equivalents and current investments 740 15.2% 1,216 13.2% Trade & other receivables 847 17.4% 641 7.0% Investment in joint venture and associates 181 3.7% 2,130 23.2% Property, plant and equipment 931 19.1% 877

megawatts by 2025. 1.3 Competition In 2019, power industry shows intensified competition. Due to limited growth prospect for domestic electricity industry, peers are actively exploring opportunities and

competitiveness of industry peers is under pressure by the very strong Thai Baht, resulting in repatriation of capacity allocation. On the upside we addressed the market weakness with savings on the cost side, our

% 227% 3,483 8,504 144% EBITDA 1,631 2,129 5,402 154% 231% 3,112 7,531 142% Shares of profit of associates and joint ventures 155 130 106 (18%) (32%) 306 236 (23%) Net profit for the company 1,053 942

increase and debenture issuance result in an appropriate capital structure and financial ratio that could be fairly to peers comparison in the same industry as well as support the investment in current and

%) 269% 4,483 12,585 181% Shares of profit of associates and joint ventures 131 106 138 30% 5% 438 374 (15%) Net profit for the company 899 1,081 893 (17%) (1%) 2,873 2,916 1% Adjusted Net Income1 956

bandwidth of 2x60MHz in the industry. Consequently, we have evidently seen an improvement of network quality against peers while brand perception enhanced. That said, we have well added 1mn mobile customers

peers. We also recorded over 1mn 5G subscribers, defining as those specifically signed up for the 5G package as they are willing to pay higher for the benefit of larger data plan; this resulted in the

development Our 5G network continued to expand with >10k BTS and reached 42% of population, focusing on utilizing the largest bandwidth of 2600MHz to provide superior customer experience compared to our peers

focused on its financial objective for 2023 -- to achieve double-digit ROCE in each of its core businesses; top decile total shareholder returns (TSR) position vs. peers and a strong cash flow through the