from taking certain actions. Examples of the covenants include a. prohibition on the payment of dividends if certain conditions are met in order to prevent depletion of the issuer’s funds that are

FY2019 will be 5.00 baht per share or 31.4% payout ratio. The Company has set the record date on May 14, 2020 to determine the shareholders entitled to receive dividends (XD will be posted on May 13, 2020).

financing activities increased by THB 5,703 million from IPO proceeds of THB 14,723 million, offsetting by loans repayment of THB 6,095 million and total dividends payment of THB 2,809 million (including

proceeds received from sale of the shares of the Business or the sale of the shares of the Business’ subsidiaries, dividends received from the Business, the restructuring the structure of the Business, the

loans from financial institutions of THB 38mn. However, these was partially offset by dividends paid of THB 91mn. MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED

Operation excludes Other Revenue from Utilities Business. 4 Other Incomes mainly consists of Interest Income from Loans to GHECO-One and Dividends Received from Investments in Glow IPP. 5 Revenue Levelization

. The main reasons were as follows:- 5.2.1 The Company received dividends from associates and joint ventures in the total amount of Baht 2,203.90 million. 5.2.2 RATCH-Australia Corporation Pty Ltd, a

profit of THB 814.8 million and the interim dividends received from the Subsidiaries at the amount of THB 490.0 million, which were approved from the Subsidiaries’ Board of Directors in July 2019. The

dividends distributed by promoted companies are exempt from income tax during the exempt period  Additional 5-year 50% reduction of corporate income tax  Double deductions from the costs of transportation

import duty on machinery  8-year corporate income tax exemption (unlimited)  Any dividends distributed by promoted companies are exempt from income tax during the exempt period  Additional 5-year 50