Investor Presentation Plc. November 2019

Ticker: ADVANC (SET) AVIFY (ADR) Add AIS IR LINE@ AIS: Digital Life Service Provider

Medium to long term

Enterprise

Enterprise Mobile 10% 86% FBB 4% FBB Digital

Strengthen the Core Expand New Growth Engine Build New Digital Businesses Maintain leadership in core mobile Expand revenue and profit stream from Fixed Build new digital platforms to serve future business while optimizing and Broadband and Enterprise Business while customer’s lifestyle and create new way of digitizing to preserve strong cash serving to strengthen and leverage from the customer engagement through partnership flow generation core mobile business models

48% market share 5th year of operation 41.6mn subscribers 9% market share Mobile Nationwide // 937K subscribers Cloud money mobile network >98% Fibre to home coverage Video IoT Cover 57 key cities out of 77 provinces Other >98% Mobile network partners’ coverage services Cover 7mn home-pass out of 22m households in • Insurance • Game • Advertising 2 9M19: Robust revenue growth with guidance maintained

9M19 • Maintain leadership in network quality FY19 performance • Continue strengthening brand perception Guidance • Focus on Customer Value Management (CVM) +5.2% Mid-single • Offer Fixed-Mobile Convergence (FMC) YoY digit • Enhance sales effectiveness growth • 1mn subscriber target by end-2019 with Core service revenue quality acquisition

Business • Gain share in EDS (Enterprise data service) • Drive double-digit growth in Cloud/DC/ICT • Explore IoT in key verticals EBITDA 44.2% margin Stable from last year

Normalized • Continue operational efficiency & digitization EBITDA margin • Ensure spending effectiveness to compete and retain quality subscribers • Invest for 4G leadership and fixed broadband • Invest in future-proof technology and incorporate CAPEX capability in network plan CAPEX 16bn • Continuously invest in research and development of 5G 20-25bn use cases to explore new revenue opportunities.

3 3Q19 Overview: Mobile saw improvement while FBB continued strong growth

Core service revenue: grew 7.2% • Revenue +6.4% YoY, flat QoQ following postpaid price adjustment YoY driven by improvement in mobile Mobile • Postpaid subs gained 208k vs -115k in prepaid with data consumption of 12.1 GB/month +7.2% 35,527 (Bt mn) 33,134 1,172 • Robust revenue growth of +32% YoY, +6.9% QoQ driven by 81.6k +4.4 % Others 1,475 FBB net addition 1,122 +32% • Focused on FMC and maintain 1mn subs target supported by AIS 1,117 FBB shops, Telewiz, and AIS Call Center to ensure quality

Mobile Enterprise: +6.4% 32,880 30,895 • Maintained high-single digit growth for FY19, supported by end- Digital to-end product proposition combined with CSL services Consumer: • Continued building engagement platforms in video, mobile money, IoT, and partner platforms 3Q18 3Q19

EBITDA and margin: grew 15% YoY supported by revenue growth Net profit: continued improving trend

45.4%* (Bt mn) Norm. 42.6%* • +7.2% YoY and +2.6% +20% 8,296 Norm. Network QoQ from mobile & FBB 6,934 OPEX (Bt mn) +15% expansion 20,656 (excl. TOT) 17,951

• +6.4% YoY from brand SG&A and -6.2 % QoQ from a 3Q18 3Q19 one-time for legal • +20% YoY and +0.7% QoQ following severance in 2Q19 3Q18 3Q19 EBITDA expansion, despite rising D&A

*Show performance after normalizing Bt479mn (before tax) of TOT partnership in 3Q19 4 Mobile: Revenue grew from postpaid price adjustment

Revenue driven by postpaid price adjustment 4G penetration continued uptrend

Mobile revenue (Bt bn) 4G Penetration on total base

+6.4% YoY +4.3% YoY 63% 66% 69% Flat QoQ 97.3 57% 59% 93.4 32.9 32.9 30.9 Net subscriber addition (‘000)

Prepaid Postpaid 3Q18 2Q19 3Q19 9M18 9M19 360 347 354 250 208

175 Maintained network quality leadership 192 -32 -276 -115

3Q18 4Q18 1Q19 2Q19 3Q19

• Maintained strong postpaid growth driven by 4G demand and handset campaigns. • The decrease in prepaid customers resulted from customer demand to convert from prepaid to postpaid.

• AIS awarded Thailand’s Fastest Mobile Network for 5 consecutive years • The best network performance, tested by QUALCOMM

5 Mobile price plan: Gearing toward volume-base plans in postpaid; while maintaining competitiveness as well as acquiring targeted segments in prepaid

Postpaid: Full 4G speed Prepaid: Main package

Call all Monthly Total internet Throttled THE ONE SIM First Activation Bt50 speed networks Enjoy Free Fee (Bt) (mins) 750MB/2Mbps Data 299 1.5GB 128kbps 100 Refill at 2GB/7d least 1GB 399 5GB 150 Bt150 (12m) 499 10GB 200 30d 3 months 599 16GB 384kbps 300 699 20GB 300 SUPER SOCIAL SIM First Activation Bt50

899 30GB 400 1 month 3 months Refill at 1Mbps/30d 1,099 650 least Data Bt150 2GB/7d 1,299 850 (12m) Unlimited - 30d 1,599 1,200

1,999 2,000 12 months Call rate: Bt0.014/s - Bt1 at first minute

NEXT G Flexi Speed: The adjustable data package to match your speed needs Prepaid: SIM2Fly

Call all Monthly Internet Speed Required Bundle networks Fee (Bt) 4G/3G Adjustment Top-up (Bt) (GB) (mins) 399 6GB of data for 8 days in Asia & Australia 450 20 Full Speed 8 Mbps 899 6GB of data for 15 days globally 550 Unlimited 40 200 4 Mbps 2,799 15GB of data for 1 year globally 750 60 2 Mbps *Voice call: Bt6/minute for all packages • Offer various segmented SIMs to cater different needs • Leverage bundling services to encourage recurring top-up 6 5G Development

AIS’s spectrum portfolio Largest bandwidth of 120MHz (2x60MHz) under operation

700MHz 900MHz 1800MHz 2100MHz 2100MHz New License License License License Partnership with TOT 2x10MHz 2x10MHz 2x20MHz 2x15MHz 2x15MHz *Starting from Until 2031 Until 2033 Until 2027 Until 2025 October2020 deployed for deployed for deployed for Deployed for 4G/3G/2G 4G 4G/3G 4G/3G

= 5MHz block

NBTC’s draft plan to auction 5G spectrum

Draft timeline for license auction

700MHz 1800Mhz 2600MHz 26GHZ 12-Nov-19 13-Nov-19 27-Dec-19 2-Jan-20 16-Feb-20 Mar-20 - 12-Dec-19 Potential frequencies Draft of Public hearing Publication of the Auction Auction date License to be allocated in 2020 information for related regulation regarding invitation granting memorandum stakeholders license in the by NBTC Royal Gazatte

Source: NBTC

7 FBB: Continued both revenue and subscriber momentum

Remained double-digit revenue growth Enhanced quality subscriber growth

Fixed broadband revenue (Bt mn) ARPU (Bt/month) Beginning Net addition (‘000) subscriber (‘000) 937 573 574 563 558 549 855 795 82 731 60 +32% YoY 677 65 1,380 1,475 54 1,117 1,212 1,288 +6.9% QoQ 53 855 731 795 623 677

3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19 • Robust revenue growth in 3Q19, focusing on high value customers acquisition through leveraging • Gained 81.6k subscribers in 3Q19, maintaining mobile subscribers 1mn subscribers target within 2019

Launched the new 1Gbps fibre packs Continued to increase value via FMC and leverage key channels

• Focus on cross-selling to AIS existing mobile Max Speed Internet (Download/Upload) subscriber base to acquire quality subscribers and FMC, 28% SUPER MESH WIFI Package enhance ARPA (average revenue per account) • Enhance sales effectiveness through call center 999 – 1,099 Bt/mth and Telewiz • Awarded “The fastest broadband network in Non-FMC, 72% Thailand” by OOKLA Of 937k subscribers

8 Digital service: Expand strategic digital services for both enterprise and consumer

Enterprise: Repositioned to be #1 service provider Strengthened engaging consumer platforms

• Full range of customized solutions for specific industry 1 Video AIS PLAY PLAYBOX WEBSITE 2.2mn active users IOT/M2M NETWORK MOBILITY DC & CLOUD (Sep-19) • Complemented by AIS fibre as live broadcast & on-demand channels

PRODUCTIVITY& VERTICAL COMMUNICATION SECURITY DIGITAL 6.5mn COLLABORATION MARKETING 2 5.6 Active • Maintained target to achieve high-single digit growth Mobile money in FY19 for enterprise segment 0.8 Registered, but not active Sep-19 Service revenue • Comprehensive payment platform contribution complementing digital life service Others 27% 3 • Established an insurance 90% 10% Insurance broker company to be a point Airtime & EDS of online insurance sale 73%

Revenue from enterprise, including mobile airtime, grew Enterprise revenue 4 • Data-driven marketing through to 10% of core service revenue breakdown Advertisement “THAN” – Advertising for Thais

• Leverage on exiting 9 Data centers • Stimulate & facilitate Thais’ eSports • Continue to explore potential IoT in several key areas 5 Games with 4 strategies : Connect, Compete, Share, & Educate

9 Maintained financial flexibility for future growth

Balance Sheet 9M19 Cash flow

(Bt bn) (Bt bn) Cash increase Cash decrease others A/P goodwill spectrum license Operating Investing Financing Net cash 3 17 spectrum 40 payable license 105 65 62 Assets Liabilities

21.1 221 15.8 13.1 B/S 6.1 4.0 1.9 2.0 2.1 284 interest- 3Q19 98 bearing

debt Cash

127 Equity Cash

Income

CAPEX tax paid tax

62 flow cash borrowings PPE Operating

19 increased

Borrowings Repayment of Repayment Stable37 others cost Finance 25 paidDividend 19 11

retained earnings license Spectrum A/R cash others Operating cash flow in 9M19 was sufficient to fund 1.0x 1.6x both CAPEX, debt repayment, and dividend. Investing cash flow was Bt16bn while FY19 budgeted Net debt to EBITDA Interest bearing debt CAPEX is maintained at Bt20-25bn to Equity Average finance costs = 3.1% p.a. • Maintained investment grade credit ratings 0.4x 55% • Fitch: national rating AA+ (THA), outlook stable Current ratio Return on Equity • S&P: BBB+, outlook stable

10 License payment and debt repayment schedule 900MHz payment term extended

Spectrum license payment schedule Debt repayment Schedule

1800x20MHz license payment 28% 900x10MHz license payment • All in THB currency 700x10MHz license payment • S&P rating: BBB+ Bt97bn • Avg. cost of debt = 3.1% p.a. (Bt bn) 72% 26.6

3.1 The payment for 900MHz is Float rate Fixed rate extended to 2025

(Bt bn) 12.5 9.4 21.7 14.8 14.7 3.1 per year 13.9 13.4 12.5 8.3 9.8 7.6 7.6 1.8 6.0 per year 4.0 1.8 1.8 1.8 1.8 0.8 2020 2021 2022-2025 2026-2029 4Q19 2020 2021 2022 2023 2024 2025 2026 2027 2028

Total of Bt83bn toward 2029 Total of Bt98bn toward 2028

11 APPENDIX

12 Impact from TOT partnership

Tower agreement: With dispute of tower ownership settled, AIS agreed to rent towers from TOT who will rent the space and use maintenance services from AWN for 10 years, effective from 1-Jan-19 .The agreement effectively incurred a net cost of approximately Bt200mn/month in 2019 vs Bt300m previously. Ne OLD New Net basis Gross basis AIS recognized the TOT tower rental under Revenue from space rental and maintenance services is ‘Network operating expenses’ booked under ‘IC and TOT partnership revenue’ Cost of tower rental is presented under ‘Network OPEX and TOT partnership cost’.

Net cost = Bt900mn per quarter. Net cost = Bt600mn per quarter (effective since Jan-19)

Net impact of cost-saving from new TOT agreement for 1H19: Bt600mn Booked Net impact of cost-saving from new TOT agreement for 3Q19: Bt300mn in 3Q19

2G equipment: AIS agreed to settle rental dispute and to purchase 2G equipment from TOT for Bt244mn, effectively discontinues the rent from Sep-19 onward. (Since Jul-16, AWN has paid for the use of 2G equipment at Bt167mn/month.)

OLD New AIS recognized the 2G equipment rental under ‘Network operating expenses’ Effectively discontinued the rent from 3Q19 onward Net cost = Bt500mn per quarter.

Net impact of cost-saving from 2G equipment buyback for 3Q19: Bt500mn

13 Profit rose from both revenue and cost improvement

EBITDA

(Bt bn) (Bt mn) +19% YoY (+15% YoY)* +6.2% YoY (59,316)* (+6.2% YoY)* +11% QoQ (+4.6% QoQ)* 55,721 5,137 1,674 59,159 (59.3)* 59.1 799 2,363 211 55.7 21.1 (20.7)* 19.1 17.8 EBITDA Core Cost of SGA Net Others EBITDA 9M18 service service sale 9M19 3Q18 2Q19 3Q19 9M18 9M19 revenue

• Less marketing expense and rental saving on TOT settlement stimulate double-digit growth on EBITDA

EBITDA margin Net profit

Reported (Bt bn) Normalized +28% YoY (+20% YoY)* +5.1% YoY +12% QoQ (+0.7% QoQ)* (+5.2% YoY)* 24.0 (24.2)* 46.5% 22.8 45.0% 44.6% 8.7 (8.3)* 44.2% 44.3% 6.8 7.7 45.4% 44.5% 44.2% 42.3% 42.8% 3Q18 2Q19 3Q19 9M18 9M19 FY19 guidance: Stable from last year • 9M19 net profit increased by 5.1% due to growth in core 3Q18 2Q19 3Q19 9M18 9M19 service revenue and cost saving from TOT settlement

*Show performance after normalizing Bt479mn (before tax) of TOT partnership in 3Q19

14 3Q19 & 9M19 Financial Highlights (Pre-TFRS15)

This table is based on pre-TFRS 15 Bt mn 3Q18 2Q19 3Q19 %YoY %QoQ 9M18 9M19 %YoY Mobile revenue 30,895 32,911 32,880 ▲6.4% flat 93,358 97,346 ▲4.3%

FBB revenue 1,117 1,380 1,475 ▲32% ▲6.9% 3,224 4,143 ▲29%

Other revenues 1,122 1,103 1,172 ▲4.4% ▲6.3% 3,163 3,393 ▲7.3%

Core service revenue 33,134 35,394 35,527 ▲7.2% ▲0.4% 99,745 104,883 ▲5.2%

IC and TOT partnership 3,111 2,841 4,278 ▲38% ▲51% 7,374 10,113 ▲37%

Service revenue 36,245 38,235 39,804 ▲9.8% ▲4.1% 107,120 114,996 ▲7.4%

SIM and device sales 5,865 6,453 5,652 ▼3.6% ▼12% 18,152 18,973 ▲4.5%

Total revenues 42,110 44,688 45,457 ▲7.9% ▲1.7% 125,271 133,969 ▲6.9%

Cost of service (19,835) (20,170) (20,748) ▲4.6% ▲2.9% (56,317) (60,735) ▲7.8%

SG&A (6,794) (7,706) (7,227) ▲6.4% ▼6.2% (19,327) (21,719) ▲12%

EBITDA* 17,817 19,117 21,135 ▲19% ▲11% 55,721 59,159 ▲6.2%

EBIT* 9,261 10,059 11,565 ▲25% ▲15% 30,761 31,687 ▲3.0%

NPAT* 6,800 7,725 8,679 ▲28% ▲12% 22,843 24,019 ▲5.1%

Sales margin -5.5% -4.0% -4.2% ▲130bps ▼20bps -3.2% -4.1% ▼100bps

EBITDA margin* 43% 43% 47% ▲420bps ▲370bps 45% 44% ▼30bps

EBIT margin* 22% 23% 25% ▲340bps ▲290bps 25% 24% ▼90bps

NPAT margin* 16% 17% 19% ▲290bps ▲180bps 18% 18% ▼30bps

*Included one-time expense of Bt479mn (before tax) for TOT Partnership in 3Q19. See page 7 for normalization 15 3Q19 & 9M19 Financial Highlights (Post-TFRS15)

Post-TFRS 15 Bt mn 1Q19 2Q19 3Q19 %QoQ 9M19 Mobile revenue 30,678 32,042 31,851 ▼0.6% 94,571

FBB revenue 1,288 1,380 1,409 ▲2.1% 4,078

Other revenues 1,078 1,083 1,201 ▲11% 3,362

Core service revenue 33,044 34,505 34,461 flat 102,011 IC and TOT 2,995 2,841 4,278 ▲51% 10,113 partnership

Service revenue 36,039 37,346 38,739 ▲3.7% 112,124

SIM and device sales 7,222 6,736 5,994 ▼11% 19,952

Total revenue 43,262 44,081 44,733 ▲1.5% 132,076

Cost of service (19,817) (20,170) (20,748) ▲2.9% (60,735)

SG&A (6,262) (7,047) (6,331) ▼10% (19,641)

EBITDA 18,868 19,169 21,307 ▲11% 59,344

EBIT 10,021 10,118 11,734 ▲17% 31,873

NPAT 7,570 7,754 8,800 ▲13% 24,125

Sales margin 0.9% 0.4% 1.8% ▲140bps -1.0%

EBITDA margin 43.6% 44% 48% ▲410bps 45%

EBIT margin 23.2% 23% 26% ▲330bps 24%

NPAT margin 17.5% 18% 20% ▲210bps 18%

16 3Q19 & 9M19 Revenue Breakdown

Mobile revenue Fixed broadband revenue Other revenues (Bt bn) (Bt bn) (Bt bn) +6.4% YoY +4.3% YoY +32% YoY +29% YoY +4.4% YoY +7.3% YoY 97.3 flat QoQ 93.4 +6.9% QoQ +6.3% QoQ 3.4 3.2 4.1 32.9 32.9 1.4 1.5 3.2 1.1 1.1 1.2 30.9 1.1

3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19 • YoY growth driven by improvement • Expanded subscriber base to 937k, • DC & Cloud business were the main of data pricing adding 81.6k in the quarter growth driver with higher capability from CSL acquisition

IC and equipment rental Net Sales & margin

(Bt bn) (Bt mn) % sales margin +38% YoY +37% YoY +51% QoQ -5.5% -4.0% -4.2% -3.2% -4.1% 10.1 7.4 4.3 3.1 2.8

-256 -236 -573 -324 -784 9M18 9M19 3Q18 2Q19 3Q19 3Q18 2Q19 3Q19 9M18 9M19 • Increased YoY and QoQ due to TOT • Continued handset campaigns settlement

17 3Q19 & 9M19 Cost Breakdown

Regulatory fee D&A Network OPEX (Bt bn) % to core service revenue (Bt bn) (Bt bn) +2.6% YoY +0.7% YoY +12% YoY +10% YoY +2.7% YoY +13% YoY +0.4% QoQ 4.3 4.3 +5.8% QoQ 27.0 +1.3% QoQ 24.5 22.1 7.3 7.4 19.6 1.4 1.5 1.5 7.2 9.4 8.4 8.9 4.3% 4.3% 4.1% 4.1% 4.1%

3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19

• Increased following higher service • Continued investment in 4G • 9M19 network OPEX increase 13% revenue and maintained at 4.1% of network, FBB, and 1800MHz YoY from 4G expansion and TOT core service revenue spectrum license partnership cost

Marketing expense Admin & others (Bt bn) % to total revenue (Bt bn) +5.9% YoY +15% YoY +6.6% YoY +11% YoY -5.3% QoQ 7.9 -6.7% QoQ 13.8 6.8 12.5

2.4 2.7 2.6 4.4 5.0 4.7 6.1% 5.8% 5.7% 5.5% 5.9%

3Q18 2Q19 3Q19 9M18 9M19 3Q18 2Q19 3Q19 9M18 9M19

• QoQ reduction mainly resulted from an increase • The drop QoQ due to one-time provision for legal in brand campaign in 2Q19 severance in 2Q19. However, YoY increase came from • 9M19 increased from investment for brand interest charge on settlement of 2G equipment with TOT perception and handset subsidies • 9M19 increase resulted from legal severance recognition in 2Q19 18 Impact from TFRS 15 adoption

Subsidy Contract Type I Subsidy Contract Type II

• Subsidy booked in marketing expense is capitalized as contract • Subsidy booked as negative device margin requires a re- asset and amortized against service revenue over the contract allocate between service and device revenues by fair values • Results in lower service revenue and lower marketing expense • Results in lower service revenue and higher device sale

Pre-TFRS 15 Post-TFRS 15 Pre-TFRS 15 Post-TFRS 15

Service revenue Service revenue Service revenue Service revenue

Subsidy Device sale Device sale (under marketing expense) Device sale Re-allocate Device sale by fair values Subsidies under Amortized negative device against service margin revenue over contract period Device cost Device cost Device cost Device cost Subsidy (under marketing expense) Contract asset

Net impact between Pre-TFRS 15 and Post-TFRS 15 for 1H19

Profit and Loss Balance Sheet Cash Flow

Service Device SG&A Contract DTA Retained Cash flow revenue sale asset earnings

-1,807mn +638mn -1,149mn +1,675mn -335mn +1,340mn No impact

19 Impact from TFRS 16 New account standard to replace TAS17, affective on 1 January 2020 • AIS’s major operating leases to be transferred: tower and site rental, long term roaming contract with TOT on 2100MHz, office and shop building and transmissions

Previous standard (TAS 17) New standard (TFRS 16)

Operating lease Finance lease

Assets: Right of use (ROU) Rental expense Liabilities: Lease liability

Accounting transactions incurred • Depreciation expense • Interest expense • Deferred tax

Cash flow from operating activities Cash flow from financing activities (Rental expense) (Finance lease payment)

Net impact between Pre-TFRS 16 and Post-TFRS 16 in 2020

Profit and Loss Balance Sheet Cash Flow Higher EBITDA (decrease in rental Increase in cash flow from Higher Assets expense and increase in depreciation) operating activities Decrease in cash flow from Lower net profit in the beginning Higher liabilities financing activities (high interest expense) *No impact

20 FY19 Pre-TFRS 15 Guidance (maintained)

FY19 guided items Guidance Rationale

Core service revenue Mid-single digit • Mobile: stay competitive in maintaining business scale growth driven by 4G and penetration in growing segments • FBB: deploy FMC (Fixed- Mobile Convergence) targeting 1mn subscribers milestone • Enterprise: gain share in mobile airtime and EDS while growing in Cloud/DC/ICT managed services

EBITDA margin Stable from last year • Allocate sufficient capital to retain and expand scale in (43.4% in FY18) respective businesses • Optimize OPEX, offset with cost to support network growth in all businesses Budgeted CAPEX Bt20-25bn, of which • Focus on 4G capacity expansion incorporating 5G- (excludes spectrum Bt4-5bn allocated for compatible architecture payment) FBB • Expand last miles to serve 1mn FBB customers

Dividend policy Minimum 70% payout • Preserve financial health and flexibility for future growth ratio

21 Historical profitability and CAPEX trend

Industry AIS

45% 42% 42% 44% 46% 40% 45% 43%

36% 32% 32% 33% 33% 32% 36% 36% EBITDA margin EBITDA 2011 2012 2013 2014 2015 2016 2017 2018

Industry AIS

25% 24% 24% 24% 20% 19% 14%18% 13% 13% 14% 18%

9% 9% 8% 6% NPAT margin NPAT 2011 2012 2013 2014 2015 2016 2017 2018

AIS’ CAPEX to service revenue ex. IC AIS’ CAPEX (Bt bn)

41% 32% 24% 28% 27% 15% 6% 9%

CAPEX 48 41 33 32 6 10 28 20

2011 2012 2013 2014 2015 2016 2017 2018

Source: company data 22 Mobile industry stat

Revenue market share Total mobile revenue (Bt bn) Blended ARPU (Bt)

263 255 262 258 231 243 254 251 254 TRUE 224 66 73 DTAC 28% TRUE 38 45 58 237 253 243 DTAC 66 65 65 63 Bt68bn 49% 68 220 220 212 208 204 204 TRUE 129 133 23% 118 121 123 213 DTAC FY14 FY15 FY16 FY17 FY18 4Q15 4Q16 4Q17 4Q18 2Q19 as of 2Q19

Subscriber market share Total subscriber (mn) Industry Postpaid-Prepaid mix

TRUE Postpaid Prepaid 96 90 90 92 83 32% TRUE 24 19 25 27 29 92 mn 45% 28 DTAC 25 24 23 21 86% 83% 81% 78% 76% 23% DTAC 44 39 41 40 41 14% 17% 19% 22% 24%

as of 2Q19 2014 2015 * 2016 2017 2018 2014 2015 2016 2017 2018

* In 2015, sub base of the industry was affected by the adjustment of prepaid sub reporting to reflect only active ones. The decrease in sub base also caused by NBTC’s announcement requiring prepaid sub to register their SIMs. The SIMs that failed to register by the deadline were terminated. 23 Mobile: Data usage grew more reasonably

Subscribers (mn) postpaid prepaid ARPU (Bt/sub/month) postpaid prepaid blended % to total sub 571 564 571 569 537 20% 20% 21% 21% 22% 529 531 32.6 33.0 33.0 32.7 32.6 255 253 263 263 246 256 254 176 174 182 179 174 182 179 8.0 8.2 8.5 8.8 9.0

4Q18 1Q19 2Q19 3Q19 1Q19 2Q19 3Q19 (TFRS15) (TFRS15) (TFRS15) Net addition (‘000) VOU (GB/data sub/month) 360 347 354 192 175 250 208 14.0 14.4 15.1 16.2 12.7 11.4 11.5 12.1 -32 9.2 10.1 9.8 10.9 10.3 10.1 10.5 -115 -276

3Q18 4Q18 1Q19 2Q19 3Q19 3Q18 4Q18 1Q19 2Q19 3Q19

• Mobile subscribers was at 41.6mn, slightly • Blended ARPU maintained at Bt263, resulted increased with net add of 94k QoQ mostly from corporate subscribers • Postpaid subscribers grew 208k QoQ, • Blended VOU increased to 12.1GB but the rate of underpinned by prepaid-to-postpaid conversion growth was more modest compared to the hype from and attractive handset campaigns. last year unlimited data plan. • Prepaid subscribers decreased 115k QoQ, partly from postpaid migration.

24 Mobile postpaid package: Gearing toward full-speed plans

Full 4G speed Data add-on package

Call all Day (s) Monthly Total internet Throttled speed networks Enjoy Free Volume Fee (Bt) (mins) 1 day 3 days 7 days 30 days

299 1.5GB 128kbps 100 100 MB 9 Bt

399 5GB 150 200 MB 15 Bt 3 months 499 10GB 200 600 MB 20 Bt 599 16GB 384kbps 300 1 GB 35 Bt 65 Bt 99 Bt 199 Bt 699 20GB 300 1.5 GB 39 Bt 69 Bt 109 Bt 229 Bt 899 30GB 400 1 month 3 months 2 GB 45 Bt 75 Bt 115 Bt 239 Bt 1,099 650 1,299 850 3 GB 49 Bt 79 Bt 119 Bt 399 Bt Unlimited - 1,599 1,200 4 GB 69 Bt 99 Bt 135 Bt 450 Bt 12 months 1,999 2,000 5 GB 75 Bt 105 Bt 150 Bt 488 Bt

8 GB 89 TBt 149 Bt 199 Bt 599 Bt NEXT G Flexi Speed: The adjustable data package to match your speed needs

Call all Monthly Internet Speed networks • Attract new data users and encourage higher Fee (Bt) 4G/3G Adjustment (GB) (mins) ARPU subscriptions through premium VDO 450 20 Full Speed contents 8 Mbps • Serve high-end heavy data users with real 550 Unlimited 40 200 4 Mbps unlimited max speed experience 750 60 2 Mbps

Updated: Nov-19 25 Mobile: Prepaid package

Main package Data add-on package Period Data Price (Bt) THE ONE SIM First Activation Bt50 Daily

750MB/2Mbps Data 24h 2GB 35 Refill at 2GB/7d least 1GB 24h 8GB + AIS Wi-Fi 89 Bt150 (12m) Weekly 30d 5d 2GB 99

7d 2.5GB / 512kbps 89 SUPER SOCIAL SIM First Activation Bt50 7d Unlimited (6am-6pm) 99 7d 2.5GB / 1Mbps 120 Refill at 1Mbps/30d least Data 7d 8GB + AIS Wi-Fi 199 Bt150 2GB/7d Monthly (12m) 30d 30d 1GB 199 Call rate: Bt0.014/s - Bt1 at first minute 30d Unlimited (6am-6pm) 299

Prepaid: SIM2Fly Add-on package for entertainment

Required Bundle • AIS PLAY MOVIES • Bt199/m Top-up (Bt)

399 6GB of data for 8 days in Asia & Australia 899 6GB of data for 15 days globally

2,799 15GB of data for 1 year globally • Entertainment Non-Stop • Bt19/d, 512kbps *Voice call: Bt6/minute for all packages or or

• Offer various segmented SIMs to cater different needs • Leverage bundling services to encourage recurring top-up • AIS PLAY Maomao • Bt59/30d

Updated: Nov-19 26 Mobile: Market pricing

• Postpaid

Fee (Bt) Data (GB) Call (mins) Others Data (GB) Call (mins) Others Data (GB) Call (mins) Others 299 1.5 100 1.5 100 1.5 100 399 5 150 5 150 5 150 499 10 200 10 200 10 200 599 16 300 16 300 699 20 300 20 300 20 300 899 30 400 30 400 30 400 1,099 Unlimited 700 Unlimited 700 Unlimited 700 1,899 Unlimited 1,200 Unlimited 2,000 1,999 Unlimited 2,000 2,199 Unlimited Unlimited Next G Flexi Speed Super Khum Jai Laew Job&Smart Net Fee Data Call Fee Data Call Fee Data Call Details Details Details (Bt) (GB) (mins) (Bt) (GB) (mins) (Bt) (GB) (mins) 450 20 200 549 40 600 399 30 300 Bt450 pack is Only converted to 749 60 1,000 Allowed for new 450 40 450 550 40 200 allowed for sub. only DTAC sub are new/convert sub. allowed 749 60 200 949 80 1,200 599 40 1,000

• Prepaid

Segment SIM (Bt) Data (Bt/mb) Call (Bt/min) SIM (Bt) Data (Bt/mb) Call (Bt/min) SIM (Bt) Data (Bt/mb) Call (Bt/min)

st st Bt50 Bt1.5/mb 1 min Bt1 + Bt49 Bt1.5/mb Bt0.90 Bt49 Bt1.99/mb 1 min Bt0.99 + Social Bt0.84 Bt0.55 SIM Unlimited 7 social apps, Bt15 credit Unlimited 14 social apps, No credit Unlimited 9 social apps, Bt15 credit

Unlimited Prepaid Promotion Baht/Speed Call Condition Wifi Period AIS Bt200/10Mbps 1st 15min free + Bt0.99/min. New SIM/MNP - 1-30 Nov. 2019 TRUE Bt200/10Mbps 15min per call (Auto cut off) New SIM - 1-30 Nov. 2019 DTAC Bt200/10Mbps 1st 15min free + Bt0.99/min. New SIM/MNP Free 30 days 1-30 Nov. 2019

Source: operator’s website, as of Nov 2019 27 5G: More spreading investment outlook

CAPEX and technology cycle 5G investment

Bt bn #MHz GSMA’s Global Mobile CAPEX (excl. spectrum) as % of mobile revenue 4G Coverage 100 60 90 3G Capacity 4G Capacity 2.6GHz 3.5GHz 80 18% 18% 50 26-28GHz 17% 17% 70 3G Coverage 14% 40 60

50 30 2000-2005 2005-2010 2010-2015 2015-2020 2020-2025 40

20 30 Dependent on 20 Whether 2G, 3G or 4G, the industry has 10 5G use cases and expect to spread out 10 kept investing 16–18% of its revenue in mobile networks – a trend expected to 0 0 continue in the 5G era. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

• Ensure spectrum leadership and efficient investment

28 Enhanced Mobile Broadband 5G (20 Gbps) in a Nutshell

Massive IOT Ultra High Reliable & Low Latency (1M device per sqr.km.) (1 msec)

29 5G Standardization – Timeline, key date and players

2015 2016 2017 2018 2019 2020  5G Spectrum at World Radio communication Vision Requirements Workshop Proposals Conferences (WRC) ITU 2015 and 2019 WRC-15 WRC-19  Standards complete 2019 Release 15 Release 16 3GPP  Commercial scaled Define 5G Focus more on Commercial Deployments 2020 architectures uRLLC and Specification Define eMBB spec. eMTC onwards

30 Global pre-commercial/commercial 5G launch plan

31 5G deployment worldwide

By mid Jan 2019, 201 operators in 83 countries investing in 5G, including tests, trials, plan, pilot deployment and commercial launch.

32 5G Devices

AT&T announces 3 mobile 5G devices Verizon 5G upgradable phone and FWA devices Netgear 5G WiFi hotspot Moto Z3 5G upgradable Samsung 5G on mmWave & phone sub-6 GHz (2H 2019) Verizon 5G Home CPE since 1 Oct 2018

Samsung 5G prototype phone in CES 2019 Sprint & LG 5G phone by 1H2019 Xiaomi Mi Mix 3 5G phone by mid of 2019

33 Existing 4G Topology

Radio Transport Network 4G Core EPC

HSS IMS Antenna

IPRAN RRU IPRAN ACCESS AGGREGATE MME GW eNB CPRI (10G) SG C W/ 4G PG BBU W GW U Internet

5G NSA Topology (NSA: Non-StandAlone)

Radio Transport Network 4G Core EPC

HSS IMS IPRAN AAU Split Chain ACCESS(10G) IPRAN eCPRI IPRAN WDM MME GW AGGREGAT SG C gNB ACCESS(10G) Access E W/ 5G CU/DU PG IPRAN ACCESS(100G) W GW U Internet

Existing Upgrade New

34 Network infrastructure preparation for 5G

AIS core network is 5G new base stations New Frequency upgradable to support can be interworking spectrum is required 5G with existing network to support 5G

. Tested & Deploy NFV . Also including IPRAN . 2.6GHz, 3.5GHz, 26- and CUPS network enhancement to 28GHz solutions support higher bandwidth

35 Fixed broadband industry stat

Revenue market share Total broadband revenue (Bt bn) ARPU (Bt)

3BB 57 29% TOT 53 648 646 651 645 47 10.3 3BB 18% 9.9 591 635 TOT 10.1 574 Bt14bn 16.9 615 558 16.4 577 10% 3BB 14.5 510 552 TRUE TRUE 43% 25.7 TRUE 23.0 21.0

0.8 3.1 4.4 4Q16 4Q17 4Q18 2Q19 as of 2Q19 2016 2017 2018

Subscriber market share Total subscriber (mn)

3BB 9.2 33% TOT 8.2 20% 7.2 2.0 6.2 1.8 9.5mn 1.7 2.9 9% TOT 1.8 2.7 2.3 38% 3BB 2.0 TRUE 3.5 2.8 3.2 TRUE 2.4 as of 2Q19 0.0 0.3 0.5 0.7 2015 2016 2017 2018

36 AIS Fibre: Competitive price plans targeting pure internet, game and FMC customers

Home Broadband eSports Power4 MAXX SUPER MESH WIFI

• Basic pure internet pack for • Target gamers by • Offer FMC including fibre • Offer a high-speed fibre early broadband adopters separating network broadband, mobile data, internet experience in including ADSL users between Gaming & Internet premium content, and every corner of a home Super WiFi

Updated: Nov-19

37 FBB: Market pricing

Price Data speed Mobile Call/Data Others Price Data speed Mobile Call/Data Others 499 50/20 Mbps - - 599 50/20 Mbps 5 GB - 599 100/100 Mbps - - 799 100/50 Mbps 10 GB Enjoy HD

FMC 699 50/20 Mbps 5GB AIS Play 6m 899 200/50 Mbps 60min, 10GB TrueID TV 790 100/100 Mbps - eSport package 899 200/200 Mbps 10GB Game pack FMC 799 100/50 Mbps 10GB AIS Play 6m 899 1Gbps/100Mbps - - 799 200/100 Mbps - - 999 200/50 Mbps 300min, 15G - 890 200/200 Mbps - eSport package 999 300/300 Mbps 10GB Game pack 990 300/300 Mbps - eSport package 999 1Gbps/100Mbps 5 GB TrueID 12m FMC 999 300/100 Mbps 15GB AIS Play 6m 1,599 1Gbps/100Mbps 300min, 20GB TrueID12m 999 1Gbps/100Mbps - - 1,999 1Gbps/100Mbps - Gold HD 1,099 1Gbps/100Mbps - AIS Play, Netflix 3m 2,199 200/100 Mbps - Platinum HD FMC1,299 300/100 Mbps 100min, 30GB AIS Play 6m, 2,399 1Gbps/100Mbps - Platinum HD Netflix 3m

Price Data speed Others Price Data speed 590 100/100 Mbps Mono Max 30d 590 100/100 Mbps 700 200/200 Mbps Mono Max 30d 700 200/200 Mbps 750 200/200Mbps+200/200Mbps (Mesh Wifi) 900 300/300 Mbps 900 300/300 Mbps Mono Max 30d 1,200 500/500 Mbps

1,200 500/500 Mbps Mono Max 30d 1,590 1Gbps/500Mbps 1,590 1Gbps/100Mbps Mono Max 30d Source: operator’s website, as of Nov 2019 2,999 1Gbps/500Mbps Mono Max 30d 38 Digital content: More varieties and exclusivities

Introduced content packages to attract customers with different preferences e.g. sports, family, movies at more affordable prices on both AIS PLAY and AIS PLAYBOX.

Mobile PLAY PREMIUM PLAY MOVIES PLAY SERIES PLAY NEWS Access to all HBO, CINEMAX, WARNER, BLUEANT HEADLINE exclusive content WARNER, BLUEANT NEWS, CNN Bt299/month Bt199/month Bt99month or Bt99month or Free 1 month Bt5/day Bt5/day

Fixed broadband

Ultimate Ultimate World class Thrilling entertainment movies & series cartoons sports matches in all forms Bt399month Bt299month Bt199month Bt599/month 39 Updated: Nov-19 Continued highly-recognized in brand and customer engagement Ranked World’s Strongest Telecoms Brand Most retweeted hashtags in 2018

• Awarded “World’ Strongest Telecoms Brand” by Brand Finance with a brand strength index (BSI) • Received “2018 Most engaged brands score of 90.0 out of 100, highest in in Thailand” from Twitter 300 most valuable telecoms brands Mark #1 in brand Engaged with digital users on social media • Measured by the leadership Investment efficacy of a brand’s performance: Equity • Marketing investment • Stakeholder equity Performance • Business performance

• The only brand in the industry globally to post • Best Brand Performance on Social Media, a AAA+ rating Social Media Platform and Media Campaigns by Thailand Zocial Awards 2019

40 Distribution Channel

AIS Branded Shop Telewiz: exclusive branded AIS Buddy (run by both AIS and partners) shop by partner 150+ Shops 430+ Shops 1,100+ Shops

Exclusive Partner Local small retailers Electronic Distribution Channel

650+ Shops 19K+ Shops 400K + Points

Retailers

3,000+ Shops

41 Contact us IR website: http://investor.ais.co.th Email: [email protected] Tel: +662 029 5014

Disclaimers Some statements made in this material are forward-looking statements with the relevant assumptions, which are subject to various risks and uncertainties. These include statements with respect to our corporate plans, strategies and beliefs and other statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “intend”, “estimate”, “continue” “plan” or other similar words. The statements are based on our management’s assumptions and beliefs in light of the information currently available to us. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Please note that the company and executives/staff do not control and cannot guarantee the relevance, timeliness, or accuracy of these statements.