-Income Ratio) this quarter decreased to 36.5% from 37.2% in the previous quarter, as the Company can control operating and administrative expenses well through the Digitalization process. The operating and

previous quarter by from the ability to control the quality of assets in Stage 3 and better debt collection performance. - Finance Cost The Company recorded consolidated finance cost in the 3Q/2023 of 511

government's relaxation of COVID-19 control measures. Businesses and educational bodies were able to resume regular operations, leading to a return to work and conventional teaching methods on physical sites

reduced continuously from the previous quarter from the ability to control the quality of assets in Stage 3 and better debt collection performance as well as better macroeconomic outlooks. - Finance Cost

and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to effectively manage SG&A expenses. 4 Financial expenses Our financial expenses in Q2

human resources policies. We believe that our SG&A expenses have become normalized and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to

lower than last year at 44% 5 of total revenues. However, the Company was able to effective control the operating and administrative expenses. In 2019, the Company has developed AEON Thai Mobile

Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation

team constantly monitor the situation to manage and mitigate risks, assess the impact on the business and ensure that the operations complied with additional health and safety measures announced by the

specific 5G industrial use cases. Manage cost amidst pandemic to sustain profit In 2Q20, core service revenue was Bt32,285mn, -6.4%YoY and -2.4%QoQ mainly from COVID-19. Total cost amounted to Bt32,831mn