of handset subsidies ( See Significant Event) . Considering relevant comparison, throughout 2019 the discussion of AIS's performance will be based on without TFRS15. Significant Event Since Jan-19, AIS

Steel Industry According to the World Steel Association’s report on world crude steel production was 444.1 million tons in the first three months of 2019, significant increase by 4.5% compared to the same

improvement from 0.55 times at the end of last year. Current ratio as at the same date and period stood at 2.47 times SIGNIFICANT EVENTS 7 January 2019: Vienna International Hotelmanagement AG (VI) acquired 100

(Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on June 30, 2019 1 Significant events in the second quarter of the year 2019

due to THB appreciation against EUR and GBP • Net debt to equity ratio as of 30 June 2019 was 0.56x, comparing with 0.55x at the end of last year SIGNIFICANT EVENTS 4 major renovation works of Vienna

of 30 June 2018 stood at 0.57x, an improvement from 0.93x in 31 December 2017. Current ratio as of the same date stood at 2.81x, a significant improvement from 1.69x, both mainly as a result of the

and allowance for doubtful accounts of 344 million Baht (6% of total revenues), increasing by 144% as compared to the same period last year of (778) million Baht. Significant event in Q2 2018 On 6 April

FX losses was only accounting implication and did not affect the Company’s cash flow or its operating performance. • Finance costs decreased by 26.1%, mainly from significant decrease in cost of fund

and Buildings since such Land and Buildings do not have a very large area, and the Company does not optimize the use of it. Such disposal of assets does not have significant impact on the Company’s core

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS