20.30 Total Revenues 246.75 512.22 1,850.40 1,950.74 Costs 183.60 368.10 795.65 807.13 Selling And Administrative Expenses 509.41 396.17 631.31 614.07 Total Cost And Expenses 805.34 955.99 1,612.01

Selling And Administrative Expenses 1,208.25 1,093.54 1,100.09 1,023.93 Total Cost And Expenses 4,660.90 4,152.15 4,519.72 4,658.42 EBITDA 752.85 637.63 542.31 665.63 Depre. & Amor. 289.82 295.77 233.85

Expenses 698.08 749.08 1,111.68 1,218.77 Total Cost And Expenses 3,440.49 3,708.14 4,898.15 5,151.63 EBITDA 385.67 474.05 562.40 666.56 Depre. & Amor. 181.68 182.92 163.21 123.03 EBIT 203.99 291.14 399.19

371.47% Selling & Administrative Expenses 52.93 53.82 (0.89) (1.65%) Finance Cost 15.13 16.76 (1.63) (9.75%) EBT 107.07 79.62 27.45 34.47% Tax (4.00) (12.29) (8.29) (67.46%) Total Comprehensive Income

% y-on-y mainly from non-cash expenses: 1) THB 201 million unrealized FX loss from the outstanding of US dollar debts and payable while THB and VND depreciated against US dollar during this period and 2

companies, and pay expenses incurred in connection with the investigation of the offense.** However, they were not willing to settle the case with the SEC.  The SEC, therefore, issued a letter to request

Revenues 1,570,917,679 2,461,057,268 (890,139,589) (36.17) Cost of Goods Sold and Services 1,534,434,537 2,399,582,723 (865,148,186) (36.05) Sales & Administration Expenses and Financial Cost and Tax Expense

main driver in increasing the cost-to-sales ratio from 53.1% to 64.4% in this year. VGM’s cost structure is higher than MACO’s domestic business due to higher expenses from concession in Transit and

and promotion expenses. 6. Administrative expense was THB 3,913 million, a decrease of THB 257 million or equivalent to 6.2% over the same period last year, due primarily to a decrease in provisions for

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