Inflation 2018 2018 2019 2019 2 1.2 Banking Industry and Competition Commercial banks’ overall performance in the second quarter of 2019 recorded an increase in net profit over-quarter and over-year. Compared

exhibited signs of ongoing growth, driven largely by exports and tourism. This is in line with the overall global economic improvement. Domestic spending enjoyed promising growth, as evidenced by brighter

1 Ref: AC.031/2017 15 August 2017 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.004/2018 26 February 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.021/2018 14 August 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

. Management’s discussion and analysis for the year 2019 3 / 8 3. Analysis of Operating Results Statements of Comprehensive Income – Consolidated (Million Baht) For 12-month period ended December 1, Increase

Comprehensive Income – Consolidated (Million Baht) For -month period ended June , Increase (Decrease) % For 6-month period ended June , Increase (Decrease) % 2020 2019 2020 2019 Revenues from sales and services

MACO’s performance was dramatically affected from lower advertising demand due to the COVID-19 pandemic and global economic uncertainty.  Consolidated revenue decreased by 25.9% YoY to THB 512mn o

network and service. This resulted in overall network OPEX ( excluding cost of TOT partnership) to stay flat YoY or remained at 8% of core service revenue. The focus on effective spending amidst intense