Management Discussion and Analysis of Business Operation for the 2nd quarter of 2017 Bangchak Corporation Plc. 1 | Bangchak Corporation Public Company Limited Management Discussion and Analysis of

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

increase the proportion of high gross margin products. The expected return on investment (IRR) from the flexible packaging business is not less than 11.50%. The company has already prepared the area. This

services through Rabbit Group. Rabbit Group is a lifestyle solutions company that owning an extensive database of users and data analytics capability. The synergy with Rabbit Group enables MACO to provide

%. The company has already prepared the area. This may involve the following risks: 17 - Risk from the installation of machine. However, the Company has experience in installing the first phase of the

Catering, Worldwide Flight Services Bangkok Air Ground Handling Company Limited (BFS Ground) and WFS-PG Cargo Company Limited (BFS Cargo) were charged the area rental in discount of 50 per cent during 1

downsizing the current space of Index Living Mall stores with an excessive area and transferring to retail spaces instead. The Company recognizes the success of family, health, restaurants, and education zones

. Notification of the Office of the Securities and Exchange Commission No. SorChor. 24/2555 Re: Approval of Appraisal Company and Lead Appraiser Contributing [Asset Evaluation] for Capital Market Transaction

Entire Business Transfer of Unicorn Enterprises Company Limited to U City (EBT of UE)  Operating EBITDA was THB 238mn in 1Q 2018, an increase of THB 59mn or 33.3% YoY, largely as a result of the

distribution channel, Page 11 in order to cover more sales area. These aforementioned factors are part of the reasons of the hindered the Company sales growth. Apart from the current business of the Company