3BBIF

Dividend Policy and Reduction of Capital

Reason of the Reduction of Capital:

1^st - 3^rd Capital reduction
The Fund had excess cash from advance rental payment amounting THB 816.51mn which the Fund received from Triple T Broadband Public Company Limited (“TTTBB”) at the Closing Date pursuant to the Initial Main Lease Agreement. The Management Company decreased the capital of the Fund THB 685.85mn in 2016 and THB 130.35mn in 2017 respectively. The capital reduction was made as predetermined and clearly described in the Fund Scheme.

The advance rent of THB 816.51mn is the rent for the last three months under the Amended and Restated Main Lease Agreement which will be paid to the Fund in 2038. Therefore, the above capital reduction may result in Unitholders receiving less dividends in the future since the advance 3-month rental was already paid in the form of capital reduction. In addition, in the event of a force majeure event, which prevents the Fund from leasing the Optical Fiber Cables to TTTBB and, as a result, the Amended and Restated Main Lease Agreement is terminated, the Fund shall still be liable and return the advance rent to TTTBB, provided that TTTBB has fulfilled all its obligations thereunder. In such an event, the Fund may not have sufficient funds to make such payment, in whole or in part, to TTTBB.

4^th - 10^th Capital reduction
The fund incurred a loss from changes in the fair value of investments, which is a non-cash expense.