Management Overall, movements in foreign exchange continued to see the Thai Baht strengthen in the third quarter of 2019 compared to the preceding quarter. The creeping trade protectionism adopted by the US

subsidiary) shareholders approved 1) the acquisition of Hello Bangkok L E D Company Limited (“Hello LED”) with a total investment of THB 1,950mn, 2) the issuance of newly issued shares through Private

-3q2017-en.pdf) Digital Services business contributed 8.9% of total revenue or THB 87mn, slightly increased by 0.3% to THB 87mn mainly due to higher revenue from Bangkok Smartcard System Co., Ltd.’s project

selective areas. Discounts were offered in mid- to high-end packages subscription with an aim to improve medium term ARPU. Fibre footprints were expanded further to capture new demand outside Bangkok and key

83mn, decreasing by 21.7% or THB 23mn, mainly due to lower revenue from Bangkok Smartcard System Co., Ltd.’s system and project management fees. The growth in the operating business is also reflected in

- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

-7711 Service Helpdesk Information and Communication Technology Department The Office of the Securities and Exchange Commission 15th fl., GPF Witthayu Towers 93/1 Wireless Road, Lumpini, Patumwan, Bangkok

(Translation) February 27, 2019 Ref: SET-2019-003 Re: Management's Discussion and Analysis and operating results for the Year 2018 Attn. to: President The Stock Exchange of Thailand Filter Vision

media footprint from Bangkok-Centric to nationwide presence. (Please find more details of Outdoor media segment in 1Q 2018 MACO’s management discussion and analysis http://maco.listedcompany.com/misc/mdna

experience overall.  On 19 July 2018, the Company announced an incorporation of a new joint venture, BV Media Ads Limited (“BVTV”). BVTV is a 50:50 joint venture between VGI and Bangkok Broadcasting & TV