million into our capital structure as of June 30, 2017, the illustrated net interest-bearing debt to equity ratio would be 1.6 times. Development of Solar Projects Pursuant to Notification of the State

% due to higher interest-bearing debt of Bt108,500mn, compared to Bt98,100mn in Dec-16. Total equity decreased by 1.9% to Bt41,893mn from softer retained earnings. Excluding 900MHz and 1800MHz spectrum

TS1 and Gulf TS2 in this quarter, adding our Equity MW under operation to 447.1 MW from 319.3 MW in the same period of last year. • Financial costs decreased by 35.3%, mainly from loan repayment from

Quarter Increase (Decrease) For 9-month period ended September , Increase (Decrease) 2017 2016 YoY % 2017 QoQ 2017 2016 YoY % 2017 Profit Sharing for the Period - The Company’s Equity

. Foreign debts are fully hedged; however, trade payables are partially hedged, subjected to the payment term and currency fluctuation. Total equity was Bt50,427mn increasing 18% YoY from higher retained

second quarter of 2017, Gulf TS1 and Gulf TS2 in the third quarter of 2017 and Gulf TS3 in the last quarter of this year, adding our Equity MW under operation, at the end of 2017, to 478.4 MW from 349.6 as

, increasing compare to Bt94,200mn at ending Dec-19. Net debt to EBITDA (excluding lease liabilities and license payable) was 1.0x. Total equity reported Bt68,627mn decreasing -1.1% from increase in retained

, increasing 20%YoY from vender financing on network expansion. As a result, account payable day slightly increased from 58 days to 65 days. A Total equity was Bt69,394mn, increasing 20% YoY from higher retained

paid in Apr-19, partly offset by lower interest- bearing debt which stood at Bt103,200mn. As a result, net debt to EBITDA came down from 1. 3x to 1. 1x. Total equity was Bt56,769mn decreasing 1.6% QoQ

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