- 1 - AIT (VP-SEC) 005E/2019 February 13, 2020 Subject: Management's Discussion and Analysis of Operating Results for the year 2019 and Q4-2019 To: The President of the Stock Exchange of Thailand

due to lower retained earnings from dividend appropriated. Cash Flow In 1Q19, AIS generated Bt20,611mn of operating cash flow (after tax) increasing 16% YoY following EBITDA expansion. Cash CAPEX was

Unit: million Baht 31 March 2019 31 December 2018 Fin an cia l St at us Total Liabilities 4,359 5,607 Total Asset 17,144 18,824 Total Equity 12,785 13,218 The Company’s Operating results during the

% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service

SNAPSHOT & ANALYSIS CONSOLIDATED P&L SNAPSHOT THB (mn) 1Q 2017/18 4Q 2017/18 1Q 2018/19 QoQ (%) YoY (%) Operating revenue 852 1,128 1,077 -4.6% 26.5% Cost of sales 356 406 392 -3.5% 10.1% Gross profit 496

at BBB+ for S&P. Cash Flow In 2018, AIS generated Bt69,132mn of operating cash flow (after tax) increasing 5.5% YoY following the improved EBITDA. Cash CAPEX was Bt20,198mn, largely declining from

OPERATION (Unit : Million Baht) Consolidated Financial Statements 2019 2018 % Change Total Revenue 1,857.2 1,708.3 8.7% - Utilities Business 1,847.1 1,705.1 8.3% - Operating Revenue1 1,734.3 1,679.7 3.3

Overall Operating Results for the Company and its subsidiary 1.1 Analysis of Operating Results for the Company and its subsidiary Table 1: Overall operating results for the year 2019 (Unit: Thousand Baht

production yield. Subsidiaries based on operating results with continuous losses, which both subsidiaries company's operations are ceased. One of the subsidiaries; AI Logistics Company Limited (“AIL”) had

-1- AIT (VP-SEC) 003E/2024 15 February 2024 Subject: Management's Discussion and Analysis of Operating Results for the year 2023 and Q4-2023 To: The President of the Stock Exchange of Thailand