Financial position 31 December 2018 31 March 2019 Increase (Decrease) 4 Forth Smart Service Public Company Limited (FSMART) 1Q19 Management Discussion and Analysis Total shareholders’ equity as at 31 March

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

, there are risks from the slow recovery of some business sectors, including the export sector that continued to decline due to the economic slowdown in Thailand's major trading partners. This may affect

and 0.5% QoQ. Marketing expenses remained at 5.5% of total revenue, same level both YoY and QoQ. Underpinned by localized promotional campaigns, the decline in prepaid subscriber has slowed down, while

30, 2017 Unit : Million Baht Power Generation Others Total Change Increase (Decrease) Quarter 2 Quarter 2 Quarter 2 Quarter 2 2017 2016 2017 2016 2017 2016 Amount % Total Revenues 7,850 5,227 166 110

decrease in unit rate which is adjusted in line with the decrease in average natural gas price, thus sales also decrease in line with the fuel material cost of natural gas. Sales and service income (included

service income 1,740.6 1,613.3 1,627.5 1,601.4 (26.1) (1.6%) 6,917.0 6,582.7 (334.3) (4.8%) Sales and service income (included revenue from finance lease under a Power Purchase Agreement) decrease 1.6% QoQ

T+[..] [specify the date that investors will receive redemption payment] ▪ Investors who seek stable returns or capital protection. ▪ Investors who intend to invest solely in fixed income securities

significantly and result in the decrease in gross profit margin of revenue from domestic sales i.e. gross profit of domestic sales was amounted to THB 505 million decreased by THB 90 million or 15.1

Q4 which created a decline in mobile service revenue in this quarter. Following the EBITDA movement, AIS reported a net profit of Bt6,757mn, improved 7.1% YoY from better operating performance, lower