(%) 11.5% 15.6% Liability to Equity (times) 0.4 0.4 Return on fixed assets5 (%) 87.1% 87.6% Debt to equity (times) 0.0 0.2 Asset turnover (times) 0.6 0.5 8 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017

August 14, 2019 Ref: SET-2019-010 Re: Management Discussion and Analysis for Quarter 2’ 2019 Attn. to: President The Stock Exchange of Thailand Filter Vision Public Company Limited and its

assets (%) 12.2% 9.6% Liability to equity (times) 1.6 0.6 Return on fixed assets (%) 75.8% 75.2% Debt to equity (times) 1.0 0.3 Assets turnover (times) 0.5 0.5 Remark: - Financial ratios were calculated

% Payable days (days) 97.6 107.2 Efficiency Ratios Leverage Ratios Return on assets (%) 8.5% 7.4% Liability to equity (times) 0.6 0.3 Return on fixed assets (%) 60.1% 72.7% Debt to equity (times) 0.3 0.1

(Restated) 30 SEPTEMBER 2018 Not yet due 647 693 Up to 6 months 164 392 Over 6 months 22 54 Total 833 1,139 % of total trade and other receivables 77.3% 72.5% Allowance for doubtful debt 36 30 % of total

, as the result of the Company's operation in compliance to TFRS16. However, it provides no significant effects to Debt to Equity ratio and liability ratio. The Company had total shareholders' equity of

and Director The Stock Exchange of Thailand Dear Sirs, Finansia Syrus Securities Public Company would like to disclose the audited separated and consolidated financial statements for the year ended

Microsoft Word - MD&A Y2018-E.doc 1 Ref: CSO. 003/2019 Date: 20th February 2019 Subject: Management Discussion and Analysis for Year Ending 31st December 2018 Attention: President The Stock Exchange

-TRANSLATION- 25 February 2019 Subject : Management Discussion and Analysis for 2018 Attention : President The Stock Exchange of Thailand An overview of the results in the passing The performance in

November 14, 2019 Re: Clarification of the operating results of company and its subsidiaries for the three month period end March 31, 2019 To: President The Stock Exchange of Thailand K.C. Property