(Loss) before the effects of foreign exchange, deferred income tax and lease income 78 91 (11) (23) 352 346 6 2% * SBPL and NT1PC are under construction. Page 14 3.2 The Analysis of the Operating Results

oil (CPKO) prices were lower than that of 3Q/2018. Under these circumstances the government has continuously maintained the biodiesel mandated at B7. Also, the government has promoted B20 and B10 as

commission, resulted in overall cost of service decreasing -1.5%YoY and remained flat QoQ. SG&A was under well-controlled, declining -26%YoY and flat QoQ. Marketing expenses dropped -33%YoY from lower

came in under discount offerings targeting the work-from- home and student segment. Fixed broadband revenue grew strongly 27% YoY. However, QoQ growth decelerated with slower net add of 52,800 as

demand and higher tourist-related revenue. Fixed broadband grew significantly by 159% YoY, through acquisition of TTTBB, expansion into under-penetrated areas, and ARPU uplift from upselling bundled FBB

by rising data demand and higher tourist-related revenue. Fixed broadband grew significantly by 159% YoY, through acquisition of TTTBB, expansion into under-penetrated areas, and ARPU uplift from

the financial statements for the period ended 31 March 2019, the company is under the process of determining fair value for intangible assets resulting from the acquisition of the company. Therefore

the Best Bond Awards 2019. PAGE 4 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q1/2020 Executive Summary Company Investment Projects and Progress There are 5 projects that are under construction: 1. Nava

• There are currently 4 main projects that are under construction including: - Xayaburi Power Company Limited (with 99.4% construction progress) - Rayong Central Utility Plants Expansion Phase (CUP-4) (98.2

Generating Authority of Thailand (EGAT) and the PTT Group, and the company’s p rudent financial policy. The rating also reflects GPSC’s important role as a flagship company in the power business under the PTT