-517-0109-14 Fax 66-2-5170529 February 27, 2017 Subject Management Discussion and Analysis for the year ended December 31, 2016 To Managing Director of Stock Exchange of Thailand Table of Financial Ratio

วิธีการคำนวณอัตราส่วนทางการเงิน (key financial ratio) แบ่งตามประเภทธุรกิจ สำหรับการเสนอขายตราสารหนี้ทุกประเภท (แนบท้ายประกาศ ทจ. 44/2563)

by concentrating on its own farm policy and cost efficiencies through economies of scale. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale

by concentrating on its own farm policy and cost efficiencies through economies of scale. GFPT Group has policy to mitigate risks from foreign exchange rate volatility, which occurred from export sale

efficiency of the new stores launched in the year 2017 to benefit from economies of scale. In the first quarter 2018, the Company had total revenue of 15,900.33 million Baht, an increase of 627.77 million Baht

was driven by added subscribers of 209,300 or around (estimated) 20% share of industry which totaled year- end subscribers at 730,500. On other digital services, AIS continued to scale up several

of scale. VGM Business Overview* *More commentary on the VGM transaction can be found in Report on http://maco.listedcompany.com/newsroom/270620181831240885E.pdf, http://maco.listedcompany.com/newsroom

ending 30 June 2017 1 Revenue from sales Total revenue from sales amounted to THB 3,628 million, up by THB 127 million or 3.6%, divided into the proportion of domestic and overseas sales at the ratio of 55

ratio of 55:45, respectively. Sales of energy drink product alone were THB 3,145 million, up by THB 111 million or 3.6%. The amount of which contributed from both domestic and export markets at the ratio

ratio of 55:45, respectively. Sales of energy drink product alone were THB 3,145 million, up by THB 111 million or 3.6%. The amount of which contributed from both domestic and export markets at the ratio