Beginning cash (31-Dec-18) CFO CFI CFF Other* Ending cash (31-Mar-19) *Other was the translation adjustments MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE

activities Net cash used in financing activities Net cash used in investing activities Ending cash and cash equivalents (31 Mar 2019) Unit: THB millions Osotspa Public Company Limited Q1’19 Management

its subsidiaries recorded ending cash of Baht 127 million, an increase from Baht 122 million at the end of 2018, with details as follows:  Net cash received from operating activities of Baht 118

Company and its subsidiaries recorded ending cash of Baht 127 million, an increase from Baht 122 million at the end of 2018, with details as follows:  Net cash received from operating activities of Baht

, the ending of projects together and lower global price of materials which all were resulting to the decreasing in the sales. Eventually, there were the impacts to the lower gross profit. The profit

ending month for the soil prepartation period thus, the Company placed less purchase orders for raw materials to oversea suppliers in this period. As of June 30, 2019 the Company and its subsidiary had a

of THB 44mn and dividends paid of THB 11mn. TWELVE-MONTH CASH FLOW SNAPSHOT 195 180 58 55 263 Beginning cash (31-Dec-17) CFO CFI CFF Ending cash (31-Mar-18) 6 MASTER AD PLC MANAGEMENT DISCUSSION

outstanding at end of the previous year and at end of this year) 312 250 476 110 195 Beginning cash (30-Dec-16) CFO CFI CFF Ending cash (31-Dec-17) 2016 2017 2016 2017 Profitability Ratios Liquidity Ratios

CASH FLOW SNAPSHOT 195 384 (338) 834 1,073 Beginning cash (31-Dec-17) CFO CFI CFF Ending cash (30-Sep-18) 8 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6

) CFO CFI CFF Ending cash (30-Sep-19) *Included translation adjustment of THB 3mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 6 13 May 2019 KEY FINANCIAL