closed from nationwide restriction. SIM & Device margin was marginally negative at -0.5%, down from +2.7% in 2Q21 due to decline in high margin devices sale. Cost & Expense Cost of service in 3Q21 was

increase 29.9% YoY from Baht 27.8 million to Baht 36.1 million and increase 33.7% 9M YoY from Baht 79.2 million to Baht 105.9 million due to loan addition for the new investment projects. Tax income (expense

million. The increasing Baht 35.1 million came from loan addition for the new investment projects. Tax income (expense) Q1-2021 Q2-2021 Q3-2021 Q4-2021 2020 2021 THB Mn THB Mn THB Mn THB Mn THB Mn % THB Mn

the new iPhone13 in the previous quarter. However, the sales margin grew from +0.9% in 4Q21 to +1.4% in 1Q22 due to an increased sales mix of higher-margin handsets. Cost & Expense In 1Q22, the cost of

increasing demand for Cloud services and ICT solutions in line with the digitization trend. However, it declined by -9.0% QoQ as a result of large projects closed in 4Q22. Cost & Expense In 1Q23, the cost of

received approval to renovate street furniture media on BTS columns, which is expected to be a key growth driver for 2019. January • Continued the process towards digitisation by replacing static billboards

main driver in increasing the cost-to-sales ratio from 53.1% to 64.4% in this year. VGM’s cost structure is higher than MACO’s domestic business due to higher expenses from concession in Transit and

well-performing overseas assets. The Hotel industry remains the key revenue driver. Thai goods and services are at a premium due to the appreciation in Thai Baht, reducing the demand especially within

from economies of scale. Moreover, we’ve established a new partnership with a major regional developer under the UBM JV - potentially adding another growth driver to Vienna House. For our residential

main driver behind higher revenues. Thailand operations were strong; recording 18.4% growth year-on-year. China operations were also strong, recording 63.9% growth year-on-year due to an increase of