structure management. It has to be flexible in times of economic turmoil and financial costs must be maintained at appropriate level. In addition, the financial policy must be implemented with caution and the

42,830 38,502 797 1,254 43,627 39,756 3,871 10% Total Expenses (39,403) (35,525) (753) (1,092) (40,156) (36,617) 3,539 10% Share of Profit (Loss) 6,899 5,972 (2) 84 6,897 6,056 841 14% Normal operating

expense 2,477 4.6% 1,830 3.6% 646 35.3% Finance costs 284 0.5% 271 0.5% 13 4.8% Profit from continuing operations before tax expense 2,193 4.1% 1,559 3.1% 633 40.6% Tax expense 535 1.0% 280 0.6% 255 90.9

and spectrum investment. SG&A expenses declined 14% YoY to Bt18,739mn following softer handset subsidies. Following that, EBITDA improved 14% YoY to Bt52,043mn and the EBITDA margin rose to 44.7

- - 8,372 4,172 1.95 to 5.00% per annum Other income - - 140 836 Contract rate Costs of services - - 103,322 49,456 Contract rate Commission expenses - - - 277 Contract rate Rental expenses - - 1,899

514.3 364.4 (149.9) (29.1%) 1,555.3 1,978.8 423.5 27.2% Administrative expenses (88.0) (77.2) (67.3) (89.8) 22.5 33.4% (330.3) (322.3) (8.0) (2.4%) Finance costs (26.3) (25.1) (27.8) (27.1) (0.7) (2.5

19,894,925 40,087,363 38,857,317 Net foreign exchange loss - - 32,502 Total expenses 23,346,650 128,259,620 242,525,064 Profit (loss) before finance costs and income tax (20,447,239) (7,286,689) 3,745,827

foreign exchange loss - - 32,502 Total expenses 23,346,650 128,259,620 242,525,064 Profit (loss) before finance costs and income tax (20,447,239) (7,286,689) 3,745,827 Finance costs (794,423) (2,066,011

our higher interest rate borrowings (note that the financing costs of BIP1 and BIP2 is 5.6% p.a. for fiscal year end 2017). Acquisition of BGYSP BGRIM acquired additional of 51% shares of B.Grimm Yanhee

% Selling Expenses 251.4 235.8 -15.6 -6.2% 489.0 458.2 -30.8 -6.3% Administrative Expenses 378.6 321.0 -57.6 -15.2% 896.6 662.9 -233.7 -26.1% Management Discussion and Analysis (MD&A) for Q2/2019 Page 5/7