continued to be key growth drivers of our performance in 2Q 2018. 2 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 IMPORTANT EVENTS IN 2Q 2018 - In May

proven itself to contribute positively to the performance of the company. We expect to see continued growth from O2O Solutions across all business units for the remainder of the year. IMPORTANT EVENTS IN

. Moreover, operators of modern construction material retail stores are still increasing the number of branches and group of project customers have continued to develop new residential projects.

, and shrimp feed, represented 19.06% of total sales, amounting THB 758.87 million, reduced by THB 64.14 million or 7.79% down from 2Q2017. The revenue from feed business continued declining due to

quarter, the Sansiri JV (i) fully sold and fully transferred The Line Chatuchak-Mochit project, (ii) continued to transfer units of the ready-to-move-in The Line Wongsawang and (iii) begun transferring

3Q2017. The revenue from feed business continued declining due to intense competition in Thailand reflecting falling in revenue from fish feed about 18.42% from lower sales volume of fish feed. However

continued to develop new residential projects.

volume comparing to the same quarter of last year in which its production and sale volume was at 190,389 and 182,095 tons respectively. In addition, the company has continued 24 hours-production plan for

economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income and unemployment

continued payment of commitments is contingent upon a sustained business and economic environment BB+ BB BB- B+ B B- B C D Ba1 Ba2 Ba3 B1 B2 B3 NP BB+ BB BB- B+ B B- B C D High default risk - debtor’s