(5.5% of revenue from 10.5% in 2016). Network OPEX was flat QoQ but increased 99% YoY mainly from 4G expansion and addition of TOT partnership payment. EBITDA margin improved to 44.6% from 36.4% in 4Q16

ordinary shares on the Stock Exchange Of Thailand (the “SET”) (the “Spin-Off Plan”). The proceeds of which will be used for the purpose of financial and business restructuring, business expansion and working

business expansion and hire purchase sales from overseas business grew by 60% y-y, especially from business in Cambodia grew by 79% y-y. For the fourth quarter of 2019, the Company had hire purchase revenue

% YoY. After the capacity and distribution expansion in Q2’18, C-Vitt is now a number one brand in functional drink market with market share of 23.3% in Q3’18, and improve to 25.0% in Q4’18, according to

structure. GFPT Group Expansion Plan In the next 3- 5 years, the Company has planned to grow organically by investing in greenfield projects. We focus on capacity expansion along the stream of our vertical

growth in exports 2) political uncertainties which may inhibit investments and consumptions and 3) high level of household debts still limiting consumptions. For the auto industry, expansion continued

had appropriate capital structure. GFPT Group Expansion Plan In the next 3- 5 years, the Company has planned to grow organically by investing in greenfield projects. We focus on capacity expansion along

Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 201" Page 1 (Translation) 1. Significant events of the , nd quar ter of 2018 1.1 The Expansion of Electr icity and Stream

% , compared to 4.9% in 2017.  Depreciation and amortization was Bt33,282mn, increasing 12% YoY due to network expansion of both mobile and fixed broadband as well as the newly acquired 1800MHz license

low at 0.25 time, same level as at December 31, 2019. In summary, the Company had appropriate capital structure. GFPT Group Expansion Plan In the next 3- 5 years, the Company has planned to grow