giving away cash to the people and welfare payments to the unemployed. While employment remained weak, Policy clarity Direction of the business team and political climate It is a huge risk to the future

outbound travel was continued and it extremely affected the shrinkage of tourism sector. Furthermore, the impact of export sector caused by the weak demand of the trade partner countries and it continuously

1 FY20 MD&A Advanced Info Service Plc. Executive Summary Mobile business affected by weak economy and competition in data pricing Slowdown in economic and business activities had been observed

. Government enforced fully lockdown with varying degree of restriction within the 2Q causing significant economic impact. For telecom, new subscriber acquisition as well as handset sale remained weak while

FY21 revenue guidance to be flat or slightly decline and EBITDA to be flat. This follows the rising downside risk to the already weak economy driven by the prolonged impact of Coronavirus stem from the

Sovereign Rating Impact Very strong +2 Strong +1 Moderate 0 Weak -1 Very Weak -2 Historical data analysis Momentum adjustments: Near-Term 5Y Overlay from Analysts Output from ESG sovereign

remained concentrated on smaller packages as consumers affected by sluggish economy are seeking for value-for-money. Therefore, the industry ARPU remained under pressure amidst weak spending environment

expanded robustly, adding 290k mainly from pre- to-post migration with our good customer perception on our 5G service. Overall, blended ARPU dropped -5.9% QoQ and -0.6% QoQ to Bt223/sub/month due to weak

this year may be capped by weak commodity prices, likely causing growth in export value to be lower than what was seen in the first half. At the same time, farm income may decelerate amid rising output

sustain its growth. Overall, however, it was plagued by weak exports and tourism amid the global economic slowdown. Aside from these challenges, businesses had to contend with more complex competition