consist mainly of content rights, which are recorded as an intangible asset in the Company group’s consolidated financial statements. As of 31st December 2017 and 31st March 2018, such intangible asset was

expansion of Innotech Asset Management Co., Ltd. and SE Digital Co., Ltd., our subsidiaries. However, the financing cost decreased from last year from lower borrowings. The Company also received debt

Management Discussion and Analysis Q2/2020 Page 1/6 JAS Asset Management Discussion and Analysis Q2/2020 Retail Synergy Management Discussion and Analysis Q2/2020 Page 2/6 J63/015 11 August 2020

or 42% as compared to 2017. The Company recorded loss from the selling of asset with the total of 3,535 million Baht In 2018, the Company had a total finance cost of 810 million Baht, a decrease of 166

% as compared to 2017. The Company recorded loss from selling of asset with the total of 3,533 million Baht In 2018, the Company had a total finance cost of 810 million Baht, a decrease of 166 million

Financial Policy Ratios Debt to Equity times 0.40 0.42 0.42 Interest coverage times 3,095.00 545.41 222.73 Dividend payout (%) 76.07%* 55.96% 55.68% * Pending approval from the 2020 annual general meeting of

4,254 Total 64,772 Total 64,772 Financial Position (Bt mn/% to total asset) 4Q17 3Q18 Key Financial Ratio 3Q17 2Q18 3Q18 Cash 10,650 3.7% 8,247 2.8% Interest-bearing debt to equity (times) 2.6 1.8 2.2 ST

borrowings from financial institutions. The weighted average financing cost as of March 31, 2020 stood at 2.65%, lower than 2.91% as of December 31, 2019. Fixed interest rates debt comprises 74% of total

has insufficient asset to repay the debt. Subsequently, the Company filed a bankruptcy lawsuit against the debtor at Central Bankruptcy Court on December 11, 2015. On March 7, 2016, the Central

Position Post-TFRS 9&16 Key Financial Ratio Post-TFRS 9&16 (Bt mn/% to total asset) 4Q19 3Q20 3Q19 2Q20 3Q20 Cash 19,637 6.8% 16,634 4.7% Interest-bearing debt to equity (times) 1.6 1.3 1.6 ST investment