Management Discussion and Analysis for Interim Business Operation Financial Performance for the year ended Sebtember 30, 2019 (Unit : Millon Bath) 2019 2019 Inc/(Dec) % Construction income 23.88

acquisition of GLOW, which increased net profit by Baht 238 million. In addition, the company received dividend income from Ratchaburi Power Company Limited (RPCL) for Baht 72 million. Normalized net profit

.(Dec.) % Inc.(Dec.) Services income 128.03 79.61 (48.42) -37.82% 262.78 190.09 (72.69) -27.66% Cost of rendering of services (87.66) (56.68) 30.98 -35.34% (179.70) (133.67) 46.03 -25.62% Gross profit

and subsidiaries thus reported Baht 90,484 million in operating profit before provision expense and income tax expense, rising Baht 935 million, or 1.05 percent, over-year. The increase was derived from

3.43 % 3.06 % 3.65 % 5.46 % Other Income 3.19 % 3.19 % 3.54 % 2.76 % Cash against Operating Profit 263.54 % 219.44 % 76.06 % 195.86 % Net Earnings 4.60 % 4.99 % 5.69 % 6.54 % Return on Equity 8.53 % 8.59

.) growth in private consumption supported by higher household income in both agriculture and non- agriculture sectors along with recovering consumer confidence; 2.) solid performance in the tourism sector

340.51 49.19 14.4 Finance costs 369.63 352.58 17.05 4.8 Income tax expense 233.25 217.75 15.50 7.1 Total expenses 2,325.81 2,155.04 170.77 7.9 2,116.88 1,839.91 276.97 15.1 Non-controlling Interests 36.09

premium of THB 182mn from the exercise of convertible securities, MACO-W1, 2) unappropriated retained earnings of THB 120mn, and 3) non-controlling interests of the subsidiaries of THB 23mn. As of 31

disposed in late 2017. However, the revenue of Hotel Management was improved. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) was THB 144 million, representing 131.4% growth yoy

Financial Statements of Advanced Connection Corporation Public Company Limited (“the Company”) and its subsidiaries for the 6-month ended June 30, 2017, appear as comprehensive operating income 3.60 million