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

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

holding (%) Installed Capacity (MW) Equity Capacity (MW) Commercial Operation Date Solar Rooftop Solar Private PPA 100% 24.4 24.4 1Q2020- 3Q2020 Total 24.4 24.4 OVERALL PERFORMANCE Operating Expense

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

follow 1. The conversion of CPNRF into CPNREIT for the overall interests of all CPNRF unitholders. In addition, the tax incentive of CPNRF unitholders for the personal income tax exemption and the tax

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

cause was from global palm oil inventory recovery after El Niño effect in 2016. Overall, demand for Natural FA improved from previous year as price trended toward to equilibrium condition where price of