human resources policies. We believe that our SG&A expenses have become normalized and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to

lower than last year at 44% 5 of total revenues. However, the Company was able to effective control the operating and administrative expenses. In 2019, the Company has developed AEON Thai Mobile

Management Discussion and Analysis 3Q18 and 9M18 P a g e | 2 On 18 September 2018, the Company has taken full control interest in LVM Holdings Pte Ltd which market and manage 220 luxury villas / vacation

team constantly monitor the situation to manage and mitigate risks, assess the impact on the business and ensure that the operations complied with additional health and safety measures announced by the

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

consolidated operating and administrative expenses were 1,951 million baht, decreasing by 105 million baht or 5% y-y and 1% q-q. However, the 5 Company still maintained effective operating cost control with cost

revised CAPEX guidance to approx. 30bn focusing on optimization to manage network quality. Market and Competitive Environment Overall demand in 2Q22 recovered through an increase in foreign tourist arrivals

and delivery term (Made to Order). This helps the Company to efficiently control inventories aging and procurement that prevent risk from CPO’s prices fluctuation. ทีตงั 55/2 หมู ่8 ถ. เศรษฐกิจ 1 ต.คลอ

. The Company entered into short-term contract with specific quantities and delivery term (Made to Order). This helps the Company to efficiently control inventories aging and procurement that prevent risk

of recovery due to interest rate cuts and increased government budget disbursements. Additionally, the launch of the iPhone 16, featuring Apple Intelligence, which introduces a revamped camera control