digit driven by all business segments. EBITDA margin is expected to be stable while budgeted for CAPEX of Bt20-25bn (see guidance on page 6). Significant Event for FY19 Since 1 January 2019, AIS has

be effective in 2020, the Thai commercial banking system will be more stable and able to support loan expansion in the next phase. Overall Picture of the Bank and its Subsidiaries Million Baht Item

Exchange of Thailand Business Overview In the year 2018, the Thai economy remained stable with the volatility of global economy including the impact of the trade war between the United States and China

of 2017 continued to recover, primarily supported by the expansion in exports and tourism. Exports registered an 8.0 percent growth year- on-year as a result of higher exports of various types of goods

% YoY but flat QoQ. The increase YoY was mainly from partnership with TOT. Excluding the TOT cost, network OPEX increased 10% YoY from network expansion in both mobile and broadband but dropped 1.6% QoQ

year. As the loan quality was relatively stable, the ratio of gross non-performing loans (NPL) to total loans was 2.9 percent, nearly the same level at the end of 2017. The Bank of Thailand’s Senior Loan

“stable” credit rating outlook reflects the expectation that CPN will be able to sustain its strong operating performance whilst pursuing business expansion. CPN is also expected to maintain its strong

network expansion led to increasing cost of service 3.9%YoY and 3.4%QoQ; however, SG&A was well-managed and dropped -12%YoY and -8.8%QoQ, resulted in stabilized EBITDA with -0.9%YoY and +1.6%QoQ. Net profit

leveraging on scale and value-added services Fixed broadband revenue reached Bt7,437mn, a strong growth of 146% YoY and 2.1% QoQ. This growth is driven by high-quality subscriber expansion, a robust nationwide

% YoY mainly from PPE due to network expansion, offset by lower amortized spectrum licenses. Total liabilities were Bt233,641mn stable from 2016 for both current and non-current liabilities. Total current