Management s Discussion and Analysis on the Consolidated Financial Statements for the 3rd Quarter of 2005 Overview of the Company and its Subsidiary Result of Operations Unit : Million Baht (Reviewed) Q3-05 Q3-04 1) %Change Television Revenues 474 505 -6.1 Radio Revenues 143 118 21.2 Total Revenues 790 769 2.7 Total Expenses 451 496 -9.1 Net Profit 254 233 2) 9.0 EPS (Baht) 0.37 0.34 2) 9.0 Notes: 1) The result of operations for the period of 1 January to 16 August 2004 (Reviewed), which was during the operations of the Mass Communication Organization of Thailand, was disclosed in the Offering Circular for Ordinary Shares of MCOT Public Company Limited. And the annual report 2004 of MCOT Public Company Limited is for the operations during 17 August to 30 September 2004. 2) MCOT Public Company Limited was registered as a public company limited on 17 August 2004. And the corporate income tax is applied for the operations starting on 17 August 2004. MCOT s television revenues for the 3rd quarter 2005 were down 6.1% compared to the same period last year as a result of the slowdown of the overall economy and the higher oil price which has affected directly to the consumer spending. The 21.2 % YoY increase for the third quarter this year in radio revenues gained from the operation and management of 6 radio stations which have returned to MCOT Plc., namely FM 95, 96.5, 97.5, 99, 100.5 and 107 MHz. In comparison with the industry, the YoY growth of MCOT was higher than the industry which was only 2.5 YoY growth %. The Company s total expenses YoY growth were reduced by 9.1%. In the 3rd quarter 2004, there was the one time expenses, which waere the expenses of the transformation to the public company amounting to 17 million baht. Such expenses of the tranformation were for example the expense of the conference meeting and traveling for the Public Hearing ,the expense for the document and the legal expense. As a result of the efficiency to manage the overall expenses, the Company reported 9% YoY growth of the net profit and EPS.