-Translation- Ref. No. PorBor.025 / 2019 August 28, 2019 Subject: Entering into Transaction of Disposing of Subsidiary’s Land and Buildings for the Debenture Debt repayment To: President The Stock

-Translation- Ref. No. PorBor.025 / 2019 August 28, 2019 Subject: Entering into Transaction of Disposing of Subsidiary’s Land and Buildings for the Debenture Debt repayment (Additional) To: President

strong with low debt-to-equity ratio and high current ratio. P a g e | 3 - Management Discussion and Analysis 1Q2020 - 4,346 1,714 2,942 881 1,102 900 83% 17% 61% 39% 77% 23% 1Q2020 1Q2019 4Q2019 2,816

planned major maintenance, the Company expects higher Availability Payment (“AP”) during 2Q-4Q2019 to fully compensate lower AP revenue in 1Q2019 if GHECO-One achieve Contracted Available Hours (“CAH”) of

percent as a result of the Company own a higher number of fully amortized bad debt portfolio and achieve a good performance a cash collection. For 3rd quarter the Company cash collection equaled to 859

7.4% YoY, as a result of declining in core revenue, kiosk improvement to support new business, and fully-depreciated kiosk maintenance. 2) Net profit in FY2019 was Bt584.23mn, increasing 0.2% YoY, as a

targeted. In the 3 and 4 quarters, the bad debt portfolio which fully amortized the investment value will boost up the growth rate of revenues. Cost of Services The Company incurred service costs for the

on Assets (%) 4.78 3.95 6.33 Return on Fixed Assets (%) 36.41 30.95 36.84 Asset Turnover (Times) 1.04 1.11 1.07 FINANCIAL POLICY RATIO Debt to Equity Ratio (Times) 0.26 0.27 0.27 Interest Coverage

from lower interest-bearing debt which decreased slightly to Bt102,800mn. The company has a spectrum liability of Bt14,267mn to be paid to the NBTC in 2H18. Total equity was Bt56,069mn increasing 11

ordinary shares of 1,437,456,000 shares under IPO with a par value of THB 5.00 per share and IPO price at THB 5.20 per share. This capital raising will reduce interest bearing debt to equity ratio of both