merged structure and details for the Company subsidiary’s merger project in Philippines which approved by EGM dated August 10, 2017 in consider to minimize potential tax risks derives in Philippines

extremely high volatility which included triggering the SET circuit-breaker 3 times. Each large movement also triggered a massive change in the Delta hedge position within a very short period of time. These

E_1 Legal_FA_2015_12_29-c A WWCCoorrppLL44..11hhiigg A Executive Summary 1 Management Discussion and Analysis For the Year Ended December 31, 2017 In 2017, Thai economic growth gained traction, buoyed by strong recoveries in tourism and exports. This growth momentum is expected to carry on into 2018, especially amid a brighter outlook in public and private investment. Nonetheless, the business sector remained challenged by new modes of competition in a broader marketplace amid the advancing digi...

), enhanced quality parameters well beyond targets, and merged the subsidiary Saraburi Quicklime into Golden Lime (EBT), which will result in SG&A synergies from 2020 onwards. We are looking forward to these

merged structure and details for the Company subsidiary’s merger project in Philippines (known as “the Transaction”) which approved by EGM dated August 10, 2017 in consider to minimize potential tax risks

company and its subsidiaries (which has been terminated their operations). 2020 is the year that bring massive change of UWC as a consequence of the corporate and business strategy restructuring together

products are the best sellers there. Sales revenue from facial cleanser product line for the three months period ended 31 December 2018 reached THB 71.84 million or equivalent to a massive 520.38% growth

of a possible recurrence of the outbreak in Thailand, have led to severe restrictions on inbound and outbound travel. This has resulted in a massive contraction of the tourism industry, as well as the

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

implementing a response plan and is continuing to monitor the situation closely in order to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of