assurance in relation to the value or returns on the offered securities; nor shall they certify the accuracy and completeness of information contained in the registration statement/ draft prospectus. The

tax paid and cash used for dividends. Year on year operating cashflow has increased due to the higher revenue but was offset somewhat by higher fuel prices. Net cash flows from investing activities

financing activities of THB 3,267 million was mainly from 2018 dividends paid to OSP shareholders in Feb’19 and May’19 and 2019 interim dividend paid in Sep’19 with total amount of THB 3,124 million

dividends to the shareholders of The Company 548.7 million baht, and repayment for long-term loans of 644.5 million baht. 44 หมู่ 4 ถ.แจง้วฒันะ ต.ปากเกร็ด อ.ปากเกร็ด จ.นนทบุรี 11120 โทร +66 2836 9990 โทรสาร

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 adjustments under TFRS 15

Ended 30 June, 2017 Page 13 5.2.5 The Company received dividends from joint ventures in the total amount of Baht 988.32 million. 5.3 Net cash used in financing activities decreased cash flow in the amount

received dividends from associates and joint ventures in the total amount of Baht 2,133.71 million. 5.2.3 RATCH-Australia Corporation Limited, a subsidiary, invested in Mount Emerald Wind Farm Project and

176mn, dividends paid of THB 123mn, and a repayment of long-term loan from financial institution and finance lease of THB 13mn. 7 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31

Analysis For the Year Ended December 31, 2017 Page 12 4.2.4 The Company received dividends from associates and joint ventures in the total amount of Baht 2,532.10 million. 4.2.5 The Company received cash

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).