165.4 10.2% Net gain (loss) on exchange rate 112.2 (58.6) 37.6 (72.4) (110.0) N.A.(100) Gain (loss) on forward contracts 49.5 (50.8) 8.4 (19.2) (27.6) N.A.(

from sales and rental and rendering of services (5) Adjustment to earnings are Net gain(loss) on foreign exchange, Impairment gain(loss), Gain(loss) on disposal of assets, Gain(loss) on disposal of

investments in joint venture and retained earnings. 3. AIS has been in a partnership with TOT since end-2016 to work on three separate deals to co-utilize assets consisting of 2100MHz spectrum, towers, and 2G

which was long term, lower from Bt98bn. Shareholders’ equity was Bt37,656mn, declining 12% due to lower retained earnings. Current ratio stood at 0.43x, down from 0.46x in 4Q16. With improving EBITDA and

% due to higher interest-bearing debt of Bt108,500mn, compared to Bt98,100mn in Dec-16. Total equity decreased by 1.9% to Bt41,893mn from softer retained earnings. Excluding 900MHz and 1800MHz spectrum

Bt223,078mn decreasing 4.2% from lower interest-bearing debt, which currently stood at Bt97,700mn, down from Bt109,100mn. Total equity was Bt64,529mn increasing 12% from retained earnings. Net debt to EBITDA

% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service

Bt113,300mn, up from Bt109,700mn, while net debt to EBITDA stood at 1.4x, up from 1.3x. Total equity increased 0.8% to Bt50,821mn, mainly from higher retained earnings. Cash Flow For 9M18, AIS generated

license acquisition. Total equity was Bt57,669mn increasing 14% YoY from higher retained earnings. As a result, AIS's financial position remained strong with a current ratio and an interest coverage ratio

+3.3% from retained earnings. Net debt to EBITDA (excluding lease liabilities and license payable) was 0.7x slightly decline compared to 4Q19. Cash flow (Post TFRS 9&16) In 1H20, Cash flow from operating