70.3 percent from gain on fair value adjustment of investment due to reclassification, net of tax, in the amount of Baht 2,030 Million which is the non-cash gain and gain from operation increased by Baht

network in the Eastern Seaboard area, its high profitability, and reliable cash flows. 5. Raw Water Business Raw water revenue in the first half of 2018 was 1,185.16 million Baht, decreased by 124.89

1 1Q18 MD&A Advanced Info Service Plc. Executive Summary Expand into potential growth areas of enterprise and mobile money AIS has executed two strategic deals totaling Bt4.2bn of cash transactions

lower interest-bearing debt, net debt to EBITDA stood at 1.2x, down from 1.4x while average interest cost was 3.1% p.a. Return on equity remained strong at 75%. Cash Flow In 1Q17, AIS generated Bt13,838mn

and lease income 2 68 4 27 6 95 (89) (94%) 4. Cash Flow Analysis As of March 31, 2019 cash and cash equivalents were Baht 22,938 million, decreasing by Baht 11,939 million comparing to December 31, 2018

THB 73 million, or 0.7%, from 31 December 2017. • Current Assets decreased by THB 596 million due to the investment in NRIP causing a decrease in Cash and Cash Equivalents of THB 445 million. • Non

Cash and cash equivalents 247.68 10.59% 488.97 20.70% Short-term investment 4.36 0.19% 4.85 0.21% Account receivable, trade and others 752.20 32.15% 706.03 29.89% Inventories 732.56 31.31% 663.32 28.08

Company Limited (“PA12”) (formerly known as “BTS Sansiri Holding Fifteen Limited”) from Sansiri JV. CASH FLOW As of 30 June 2020, cash and cash equivalents was THB 2,372mn, decreasing from THB 2,767mn at

2020 amounted to Baht 660 Million. Cash Flows As at June 30, 2020, the Company and its subsidiaries had cash and cash equivalents amounting to Baht 2,466 Million, representing an increase from the end of

the period. Unit: THB million Osotspa Public Company Limited Q2’20 and 1H’20 Management’s Discussion and Analysis 13 August 2020 Q2’20 and 1H’20 Management Discussion & Analysis Page 5/6 Cash Flows As