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

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2018 Ended June 30, 2018 Note: This Management Discussion and Analysis (MD&A) was

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 3 Year 2018 Ended September 30, 2018 Note: This Management Discussion and Analysis (MD&A

บทรายงานและการวิเคราะห์ของฝ่ายบริหาร Management Discussion and Analysis For the Financial Result of Quarter 2 Year 2020 Ended June 30, 2020 Note: This Management Discussion and Analysis (MD&A) was

liberalization of international trade begins to Management’s Discussion and Analysis (MD&A) for year 2017 6 effective; rely on the time frame that each party has made a long-term agreement. It is forecasted that

; rely on the time frame that each party has made a long-term agreement. It is forecasted that the demand and supply of steel will increase in the future. The world steel production capacity utilization

Stock Exchange of Thailand Reference: Letter No. OP. 435/ 2019 dated 12 December 2019 on the entering into the Conditional Share Purchase Agreement for the acquisition of a majority shareholding in PT

B.Grimm power plants, 6) medical equipment in Lao PDR and 7) surgical masks to South Korea. The 5 GW PPA target is maintained for 2022 while prudent investment analysis and risk management have always been

CONTENTS Page I. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS .......................... 5 II. DESCRIPTION OF MTN Program

strongly, especially on a same-store basis that continues to grow together with cost effective management. Excluding the non-recurring items, total revenue increased 9.0% YoY and net profit increased 7.4