Thailand 2 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 IMPORTANT EVENTS IN 2Q 2017 On 16 May 2017, MACO’s Board of Directors approved the acquisition
COD in May, 2017 as per the planned schedule - Additional revenue from business interruption claims of GHECO-One and Gulf JP NLL was Baht 107 million EGM approved Baht 5,000 million of bond issuance
from that of the same period of last year. Major Developments in 9M17 • Approved in the EGM 1/2016, in 1H17 the Company acquired 60% stake in NVD, previously called Daii Group Plc. (‘DAII”), through the
lease payment of Singha Complex. Major Developments in 2017 • Approved in the EGM 1/2016, in 1H17 the Company acquired 60% stake in NVD, previously called Daii Group Plc. (‘DAII”), through the following
approved. In such case, it is viewed that the executive shall explore the solutions so that the Company is least affected by the project and the Board of Directors will consider such solutions within
December 2001 shall be repealed. Clause 2. In this notification: “Investor contact person” means a natural person who has been approved to be an investor contact person under the Notification of the
rating agencies approved by the SEC Office in pursuant to the Notification of the Office of the Securities and Exchange Commission concerning Credit Rating Agencies Approved to Issue Credit Rating for
liquidity and high risk (cherry picking); (2) shall use the latest issuance of credit rating information made by the reliable credit rating agencies approved by the SEC Office in pursuant to the Notification