Discussion and Analysis for the Quarter Ended on September 30, 2017 2 3. On September 29, 2017, Bangkok Expressway and Metro Public Company Limited entered into the Novation and Debt Repayment Agreement for

for investment and working capital. 4. Bangkok Expressway and Metro Public Company Limited entered into the Novation and Debt Repayment Agreement for the MRT Purple Line Project on September 29, 2017 by

fruition and helped Golden Lime to record sales in Q1 2018. The steel industry continued to expand at the start of 2018 as infrastructure and auto demand remained strong. Further volume increase is

the economy using significant quantities of lime are also showing remarkable growth. The steel industry continued to expand more than 10% year on year. In the construction sector the use of autoclaved

although slightly lower than the record breaking 2017/18. The steel industry grew an impressive 10% so far in 2018 and while this type of growth is unlikely to be sustained the size of the market now means

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

hospitality industry, which directly impacted to DTC’s business and performance in 2Q20. DTC recorded a net loss of THB 453 million in 2Q20, compared to net loss of THB 22 million in 2Q19. The loss was driven

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

Analysis (MD&A) For Q3/2018 3 Executive Summary The total apparent finished steel consumption of steel industry in Thailand in the third quarter of 2018 surged to 4.66 million tons, an increase of 11.1

Budget Act and drought. Furthermore, domestic spending may be limited due to weakening purchasing power and hefty household debt. Apart from economic woes, businesses face numerous other challenges that