economy, supported by increased stability, government stimulus, and tourism recovery, despite weaker consumer sentiment, lower private investment, and flood. AIS reported core service revenue of Bt40,799mn

(BGRIM) at “A” with “stable” outlook. The rating reflects the company’s position as one of the leading private power producers in Thailand, its well-diversified portfolio of cogeneration power units under

experienced moderate growth amid global economic uncertainty, driven by the expansion of private consumption and tourism sectors, while the purchasing power of the grassroots consumer remained challenging. AIS

considered key performance indicators used by operators in the same industry, in the amount of Baht 19,732.20 million, increased by Baht 3,163.1 million or 16.03% from the previous year while the Net Profit

percent compared to 4.2 percent in the previous year.The slowdown could be attributed to exports which contracted further due to the stronger Baht and a global economic slowdown. In addition, the investment

investment grew 4.2% in Q4 versus the same period in 2017 and up 3.9% from Q3. Private-sector investment expenditure on machinery and equipment picked up pace and this industrial expansion is encouraging. The

Authority of Thailand ("MRTA"), both projects are under the Public-Private Partnership (PPP) framework. Management Discussion and Analysis For the Three-month and Six-month Periods Ended 30 June, 2017 Page 4

comparison to the same period of the previous year. Executive Summary 2 Overall Operating Results of the Company in Q4/2020 (THB million) YoY YE Operating Revenue 283 207 (27%) 1,194 768 (36%) Gross Profit 181

previous trade creditors of the Company. In this regard, on February 10, 2017, the Company received a letter from ACO I to confirm the amount of transferred debt as at January 31, 2017, of USD 91,589,712, or

the company, regardless of the job title; “Fund Manager” means mutual fund manager or private fund manager; “Department Director” means any person responsible for the work of a department in the company