– Consolidated (Million Baht) As at Increase (Decrease) % March 31, 2018 December 31, 2017 Assets 835.17 787.13 48.04 6.10% Liabilities 177.77 123.43 54.34 44.02% Shareholders' equity 657.40 663.70 (6.30) (0.95

Interest Bearing Debt to Equity ratio at 1.30 times. * The operational results were calculated based on the consolidated financial statements which consist of the Expressway Business, Rail Business

were executed on July 20, 2018 for the abovementioned ETB. Consequently, as a result of the abovementioned ETB, the company’ s consolidated financial statement as ended September 30, 2018 then recorded

based on consolidated financial statement as of 31 December 2019. Therefore, AIS is entitled to disclose the transaction to the SET and submit a notice of information on such transaction to all

based on the consolidated financial statements which consist of the Expressway Business, Rail Business, Commercial Development Business, and return on investment in other companies. Therefore, there was

completed in December 2019. Moreover, the average interest rate of debentures during Q1/2020 was higher than that during Q1/2019. Net Profit   In Q1/2020 the Company had consolidated net loss of THB 139.5mn

as an increase of shareholders’ equity. Consolidated 2020 2019 Current Ratio (Times) 0.65 0.64 Interest-bearing Debt to Equity (Times) 2.41 2.49 Cash Flow (Unit: Baht Million) 31/3/2020 31/3/2019

June 30, 2020 To The President The Stock Exchange of Thailand Management’s Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2020 Overall Group Performance Table 1

consolidated financial statements for the three-month period ended 30 June 2019 and 2020 Revenues Q2/63 % Q2/62 % Change +/(-) Revenue from hotel operations 34 6% 279 69% (88%) Revenue from property development

Consolidated Financial Statements 1.1 Report and analysis of Business Operations Revenue Revenue from operations Revenue from operations for the Company and its subsidiaries for the second quarter of the year