. 2. Assumption in terms of cost (1) Cost assumption of online media and the Internet business Variable Cost Cost 2020F 2021F 2022F 2023F 2024F Commission Fee for Content Team 6.21 percent of revenue
decreased by -6% as a focus on optimizing costs has shown good progress. On the variable cost side fuel costs were higher than in the same period last year and also in fixed costs related to production
and real estate development loans. 6 Meanwhile, cost of fund for 2018 was maintained at 2.3% resulting in loan spread to decline from 5.2% in 2017 to 5.0% for 2018. % 4Q17 2017 1Q18 2Q18 3Q18 4Q18 2018
% from the end of 2018 with growth in the Real estate development segment, SME segment and across Retail loan segment except in the hire purchase segment which contracted during 2019. For asset quality
including SME Car3x loans expanded at 51.7%, personal loans increased by 18.7%, corporate banking loans expanded by 106.8%, Lombard loans expanded by 15.3% with real estate development loans also registering
on loan for 2Q18 declined from 7.6% to 7.2% yoy due to the high growth of loan portfolio in the low yield segment – housing loans, corporate lending and real estate 6 development loans. Meanwhile, cost
declined from 7.6% to 7.2% yoy due to the high growth of loan portfolio in the low yield segment – housing loans, corporate lending and real estate 6 development loans. Meanwhile, cost of fund for 2Q18
from 7.5% to 7.2% yoy from the expansions of loan portfolio in the low yield segment – housing loans, corporate lending and real estate development loans. 6 Meanwhile, cost of fund for 2018 was
installed in the past year. However, the main variable costs including raw materials and consumables used decreased from the previous year as the production slowed down. The only selling and administrative