(Thailand) Co., Ltd., capital increase, and the issuance and allocation of the newly issued ordinary shares to the specific person under the private placement basis, and the schedule for Extraordinary General

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

- Translation - Page 1 of 6 CBG 006/2020 20 February 2020 Subject Management discussions and analysis for the fiscal year ended 31 December 2019 To President The Stock Exchange of Thailand We

JMT, JAS Asset, J Fintech and associated company namely Singer Thailand. Moreover, the Company prepare for disruption of technology by set up J Ventures for development of technology for Group of

Generating Authority of Thailand. It is expected to commence commercial operation in 2019. 1.4 The Entering into the Concession Contracts of the MRT Pink Line Project and the MRT Yellow Line Project As the

is poised to continue in 2018. The Thai GDP expanded by 3.8% in the first 9 month of 2017, (following the growth of 3.3% in the first 9 month of 2016)1. The growth supported by a marked upturn in

Translation (Translation) PAGE (Translation) -9- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC

- ร่าง - 1 February 11, 2020 Subject Management Discussion and Analysis for the periods of three months and nine months ended 31st December 2019 To President of the Stock Exchange of Thailand

1,240.35 (112.24) (9.05%) 2. ECONOMIC SITUATION Thailand economic situation in Q2/2020 in Central and Eastern regions contracted compared to the same period of 2019 due to the COVID-19 pandemic, which are

(25.36) (5.55%) Depreciation 137.32 124.10 13.22 10.65% Amortization 82.61 78.25 4.37 5.58% EBITDA 651.85 659.62 (7.77) (1.18%) 2. ECONOMIC SITUATION Thailand economic situation in Q1/2020 in Central and