low price offerings remained in the market to address weak spending power. Enterprise non- mobile business grew 6% YoY. Demand for enterprise data service (EDS) started to recover after having been

Bt223,078mn decreasing 4.2% from lower interest-bearing debt, which currently stood at Bt97,700mn, down from Bt109,100mn. Total equity was Bt64,529mn increasing 12% from retained earnings. Net debt to EBITDA

Management Discussion and Analysis ( - translation - ) For operating result of 2Q19, ended 30 June 2019 Raimon Land Public Company Limited | 14 August 2019 1 / 8 Major Events in 2Q19 and July 2019

inventories following growing postpaid subscribers. Non- current assets, 95% of which were fixed assets and spectrum licenses, remained flat at Bt249,413mn. Total liabilities declined 3% to Bt226,696mn, mainly

Bt113,300mn, up from Bt109,700mn, while net debt to EBITDA stood at 1.4x, up from 1.3x. Total equity increased 0.8% to Bt50,821mn, mainly from higher retained earnings. Cash Flow For 9M18, AIS generated

assets were Bt34,905mn stable from 2017 as higher account receivables, following a larger base of postpaid customers, was offset by lower cash. Total non- current assets were Bt255,600mn increasing 2.6

-from-home situation. FBB revenue grew 25%YoY, though the price competition remained high led to ARPU declining of -12%YoY. Revenue from Enterprise non-mobile, which are the main contribution of “Other

since 4Q20, ARPU continued declining 10%YoY from new acquisition on low price package. Enterprise non-mobile business continued to deliver low-teen digit growth YoY with rising demand on clould, data

% yoy, +6% qoq) and non- mobile enterprise business grew 13% yoy. We continued on with cost optimization while expanding 5G network which resulted in controlled cost of service (+3% yoy, -0.5% qoq) and

, improving 1.1% YoY mainly driven by strong growth of fixed broadband and non-mobile enterprise business. QoQ, core service revenue dropped by -1.9% mainly from lower mobile revenue. Mobile revenue impacted by