subsidiaries had stable financial status with very high liquidity and debt to equity ratio as low as 0.12 time, due to the proceeds of 164 million Baht from registered capital increase in January 2017, and from

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

Subordinated Debt Instrument Baa3 Baa3 Baa3 Financial Strength (BCA) baa2 baa2 baa2 Outlook Stable Stable Stable Standard & Poor’s Long-term Counterparty Credit Rating BBB+ BBB+ BBB+ Short-term Counterparty

Baa1 Baa1 Subordinated Debt Instrument Baa3 Baa3 Baa3 Financial Strength (BCA) baa2 baa2 baa2 Outlook Stable Stable Stable S&P Global Ratings Long-term Issuer Credit Rating BBB+ BBB+ BBB+ Short-term

) baa1 baa2 baa2 Outlook Positive Stable Stable S&P Global Ratings Long-term Issuer Credit Rating BBB+ BBB+ BBB+ Short-term Issuer Credit Rating A-2 A-2 A-2 Senior Unsecured Debt Instrument BBB+ BBB+ BBB

Outlook Stable Stable Stable Standard & Poor’s Long-term Counterparty Credit Rating BBB+ BBB+ BBB+ Short-term Counterparty Credit Rating A-2 A-2 A-2 Senior Unsecured Debt Instrument BBB+ BBB+ BBB

expansion is still subjected to the rising cost of living, in which the inflation rate in 4Q/2022 reached 5.8%, the household debt ratio is considered high amid the increasing trend of interest burden but

of 0.5x and 12x, respectively. At the end of 2018, AIS had interest- bearing debt of Bt109,100mn with a net debt to EBITDA of 1. 3x, stable from 2017, while maintained an investment grade credit rating

-year average of 68.0 percent. Consequently, employment contracted by 0.7 percent. Private consumption slightly softened due to stagnant farm and non-farm income growth. Moreover, household debt, which

19.55 million Baht, came from unappropriated retained. As of 30 June 2018, the Company had current ratio 7.76:1 times and Debt to Equity ratio equal to 0.10:1 times, compared to those of the same period