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

coverage and 3) supporting the business operation of MACO in Malaysia, and 4) strengthening overall bargaining power from increased scale. VGM Business Overview* *More commentary on the VGM transaction can

reduction. However, outstanding loss remained due to 1) sales shrinkage; 2) higher cost as a result of higher depreciation from investments in machinery; 3) higher financial costs from investments; and 4) one

1,112.0 1,148.8 1,628.5 (36.8) (3.2) (516.5) (31.7) Profit for the period 50.4 59.7 69.8 (9.3) (15.6) (19.4) (27.8) The effects of COVID–19 are more severe than expected. Overall, the Thai economy in 2020

at the top of the mutual fund business. KASIKORN LEASING CO., LTD. saw satisfactory lending business volume in line with the overall domestic automotive industry while also maintaining healthy asset

Asian central banks reduced their policy rates continuously. Looking domestically, Thailand’s economic activity in many sectors declined in line with the overall global economy. The tourism sector in

1 Ref: AC.008/2020 25 February 2020 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

of July-December 2019 at Baht of 0.03 per share. The total outstanding shares entitled for the dividend is 4,554,643,575 shares and total dividend amount is Baht 136,639,307, the record date for the

increase of 287.7 MB and 488.6 MB, respectively, due to the auctioned projects, which were bid at the previous quarter, has gradually delivered in the Q3-2017. The overall economy expansion in Q3-2017 has

1 Ref: AC.016/2019 4 May 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating