are normally drop in volume during holiday seasons and high SG&A, 2) an improvement on financing cost mainly attributable to debt refinancing, 3) lower interest expense from ABPIF and 4) relatively

there was a deferred financing fee write-off from refinancing in May 2019. Gain (Loss) on Exchange Rate • A THB 202 million gain on exchange rate in Q2’2020 was from from balance of US dollar EPC

consists of 27 operating power plants, with a total contracted capacity of 5,418 MW equity and 3 power plant construction projects, with a total contracted capacity of 331 MW equity. PP PP PP Page 6 3

. 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

the THB that affected the value of the Company’s overseas assets. • Net debt to equity ratio as of 31 December 2019 stood at 0.48x, an improvement from 0.55x in 31 December 2018. SIGNIFICANT EVENTS

bearing-debt as of end 1Q21 stood at Bt94,417, decreasing compared to Bt99,571mn as of end 4Q20. Total equity was Bt71,657mn, decreasing -5.3%YoY from dividend appropriated. Cash flow In 1Q21, AIS continued

of Bt290,976mn increased 6.0% from newly acquired spectrum. Interest bearing-debt stood at Bt93,636, decreasing 4.5%, while net debt to EBITDA stood at 0.8x, down from 0.9x as of Dec-20. Total equity

EBITDA (excluding lease liabilities and license payable) was 0.8x. Total equity was Bt75,737mn, decreasing - 7.4% due to a decrease in retained earnings appropriated for the dividend. Cash flow In 1Q22

88.28% 75.95 3.34% Total shareholders' equity   310.78 12.02% 312.31 11.72% 1.54 0.49% Total liabilities and shareholders' equity equity 2,586.25 100.00% 2,663.74 100.00% 77.49 3.00% Management Discussion

% 9.87 0.37% 0.13 1.33% Total non-current liabilities 213.65 8.26% 175.71 6.65% (37.95) (17.76%) Total liabilities 2,275.47 87.98% 2,332.56 88.25% 57.09 2.51% Total shareholders' equity   310.78 12.02