vertical integrated business expansions. The Group ended up having interest-bearing debts of THB 4,547 million as of 31 March 2018, up from THB 3,393 million as of 31 December 2017, or equivalent to the

City reported total interest-bearing debt of THB 17,549mn, a decrease of 2.7% or THB 479mn from the balance as of 31 December 2017, mainly due to the repayment of bank overdrafts. Net interest-bearing

Baht. Total interest bearing debts equaled to 16,315 million Baht. 6 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 3, Wireless Road

Baht. Total interest bearing debts equaled to 16,315 million Baht. 5 | P a g e Pace Development Corporation Public Company Limited 87/2 CRC Tower All Seasons Place, 45th Floor, Unit 3, Wireless Road

1,086.52 million, increased in amount of THB 162.50 million or 17.59% increased from December 31, 2017. The consolidated interest-bearing liabilities as at June 30, 2018 were THB 3,654.00 million, increased

2018 and (iii) an increase in other components of shareholders’ equity of THB (107)mn. CAPITAL STRUCTURE As of 30 June 2018, U City reported total interest-bearing debt of THB 22,192mn, an increase of

amount of THB 202.28 million or 21.89% increased from December 31, 2017. The consolidated interest-bearing liabilities as at September 30, 2018 were THB 3,643.12 million, increased in amount of THB 66.42

shareholders’ equity of THB 149mn. CAPITAL STRUCTURE As of 30 September 2018, U City’s total interest-bearing debt was THB 20,608mn, an increase of 13.9% or THB 2,521mn from the balance as of 31 December 2017

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

other payables to major suppliers of machine. Total interest-bearing debt was amounted to THB 4,863 million, an increase of THB 122 million, representing an interest-bearing debt to equity ratio of 0.61