) (36.84) Operating and administrative expenses (58.39) (146.94) (238.28) (346.64) Loss on short-term investment - - (19.70) (6.72) Loss on exchange rate (12.34) (25.11) (0.84) (21.27) Finance costs (19.55

economy continues its growth momentum following the GDP expansion by 4.8% in 1Q18. The growth is attributed to a number of factors, namely 1.) exports growth in-line with the improving sentiment of the

increased in line with the increased in revenue at a very similar rate when compare to Q2–2020 and Q3–2019. This is because gross margin of the delivered projects in each quarter is not different. In addition

enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

speed unlimited price plan while handset subsidies were more locally- focused compared to last year. With accumulation of fixed- speed unlimited subscribers, revenue and ARPU have been pressured. However

sentiment with 1.3% growth YoY, driven by C-Vitt (+249.3% YoY). New beverage production capacity completed earlier than planned, which enabled us to serve unmet C-Vitt demand and continue driving category

Positively related Subjective (as future volatility cannot be known) Risk-free rate (r) Positively related Negatively related Low impact on option price *The put value may increase as the option approaches

that were less affected by market sentiment. The process of establishing the National Telecommunication Committee (NTC) and the plans for reforming the telecom industry were viewed as positive

growth from baht appreciation and world-trade sluggish. However, the Thai economy is attributed mainly by number of factors, namely 1.) growth in private consumption continues despite a lower rate of

investment in infrastructure 3.) growth in private consumption continues despite a lower rate of growth however, government subsidy to the low-income citizens could help stimulate near-term consumption