The CAF Project requires space to contain waste generated from the manufacturing process which must be appropriate and in compliance with environmental requirements. The distinctive features of the area

3. Cash flows For the year ended 30th Jun 2018, the Company and its subsidiaries generated net increase in cash from operating activities of Baht -26.92 million, consisting of baht 83.51 million

especially revenue generated from traditional trade channels. Domestic sales for the period of 6 months ended 30 June 2017 and 2018 were THB 560.92 million and THB 557.61 million respectively or decreasing at

standalone with a further 26kMt coming from Saraburi Quicklime. This revenue was generated from the nearly full utilization of the additional 50,000 Mt of capacity (new Kiln 7 started in Hua Pha Way in Q1) and

sales experienced a major decline especially revenue generated via traditional trade channels. The Company is aware of the situation and its impacts and already overhauled its strategies and marketing

2017. Cash Flows For the nine months of the year 2018, the Company and its subsidiaries generated cash flows from operating activities amounting to Baht 6,214 Million. Cash used in investing activities

2017. Burnt lime sales volumes for the quarter were up 43kMt versus 2017 same period in Golden Lime consolidated. This revenue was generated from the nearly full utilization of the additional 50kMt of

profit being generated in this quarter. The media is now fully booked until the first quarter of next year. MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 2 13 May

revenues 2,706 4,521 (1,815) (40) 8,584 11,192 (2,608) (23) In summary, the Company and its subsidiaries generated total revenue in the third quarter of 2019 and the third quarter of 2018 of Baht 2,706

mainly from Lumpini Township Rangsit - Klong 1 project. 3. Service Business: The income was generated from managing external property projects and grew 130.99 million THB or 14.04% from 2018 i.e. from