 50Mbps in 2018 with a similar price range of around Bt600. Overall, pure broadband operators mainly used pricing strategy while integrated operators

Bt200 for 10mbps which is lowered by Bt50-100 per plan. This level however is the same price compared to the first half of last year and is now being offered in a number of key provincial area addressing

Thailand remained stable. Capital funds and reserves were at a high level and were able to support the challenges of uncertain economic conditions. The performance of the Thai banking system improved, mainly

and its subsidiaries increased. Comprehensive net income also improved substantially with high level gross margins. While selling expenses decreased in the current year by comparison to the same quarter

contribution to the good performance of the Company and its subsidiaries. In terms of net profit, the gross margin was maintained at the good level of the metal product segment, especially in the exhaust

. Crossroads project, the first Maldives integrated leisure and resort destination, has been under development and had no impact on 1Q19 performance. Page 4 of 7 Management Discussion and Analysis 1Q2019 1Q19

accounting standards under WHA level. However, the genuine gross margin was 55.3%. Utilities & Power Business 2018 2019 Increase/ (Decrease) THB mm THB mm % Revenue 2,095.1 2,258.7 7.8% Gross Profit 895.2

fair value adjustment of the acquired business according to the accounting standards under WHA level. However, the genuine gross margins were 42.2% and 47.2%, respectively. The improvement of gross