Discussion and Analysis Costs and Expenses 1) Cost of services in 1Q2020 was Bt585.67mn, representing 80.3% of total revenues from core business, increasing 6.9% YoY from fixed costs such as depreciation

-1.8%YoY following lower core service revenue.  Regulatory fee was Bt1,355mn, decreasing -7.7%YoY following decline in core service revenue but increasing +5.8%QoQ from one-time USO fee reduction in

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

downstream business in Integrated Oxides and Derivatives based out of advantaged Gulf Coast USA. Indorama Ventures 2nd Quarter 2019 MD&A 2 2Q 2019 Summary Financials Table 1: Core Financials of Consolidated

, Structural Improvements, Enhanced Portfolio, New Investment Strategy In 2018:  Revenue $10.7 billion, +27% YoY  Core EBITDA of $1.4 billion, +44% YoY, Core EBITDA margin 13%  Net Profit (after Tax/NCI) of

1 Forth Smart Service Public Company Limited (FSMART) FY18 Management Discussion and Analysis Operational Summary in FY18 2018 Operational Summary  Total revenue from core business was Bt3,339mn

reported a core service revenue of Bt138,569mn, increasing 4.2% YoY, attributed to the performance of all core services dedicated to delivering high-quality products, as well as additional revenue

32,259 transactions per day, increasing 12.4% YoY, as well as the e-Wallet and internet package top-up. Total revenue from core businesses was Bt780mn, decreasing 6.2% YoY. However, as a result of the

draft regulations relating to the net capital of business operators principle, in the second quarter, covering the calculation of subordinated facility for accommodating increasing transactions in the

was Bt35,527mn, increasing 7.2% YoY following growth in mobile postpaid segment, fixed broadband and enterprise business. QoQ, core service revenue was flat due to pricing competition in the prepaid