Company Limited ("IFEC"), acquired the knowledge from the Board of Directors Meetings No. 11/2016, held on 1 November 2016, that IFEC faced a problem with insufficient cash flow to pay off its

to a 20% reduction in IVL’s core EBITDA. Operating cash flow through this period increased by 33% to $1.3B, as a result of lower prices and operational excellence. IVL has proposed a dividend of

book value per share at 16.58 times and debt to equity ratio (D/E ratio) at 0.36 times. Cash Flow For the 9-month period as of June 30, 2017, the Company had the changing in cash flow comparing to the

of Capital Flow The Company will use its excess cash flow for this acquisition and still have adequate working capital for its ongoing operations. 8. Opinion of the Board of Directors on the

details relating to the Transaction to the Stock Exchange of Thailand (SET) 7. Financial Source and Adequacy of Capital Flow The Company will use its excess cash flow for this acquisition and still have

million baht. Additionally, as of September 30th, 2017, the Company had debt to equity ratio (D/E ratio) at 0.36 times. Cash Flow According to the consolidated financial statement as of September 30th, 2017

% 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

was due to the changes in the Labor Protection Act This was one-time expense in the Income Statement, but no impact to Cash Flow due to its non-cash item. Compared to last year, the Company recognized

par value of preferred shares is 10 Indian Rupees per share 2.3. The management of the Company has appraised the share price of the Joint Venture Company by using the Discounted Cash Flow method (DCF

which valued by Discounted Cash Flow method. Benefits Expected to be obtained by the Company 1. The Company acquire new share of FD from current shareholder equaled to 51 percent of the registered and