cash equivalents increased by THB 4,110 million driven by cash generated from operations (see cash flow analysis). IPO proceeds were partly invested in short and long term debt securities resulting in

. Liquidity Cash Flow Activities For the three- month period ended March 31, 2019, the Company and its subsidiaries generated cash flows from operating activities of approximately THB 304.79 million, decreased

due to lower retained earnings from dividend appropriated. Cash Flow In 1Q19, AIS generated Bt20,611mn of operating cash flow (after tax) increasing 16% YoY following EBITDA expansion. Cash CAPEX was

June 2019. The Company expects to see more revenue generated from this media going forward. BTS Street View Light box series BTS Street View Digital  On 31 July 2019, MACO has acquired 30.0% remaining

from THB 10.15 per share as at December 31, 2018. Liquidity Cash Flow Activities For the six- month period ended June 30, 2019, the Company and its subsidiaries generated cash flows from operating

subsidiaries generated net increase in cash from operating activities of Baht 41.70 million, consisting of baht 56.14 million positively from operating performance and net negative working capital of Baht -14.44

acquisition in March 2017. Tax increased by THB 31mn from THB 210mn to THB 241mn in this fiscal year. As a result of the abovementioned improved operating performance, VGI Group generated total net profit of

% from higher retained earnings. Cash Flow In 1H18, AIS generated Bt31,193mn of operating cash flow (after- tax) . Cash CAPEX to expand 4G and fixed broadband capacities was Bt11,265mn, or 16% of service

and Analysis for the 2nd Quarter 2018 Page 8 of 13 Liquidity Cash Flow Activities For the six-month period ended June 30, 2018, the Company and its subsidiaries generated cash flows from operating

Bt113,300mn, up from Bt109,700mn, while net debt to EBITDA stood at 1.4x, up from 1.3x. Total equity increased 0.8% to Bt50,821mn, mainly from higher retained earnings. Cash Flow For 9M18, AIS generated