Thai Baht appreciation has risen since the beginning of this year, there is loss on exchange rate for this period. - Translation - JKN GLOBAL MEDIA PUBLIC COMPANY LIMITED Management Discussion and

) 265* 714 Beginning cash (31-Dec-18) CFO CFI CFF Ending cash (31-Dec-19) *Included translation adjustment of THB 5mn (THB mn) MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY

PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR THE YEAR 2019 7 8. LIQUIDITY ANALYSIS AND FUNDING ADIQUACY In 2019, the company had beginning cash and cash equivalents of 578.21 million Baht

8Total interest bearing debt/ total shareholders’ equity 799 625 208* 299 83** Beginning cash (Restated) (31/3/2017) CFO CFI CFF Ending cash (30/6/2017) The first quarter of 2017/18 (ended 30 June 2017) 7

CentralPlaza Nakhon Ratchasima and CentralPlaza Mahachai are scheduled to open in November 2017, CentralPhuket is expected to open at the beginning of 2018. Two new shopping malls to be launched in 2017 will add

454 530* 469 406** Beginning cash (Restated) (31/3/2017) CFO CFI CFF Ending cash (30/9/2017) The second quarter of 2017/18 (ended 30 September 2017) 7 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION

Sufficiency For 9M/2017, the company had beginning cash and cash equivalents of 177.97 million Baht, whereby during the financial period, net cash was decreased by 57.67 million Baht. This comprised of the

the exercise of 96mn units of MACO-W1 (Total of THB 192mn). 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

basis), hence the ratios were calculated from the previous year-end figures. 799 1,581 793 * 1,038 1,029 ** Beginning cash (Restated) (31/3/2017) CFO CFI CFF Ending cash (31/12/2017) The third quarter of

WATER RESOURCES DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 6 8. LIQUIDITY ANALYSIS AND SOURCE OF FUND SUFFICIENCY For 2017, the company had beginning