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

considering more expansion of F&B business. The target revenue from food and beverage business is THB1,000mn within 2023. ( * source: Press Release no. 65/2019 from Bank of Thailand, 6 November 2019

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

36.3% YoY to THB 1,992mn, predominantly due to the increase in revenue from hotel operations as a result of the hotel portfolio expansion, together with revenue from the termination of hotel management

at December 31, 2018. In summary, the Company 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

through franchise models • Focus on regional branch expansion throughout major cities in order to create opportunities to capture more customers • Target to expand to total of 100 branches by the end of

shopping malls and also plans to continue expanding its Mikka coffee chain as planned. Focus on Continuous Branch Expansion of Dessert Café According to Plan In Q3/2023, the Company expanded 4 new dessert