other expenses were 2,035 million baht, increased by 112 million baht or 6% y-y due to increase of advertising expense 55% y-y. However, the Company still maintained effective operating cost control with

88 million baht or 5% y-y and 3% q-q. However, the Company still maintained effective operating cost control with cost to income ratio at 35% of total revenues. Considering the Company’s separate

improved following on-going cost optimization and FY17 guidance maintained. AIS reported 3Q17 EBITDA of Bt17,589mn, +15% YoY and +2.8% QoQ, mainly due to revenue growth and controlled SG&A. YTD, AIS spent

high profit margin and also from effective marketing policy. (2) Analysis of Operating Results and Profitability (2.1) Revenues from Sales and Services Description Year 2018 Year 2017 Increase

; higher depreciation; higher excise tax and sugar tax following the Excise Act, B.E. 2560 which was effective since 16 September 2017; cost from trial runs and start-up of a new production line, driving

construction under a concession arrangement 131.3 398.1 215.0 126.1 (88.9) (41.3%) 104.6 870.5 765.9 732.2% Cost of sales and services (788.7) (796.3) (822.9) (788.4) (34.5) (4.2%) (3,324.7) (3,196.3) (128.4

to acquire assets, other than in the ordinary course of business, briefly describe the assets and their cost. If the assets have been or will be acquired from affiliates of the issuer or 4    their

Tender Offer for all Securities in Thai British Security Printing Public Company Limited, Increase of the Registered Capital, Allocation of the Newly Issued Ordinary Shares to the Company’s Existing

shareholder in the amount of USD 9.51 million. The Company additionally received opportunity cost in the amount of Baht 10 million. Such sale of shares is a termination of joint investment for the development

lease receivable, in accordance with the Effective Interest Method. Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2017 Page 6 2.4 Cost of sale and rendering