Development) million baht 6,976 7,319 6,599 Operating expenses to sales (%) 14.16% 15.61% 14.06% Operating profit margin (%) 11.31% 10.87% 13.23% Other income to total revenues (%) 2.22% 1.60% 2.20% Net profit

Management Fee ก3U!8 0.75% 13 Total Annual Fund Operating Expenses ก3U!8 0.75% 5 1.8 5B - 831 14 P1ก5K =

) was thus equal to 3.32 percent, decreasing over-quarter, but still within the set target of 3.30-3.50 percent. Moreover, other operating expenses rose Baht 21 million or 0.13 percent over-year, due

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

, other operating expenses rose Baht 765 million, or 5.03 percent over-year due in part to marketing expenses. As a result, our cost to income ratio increased to 41.20 percent from the same period of last

revenues 7,780.5 6,032.9 29.0% 2,205.3 2,201.7 0.2% Other revenues 2,364.7 579.6 308.0% 1,903.8 229.2 730.6% Total Revenue 10,145.2 6,612.5 53.4% 4,109.1 2,430.9 69.0% Operating expenses (3,192.5) (2,323.7

(51.5%) Operating expenses (716.5) (581.5) 23.2% (937.8) (23.6%) Selling and administrative expenses1 (743.8) (700.0) 6.3% (1,054.8) (29.5%) EBITDA 33.1 131.6 (74.9%) 2,116.5 (98.4%) Finance cost (281.2

increased by Baht 2,139 million or 15.68 percent due largely to rising revenue from the sale of securities. Moreover, other operating expenses were close to the level seen in the previous quarter, resulting

, despite decrease in net fees and service income due to cancellation of fees on funds transfer via digital channels. B Other operating expenses rose Baht 686 million, or 4.29 percent over-quarter. However

decreased by 13.7% from 9M/2019. • The decrease in net profit margin was mainly due to the reduction in total revenue from sales in a greater proportion than the reduction in operating expenses from the cost