in accordance with the terms and conditions of such Agreements. 2. Involved Parties Investor Aapico Hitech Public Company Limited, which is the company incorporated under Thai laws and publicly listed

V2 30/08/61 14:31 น. 0 V2 30/08/61 14:31 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2018 The Thai economy in the second

environment The Thai economy for the year 2019 exhibited a decelerating trend. Private consumption slowed down in almost all categories especially in durable goods from the contractions in vehicle sales partly

. Overall market environment Growth continued for the Thai economy during the second quarter of 2018 with further expansion in the external sectors namely exports and tourism in line with the expansion of the

market environment Growth continued for the Thai economy during the second quarter of 2018 with further expansion in the external sectors namely exports and tourism in line with the expansion of the global

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

continuous consumption of private sector mainly covering with supportive factor from recovery of internal demand of several countries. In the meantime, Thai economy still has continuously expanded in the same

Thai Financial Reporting Standards No. 16 re: Lease Agreement for the first time adoption (“TFRS 16”) starting from 1 January 2020, using the cumulative catch-up approach without retroactively adjusting

Central Retail Corporation Public Company Limited Management discussion and analysis /Page 1 Management Discussion and Analysis The Thai economy is expected to gradually recover in line with COVID-19

Translation (Translation) PAGE (Translation) -45- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC