Microsoft Word - Final_Eng_MD&A Q1'18.docx (Translation) May 15, 2018 Ref: SET-2018-012 Re: Management Discussion and Analysis for Quarter 1’ 2018 Attn. to: President The Stock Exchange of Thailand

nationwide. In the end of 3Q17, the usage amount from mobile top-up and money transfer are still growing. In addition, other online top-up and payments are growing up such as E-wallet top-up and bill payment

. Handset campaigns were more selective with limited discounts, resulting in marketing expenses subsiding from 10.5% to 6.3% to total revenue. Network OPEX rose 36% YoY mainly from fully recognized payment

1 (Translation) MD. 045/2019 February 27, 2019 Re: Management Discussion and Analysis For the Year Ended December 31, 2018 To: President The Stock Exchange of Thailand Management Discussion and

drawn down long-term loans for Bt3,971.7 million, while repayments of long- term loans and financial lease payment amounted to Bt507. 0 million and dividend payments to the Company’s shareholders amounted

for Q1/2019 amounted to Bt32.3 million, a decrease of Bt2.6 million or 7.4%(y-o-y). As the long-term loans of the Group have been gradually reduced in accordance with the payment schedule. While the

: Quarterly results  In Q3/2017, the Company and its subsidiary recorded total sales of Baht 1,500 million, a decrease of 15% YoY due to the slowdown in domestic branded and export CMG sales. However, export

decreased by 73% due to the decline of Availability Payment (AP) from the decrease in Weight factor. Furthermore, the reserve shutdown caused the decrease in revenue from Energy Payment (EP) which also caused

% was increased when compared to the same period last year resulted from interest payment for short-term and long-term loans that the Company had drawn down for the hotel operations and the River Wing

treatments went down 9.20 % due to the expenses of CMR decreased 2.34% and the separate financial decrease 2.45%. 3. The net income increased 27.08% (Separate financial statement : increased 20.11 %) due to