firms Unlike the other Greeks, implied volatility was unknown. 6 t Implied volatility Realized volatility t + 1 • It was calculated by reverse engineer process from the option price at time t. • Implied

) was Bt32,455mn, +6.0% YoY and +0.9% QoQ, resulting in YTD growth of 5.5%. Increasing 4G penetration (42%) and data usage (5.9GB/data sub/month) improved mobile revenue to stand at Bt31,569mn, +3.9% YoY

1 Executive Summary AIS continued to build on leadership in mobile data through improved 4G quality and brand perception. In 1Q17, CAPEX of Bt11.5bn was spent to strengthen 4G network quality through

1 2017 MD&A Advanced Info Service Plc. Executive Summary In 2017, mobile business improved from stronger 4G positioning amidst competitive environment. Competitive landscape remained challenging in

1 2Q19 MD&A Advanced Info Service Plc. Executive Summary Competition in mobile saw an improvement In 2Q19 the price competition in mobile industry had improved with fixed speed unlimited data pricing

aggressive campaigns remained in targeted areas. After completing spectrum auctions in 3Q18, overall 4G networks have improved following the deployment of the additional bandwidth, which is expected to help

, capitalization of the Lake Charles Gas Cracker and the adoption of new TFRS during the quarter. • Combined PET segment which also comprises our flagship PET business has seen resilient demand and improved margins

]St0 HC = Ct1−[Delta]St1 DeltaBS = f ( St0, K, T, r, σ ) Historical statistic : Standard deviation Implied statistic : Min ∑ (Cmarket – C theoretical) 2 DeltaWM = f ( St0, K, T, r, μ, σ* ) σ* = f (r, μ

46.2%. Following improved EBITDA, AIS reported a net profit of Bt8,037mn, +4.5% YoY and +4.4% QoQ. Secure competitive spectrum position AIS has officially signed the roaming and equipment rental

2017 which is in line with an increase in revenue and improvement on EBITDA margin. • EBITDA margin improved to 27.7% in 2017, primarily due to high efficiency of our new power plants became commercial