% change Cash and cash equivalents at beginning of period 50.34 96.78 -46.44 -48% Net cash flows from operating activities 27.24 38.48 -11.24 -29% Net cash flows used in investing activities -350.57 -33.35

CASH FLOW SNAPSHOT 195 384 (338) 834 1,073 Beginning cash (31-Dec-17) CFO CFI CFF Ending cash (30-Sep-18) 8 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6

issued from China Food and Drug Administration (CFDA) at the beginning of 2018 as the Company had to redesign its packaging to comply with the requirements of the license and adjust its sales structures

Baht or 1.35% from the end of the year 2017, basically from the net profit of 9M/2018. 8. LIQUIDITY ANALYSIS AND FUNDING ADIQUACY In 9M/2018, the company had beginning cash and cash equivalents of 37.48

projects, which can’t recognized fully revenue at the beginning of the projects. 4. Income of the Solar energy service (“SE”) decreased from an accident in short circuit, which had an impact on loss of 1 MW

change YoY % change Cash and cash equivalents at beginning of period 50.34 96.78 -46.44 -48% Net cash flows from operating activities 83.42 7.72 75.70 981% Net cash flows used in investing activities

for 3) dividend paid of THB 135mn and 4) an investment in Co-Mass Company Limited and Puncak Berlian Sdn. Bhd. of THB 131mn. 9-MONTH CASH FLOW SNAPSHOT 643 205 (471) 421* 798 Beginning cash (31-Dec-18

risen since the beginning of this year, there is loss on exchange rate for this period. Expenses Selling and service Expenses Baht Million 2018 2019 +/(-) +/(-) % Expense from Event 19.34 12.22 (7.12

growth. In 2019, the real estate sector was beginning to face a slowdown as a result of various negative factors, particularly the Bank of Thailand’s Loan to Value (LTV) measure. The situation is worrisome

. SDWTP started commercial services at the beginning of 2019 with installed capacity of 150,000 cubic meters per day (Phase 1A) and additional installed capacity of 150,000 cubic meters per day (Phase 1B