to 9M/2017, the operating revenue of 9M/2018 rose by Baht 3,873 million or 26% because of the growth in electricity and steam sales from the full operation of IRPC-CP and ISP1 in Q4/2017, along with

Board of Directors of Company approved this transaction, there was the resolution on Non-proportional capital increase in subsidiary arising from conversion of debt to equity which the highest value is

recovering consistently since the beginning of 2018, reporting 4.0% growth in 20181. Once again, Out-of-Home (OOH) and online advertising, in particular reported rigorous growth of 23.0% and 21.0

capture growth and bolster our leadership in OOH media business in overseas markets. BUSINESS OVERVIEW AFTER THE RESTRUCTURING MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY

in agreement details. Thus, leaving the market once again anxious about another global recession to such a degree that the International Monetary Fund (IMF) lowered their GDP growth estimate for 2019

percent, driven mainly by a favorable growth of the global economy which positively impacts on export sector, an acceleration of public investment along with the progress of key investment projects and

Cycle (Days) 36 43 Total Debt to Equity Ratio (Times) 0.45 0.51 Interest Coverage Ratio (Times) 136.93 72.99 Debt Service Coverage Ratio (Times) 80.13 56.23 - 9 - (3) Asset Management Capability (3.1

) 37 42 Inventory Turnover Period (Days) 17 19 Average Payable Period (Days) 17 18 Cash Cycle (Days) 37 43 Total Debt to Equity Ratio (Times) 0.51 0.51 Interest Coverage Ratio (Times) 130.33 72.99 Debt

1,436,206 tons in 2018. The huge increase was came from tolling activity that the Company hired G Steel Plc to produce HRC during G Steel has been in the debt restructuring process and try to obtain new

812,113 tons in 2017 to be 1,447,472 tons in 2018. The huge increase was came from tolling activity that the Company hired G Steel Plc to produce HRC during G Steel has been in the debt restructuring