11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

SUBSIDIARY MANAGEMENT DISCUSSION AND ANALYSIS (For the Consolidated Financial Statements of the Year Period Ending December 31, 2018) (1) Overall Operating Results For the year 2018, the total revenue from

to economic, political, and any situations in foreign countries that had a significant impact on overall operations. Therefore, to maintain the growth performance, the Company has planned operations to

(121.2) (296.9) Net Cash from (used in) Financing Activities (134.5) 215.5 Increase (Decrease) in Net Cash and Cash Equivalents 8.9 220.7 Overall the company had an increase in net cash and cash

ANALYSIS (For the Consolidated Financial Statements of the Year Period Ending December 31, 2019) (1) Overall Operating Results For the year 2019, the total revenue from sales and services of the Company and

Company has negative cash flow from having losses from operation for several consecutive years. Causes are from change in media consumption behavior from print media to online media and overall economic

volume of chicken processing segment as a result of higher sales volume of chicken export. Nevertheless, the price of major raw material which are corn dropped by 10.52%, overall, the cost of sales for

and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to effectively manage SG&A expenses. 4 Financial expenses Our financial expenses in Q2

human resources policies. We believe that our SG&A expenses have become normalized and the overall cost control measures are well implemented so that to serve as a tailwind factor to our ability to

the period of 9M/2017 was averaged at 481 USD/Ton, increased 130% from 9M/2016 due to the market situation mentioned earlier. The overall demand of Natural Fatty Alcohols in quarter 3/2017 was still