understanding (the “MOU”) with Kendrick Global Limited (“KG”), a subsidiary of SSG Capital Partners III, L.P. (“SSG III”). Under the MOU, SSG III and its subsidiaries wish to engage in the debt restructuring of

Steel Public Company Limited (the “Company”), on May 26, 2017, the Company executed a memorandum of understanding (the “MOU”) with Kendrick Global Limited (“KG”), a subsidiary of SSG Capital Partners III

. Overall market environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in

THB 148 million, a decrease of THB 11 million or 6.9%, mainly due to the depreciation on Great British Pound Sterling against Thai Baht currency. In order to envision the image of “World Class Brand

environment During the second quarter of 2019, the growth momentum for the Thai economy slowed down from both the domestic and external demand. Private investment contracted both in investment in construction

law Please be informed accordingly. Yours sincerely, (Ms. Ladda Waruntarakul) Company Secretary (F 53-4) The English translation of this document is prepared solely for reference for non-Thai

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

impact of the global trade war. Resulting in the Company had to accelerate the management of the inventory levels to be suitable for sales volume. If comparing the inventory from the beginning to the end

, the Company’ s consolidated total assets has grown at an average rate of 69.7% per year. The Company has a unique portfolio of hotels in desirable global holiday destinations, as follows (1) Two self

. . Overview of operating results in the Quarter /. The overall global economy still has growth direction in fine criteria from continuous consumption of private sector mainly covering with supportive factor