-openings. However, towards the middle of the year, the rising inflation and continuous increase in energy costs limited private consumption and signaled a global economic slowdown, raising spending concerns

2013-2015 37 kEY ACHiEvEMENTS 46 THE 20TH ANNivERSARY HiGHliGHTS 48 TwO dECAdES OF THE THAi CApiTAl MARkET dEvElOpMENT AppENdiCES 54 STATiSTiCAl HiGHliGHTS 79 REpORT OF THE SEC BOARd ON iNTERNAl CONTROl

period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a conventional media segment, i.e. the television segment (television, digital television, and

traction from the first quarter. The ongoing economic rebound was mainly driven by exports and tourism, whereas domestic spending and investment only gradually picked up. Still, the economy has yet to see

persons); therefore, it no longer has control in the company, resulting in the change of MACO’s status from a subsidiary to an associate company of VGI.  After the restructuring, MACO will focus on

acquisition and maintain existing subscribers . The spending on handset subsidies were controlled and focused on quality subscriptions, even though new models e.g. iPhone X, Samsung Note 8 were released

and low spending level in 1Q18. QoQ, marketing expenses declined 4. 6% mainly from lower advertisement. Marketing expenses to total revenue stood at 5.9%, compared to 5.5% in 1Q18 and 6.1% in 4Q18

4. 9% QoQ mainly from brand advertisement and handset campaigns as well as the low- base spending last year. % marketing expense to total revenue stood at 6.1% compared to 5.1% in 2Q18 and 5.9% in

OOH media accounted for approximately 50 percent of Thailand’s OOH advertising spending.1 IMPORTANT EVENTS IN 2017/18 Transit in Thailand  The Company successfully implemented the Offline-to-Online

optimize the cost to serve customers while ensuring an effective spending on marketing campaigns. As a result, we expect EBITDA margin (excluding equipment rental) to stay in a range of 45-47%. All