1.6 1.5 1.7 underlying derivatives underlying (spot price) (futures price) underlying underlying P a g e 18 | ( ) KTFFE86 86 Krung Thai Fixed Income FIF Enhanced86 Not for Retail Investors 2

ที่ arbitrage ได ซึ่งกรณี PD/MM จะยืมทองคาํก็ตอเมื่อ NAV ของ gold ETF ถูกกวาราคาทอง spot PD/MM จึงทําการ redeem gold ETF เพื่อนําทองคําที่ไดรับ ชําระไปขายใน spot market สวนกรณีที่ทองคําแทงขาดตลาด

strong and should still gradually result in industry’s ARPU uplift. For fixed broadband, operators have been more competitive in expanding fibre footprint to acquire and retain customers. Therefore

in key cities. Also, we will continue to encourage further smartphone adoption and migrating 2G users through targeted handset subsidies. Selectively expand new fixed broadband coverage and uplift

2.05 trillion and THB 1 trillion, respectively. Dusit Thani PCL Management Discussion and Analysis 2017 P a g e | 7 Uplift hotels in Thailand to maintain competitive advantages The Company and its

%YoY, driven by postpaid subscriber growth and ARPU improvement from price uplift in 1H19. Although competition in prepaid pricing escalated in 2H19, there was a slight increase in blended ARPU from

discontinuing fixed-speed unlimited plans, which have been limiting data monetization. As majority of fixed- speed unlimited subscriptions came in 2H18 with one-year validity, an uplift in blended ARPU remained

localized marketing campaigns in prepaid segment remained in selective areas. Adoption of unlimited fixed-speed plans has increased, posting a challenge to uplift ARPU. Recently, more online channels have

share of loss from associates/JVs was primarily from the Sansiri JV, which stemmed mainly from fair value uplift, following the Companys acquisition of the Sansiri JV last quarter and higher number of

several hotels from a refurbishment program for performance uplift and the cease of operation of Dusit Thani Bangkok (which is the key revenue engine to the group) on 5 January 2019. Aiming to maintain