GFPT Public Company Limited Interim Management Discussion and Analysis for the 3rd Quarter 2017 Page 1 of 13 Management Discussion and Analysis This interim MD&A report has been prepared based on the

) (%) 23.03% 18.58% 4.45% Return on Assets (ROA) (%) 13.95% 11.48% 2.47% Remark: * Calculated based on the number of issued and paid-up ordinary shares deducted by the number of treasury share GP = Gross Profit

Subsidiaries For the year ended 31 December 2015, 2016, and 2017 2015 2016 2017 MB MB MB Net Cash Received from Operating Activities 1,763.84 2,088.52 2,455.73 Net Cash Used in Investing Activities (1,386.42

stores in Bangkok continue to be affected by construction work for the mass transit system. In addition, the company has organized various promotional activities, such as the HomePro Expo during 15-24

Assets (ROA) (%) 21.45% 13.74% 7.71% Remark: * Calculated based on the number of issued and paid-up ordinary shares deducted by the number of treasury share GP = Gross Profit, EBITDA = Earnings before

% Return on Assets (ROA) (%) 19.58% 13.74% 5.84% Remark: * Calculated based on the number of issued and paid-up ordinary shares deducted by the number of treasury share GP = Gross Profit, EBITDA = Earnings

results in the first quarter of 2020 as mentioned above, is mainly from the impact of the COVID-19 situation which refrain the advertising and public relations activities. Product launch activities

the increase in user spending was due to the increase in marketing and promotional activities of mobile operators In addition, the Company had gross profit from digital content of THB 14.85 million

.1.3) Compliance and legal risks: Given the ability to transfer digital assets to/from private wallets where the user’s identity is unverified, digital assets may be used for illicit activities such as

activities regarding securities cases with judicial organizations to enhance enforcement efficiency and expects more progress on this area. We are also improving disclosure of web-based information and expect