31-Mar-18 Current liabilities Non-Current liabilities 21.7% 1.9% 23.8% 1.9% 2,022 2,011 Equity 74.3% 76.5% 33.2% 66.8% 2,011 5 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended

2018_Q1_MDA_ENG Ocean Glass Public Company Limited Page 1/2 Management Discussion and Analysis Operating Results In the 1st quarter of 2018, Ocean Glass Public Company Limited and Subsidiaries (“the

% Total assets 6,737.09 5,948.06 789.03 13.3 Interest-bearing debts 3,153.13 2,433.16 719.97 29.6 Total Liabilities 3,600.78 2,966.06 634.72 21.4 Total sharehoder's equity 3,136.31 2,982.00 154.31 5.2

SN.LK. 005/2019 February 21, 2019 Subject : Management Discussion and Analysis for the year ended 31 December 2018 Attn : The President The Stock Exchange of Thailand Indara Insurance Public Company

(65%) 0.49 (35%) Equity Fixed income Unit trust Operator %total UT  PIMCO Lombard Odier State Street Global Advisors JPMorgan Asset Management BlackRock 11% 8% 8% 7% 7% Total 41% 84% 14% 1% Gov. Bond 1

%) 0.74 (58%) 0.52 (41%) Equity Fixed income Unit trust Operator %total UT  PIMCO Lombard Odier JPMorgan Asset Management BlackRock State Street Global Advisors 11% 7% 7% 7% 7% Total 40% 89% 9% Gov. Bond 1

%) 1.03 (63%) 0.59 (36%) Equity Fixed income Unit trust Operator %total UT  PIMCO JPMorgan Asset Management Lombard Odier BlackRock State Street Global Advisors 12% 7% 7% 7% 7% Total 40% 81% 15% 3% Gov

(56%) 0.54 (43%) Equity Fixed income Unit trust Operator %total UT  PIMCO Lombard Odier JPMorgan Asset Management BlackRock State Street Global Advisors 11% 7% 7% 7% 6% Total 39% 90% 8% Gov. Bond 1

(53%) 0.55 (46%) Equity Fixed income Unit trust Operator %total UT  PIMCO Lombard Odier JPMorgan Asset Management BlackRock State Street Global Advisors 11% 7% 7% 7% 6% Total 38% 90% 8% Deposit FI Debt

(49%) 0.62 (50%) Equity Fixed income Unit trust Operator %total UT  PIMCO Lombard Odier BlackRock JPMorgan Asset Management State Street Global Advisors 11% 7% 7% 6% 6% Total 36% 90% 9% Corp. 1