CentralPlaza Mahachai In 2017, the Thai economy continues to expand with the GDP growth of 3.9% compared to 3.2% in 2016. Factors that drive the economy include 1) Growth in exports at 9.9% from the previous

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

brand that is unique Thai heritage combined with international standards, the Company has focused more on the hotel management revenue to support the expected drop of hotel revenue from the closure of

administrative expense to support business expansion. Without the non-recurring profit related to sale of Dusit Princess Korat, core EBITDA was THB 806 million, a 12.3% decrease from 2016. The Company reported net

uncertainty of US economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income

on May 2013. It was simplified for users to easily understand and was adjusted to be applicable for Thai listed companies. The main questionnaires in the evaluation form are classified into 5

V2 08/11/60 16:47 น. 0 V2 08/11/60 16:47 น. 1 Management Discussion and Analysis Overview of the Economy and Banking Thai Economy in the Third Quarter of 2017 The Thai economy in the third quarter of

Thai language version is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language translation.” Amendment

while revenue from residential projects is expected to increase in 2H19 and accordingly with CPN’s business plan. In 2Q19, growth in the Thai economy decelerated primarily driven by a decline in export

following: 1. To repay loans and interest from WOG Technologies (Thailand) Company Limited (“WOG THAI”) (The Existing shareholder) amount of Baht 42 million. 2. To repay creditors arising from the purchase of