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

LINE Pay (RLP), repaid Bt7,058mn of borrowings and paid Bt10,614mn as dividends for 2H17 performance. As a result, outstanding cash was Bt7,555mn. 4 2Q18 MD&A Advanced Info Service Plc. Income statement

Multi Sign Company Limited by MACO of THB 163mn, dividends paid of THB 65mn2 and loan repayment of THB 11mn. However, this offset by an increase in proceeds from other receivables from exercise of

Income from Loans to GHECO-One and Dividends Received from Investments in Glow IPP. Revenue from Sales and Services In 2Q2018, Revenue from Sales and Services was Baht 423.5 million, a 4.4% increased from