(e); (2) bonds having high-risk or complex characteristics including: (a) hybrid securities with debt repayment period longer than 270 days as from the date on which hybrid securities have been issued

including: (a) hybrid securities with debt repayment period longer than 270 days as from the date on which hybrid securities have been issued. In addition, such hybrid securities shall have one of the

% Reported EPS after PERP Interest (THB) 4.61 3.98 16% 0.37 1.75 1.91 (81)% Core EBITDA/ton ($) 138 110 25% 113 150 111 2% Operating Cash Flow5 989 852 16% 250 276 215 16% Net Debt to Equity (times) 0.87 0.75

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

institutions 353.6 498.7 (145.1) (29.1) Investment property (net) 144.9 124.2 20.7 16.7 Property, plant and equipment (net) 8,813.8 8,059.4 754.4 9.4 Advance payments for constructions and purchases of fixed

lease 3,337.7 3,256.3 81.4 2.5 Inventories 536.8 402.1 134.7 33.5 Restricted deposits at financial institutions 479.6 277.6 202.0 72.8 Investment property (net) 193.4 144.9 48.5 33.5 Property, plant and

3,414.0 3,256.3 157.7 4.8 Inventories 535.1 402.1 133.0 33.1 Restricted deposits at financial institutions 497.7 277.6 220.1 79.3 Investment property (net) 193.4 144.9 48.5 33.5 Property, plant and

Inventories 531.6 402.1 129.5 32.2 Restricted deposits at financial institutions 435.6 277.6 158.0 56.9 Investment property (net) 210.7 144.9 65.8 45.4 Property, plant and equipment (net) 10,261.3 9,095.3

deposits at financial institutions 536.3 435.6 100.7 23.1 Investment property (net) 122.8 210.7 (87.9) (41.7) Property, plant and equipment (net) 10,637.0 10,261.3 375.7 3.7 Advance payments for

Receivables under finance lease 3,555.8 3,385.2 170.6 5.0 Inventories 777.8 531.6 246.2 46.3 Restricted deposits at financial institutions 329.8 435.6 (105.8) (24.3) Investment property (net) 122.8 210.7 (87.9