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

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

equivalents 15,865 (3,258) 13,859 (3,150) Cash and cash equivalents at beginning of the period 37,327 41,796 35,724 39,652 Cash and cash equivalents at end of the period 53,192 38,538 49,583 36,502  The

proactively implemented stronger preventive measures in all of its business locations since the beginning of the pandemic, for example, disinfection and preventative measures in business locations, work

(decrease) in cash and cash equivalents (19) 6 -239% Cash and cash equivalents at beginning of periods 119 122 -3% Cash and cash equivalents at end of periods 100 116 -14% หนา้ 6 In Q1/2020, the Company and

factors totally at the amount of 11,775 million baht. The Group has elected to recognize the cumulative effect of initially adopting of TFRS 9 and TFRS 16 as an adjustment to the beginning balance of