compensation from NBTC partially covered revenue loss. After gradual lifting of lockdown in late May-20 and economic activity slowly resumed, there were pent-up demand led to rebound in new acquisition and

broadband and enterprise businesses, and a rebound in the mobile business. The core service revenue declined -0.9% QoQ, mainly attributed to the seasonality of the business in the previous quarter. Maintain

reported core service revenue of Bt34,080mn, increasing 2.9% YoY and 0.5% QoQ from a quality growth of fixed broadband business and a rebound in non-mobile enterprise business. FBB business continued a

99 -12% -5.5% VOU (GB/data sub/month) Postpaid 17.0 21.6 22.6 33% 4.8% Prepaid 13.8 16.5 16.3 18% -0.8% Blended 14.7 18.0 18.2 24% 0.8% Device Penetration 4G-handset penetration 75% 77% 79% - - Fixed

104 105 -11% 0.5% VOU (GB/data sub/month) Postpaid 16.6 19.8 21.6 30% 8.9% Prepaid 11.1 16.1 16.5 47% 2.4% Blended 12.7 17.2 18.0 42% 5.0% Device Penetration 4G-handset penetration 71% 76% 77% - - Fixed

operators continued to offer low-price plans and discounts for new acquisitions and to address weak consumption, ARPU slightly rebound to Bt446 or +0.7% QoQ. Mobile Business 1Q21 4Q21 1Q22 %YoY %QoQ

device sales. 1H23 Snapshot For 1H23, core service revenue reported at Bt67,434mn, an increase of 2.1% YoY corresponded with gradual economic recovery. The rebound of tourism-related usage and domestic

% Blended 18.0 22.6 24.9 38% 10% Device Penetration 4G-handset penetration 77% 81% 80% - - Fixed Broadband Business FBB subscribers 1,336,900 1,668,900 001,772, 0 33% 6.2% FBB net addition 81,400 133,000

easing COVID-19 situation with a rebound of foreign tourists which boosted Thailand’s economic recovery. Nonetheless, domestic demand stayed soft due to the global geopolitical conflicts that created

contract term, profitability of the contract remains the same. By the Standard, key changes compared to prior to 2019, are as follows: a) Device subsidy previously recognized as handset loss will be