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

exports which rose by 5.3% YoY as well as continued recovery in private consumption which expanding by 3.1% YoY. Nevertheless, Thailand's advertising industry reported a decline of 6.0% YoY to THB 101,445mn

Australia’s National Electricity Market (NEM). The Project has also entered into EPC Contract, Electrical Connection Agreement, Operation and Maintenance Agreement and other related agreements. RATCH-Australia

from:  Deferred tax liabilities rose by 936.6 million baht due to changes in market value of the available for sale investment in securities. 22 ASIA’S BOUTIQUE AIRLINE Shareholders’ Equity Unit

title and location, the type of project, the target customers, the number of units, sale/rental space, project value, sale and construction progress, etc. 2.2 Marketing and competition (a) Describe the

decline in September 2.) growth in private consumption supported by higher household income in various sectors, including agriculture, and recovering consumer confidence, whilst inflation level also grew

.) growth in private consumption supported by higher household income in both agriculture and non- agriculture sectors along with recovering consumer confidence; 2.) solid performance in the tourism sector

( ) 5 ( ) P a g e 3 | ( ) KTFFE86 86 Krung Thai Fixed Income FIF Enhanced86 Not for Retail Investors . . . . . . . . . “ ” “ buy & hold” “ CIS ” (collective investment scheme) property infra private

growth from baht appreciation and world-trade sluggish. However, the Thai economy is attributed mainly by number of factors, namely 1.) growth in private consumption continues despite a lower rate of

conjunction with (11) and (12) of the first paragraph under Clause 12 and Clause 14 of the Notification of the Capital Market Supervisory Board No. Tor Thor. 35/2556 Re: Standard Conduct of Business, Management