บริษัท ผาแดงอินดัสทรี จำกัด (มหาชน) และบริษัทย่อยบริษัท ผาแดงอินดัสทรี จำกัด (มหาชน) และบริษัทย่อย Padaeng Industry Public Company Limited and its subsidiaries

Padaeng Industry Public Company Limited and its subsidiaries _______________________________________________________________ Management Discussion and Analysis (MD&A) For the three-month and six

1 2Q19 MD&A Advanced Info Service Plc. Executive Summary Competition in mobile saw an improvement In 2Q19 the price competition in mobile industry had improved with fixed speed unlimited data pricing

%. Delivered FY20 performance in-line with guidance from well-managed cost Overall FY20 performance tracked in- line with all guidance. Core serviced revenue of Bt129,594mn declined -5.1%YoY vs guidance of low

growth is lower than initially anticipated. The mobile industry has gained momentum aligned with increased private consumption and the resurgence of tourist-related activities. Amid an evolving competitive

revenue guidance while others maintained 3Q20 reported core service revenue was -6.8%YoY and flat QoQ from prolonged impact of pandemic. EBITDA ( pre- TFRS16) declined -11%YoY and -1.4% QoQ with continued

CAPEX guidance. In summary for 1H18, AIS delivered core service revenue growth of 4.9% YoY and EBITDA margin (excluding equipment rental) of 47.0%. FY18 guidance is revisited with the expectation of core

loss and high base of 2Q21 with one-time other income. Revised guidance from rising economic concerns Due to a rising concern on inflation, consumer spending, and continued intense competition, AIS

guidance of +7-8% YoY. In 1Q18, AIS spent Bt6.5bn of CAPEX to deliver quality 4G network and has been active in reinforcing brand image especially via online media. As a result, mobile business grew 3.1% YoY

1 FY18 MD&A Advanced Info Service Plc. Executive Summary Maintained leadership in mobile business In FY18 competition in mobile industry remained elevated particularly on data pricing with fixed