accounting principles. Moreover, the auditor was unable to find sufficient supporting evidence to satisfy the audit procedures due to limitation on scope of audit imposed by the PICNI management in various

* Note Please find further information in the consolidated financial statements. 1 23 February, 2018 Subject: Management Discussion & Analysis (MD&A) for the year 2017 Attention: The President The

of steel Relationship with the Company Business Partners Debt amount * 252.08 million Baht Debt to Sales ratio** 7.33% Provision for allowance for doubtful accounts 100% of outstanding balance due to

period of the year 2016. The net profit (loss) was Baht 5.57 million, The amount of money decreased (28.14) million or decreased (504.98), mainly due to the following reasons: 1. Revenues from sales and

million Finance cost in the same period ended December 31, 2017 due to higher bank overdrafts and short-term loans outstanding in Q1/2560. For the financial statement ended December 31, 2018, the Company

amounted to Baht 3,123 million, slightly rose from the same period last year but gross margin was down to 25.4%, from 27.2% in the same period last year. This was partly due to the adjustment of inventory

net loss of Baht 30.71 million on Baht 19.29 million revenues over the same period in 2016. In 2017 the Company recorded higher revenues from sales and lower expenses due to better quality products at

compared with net loss of Baht 30.71 million on Baht 32.11 million revenues over the same period in 2016. In 2017 the Company recorded higher revenues from sales and lower expenses due to better quality

increased by 14.4% YoY, mainly due to the ongoing revenue recognition of 35 digital billboards (Please find more details on the Outdoor media segment in 3Q 2018 MACO’s management discussion and analysis http

partial tender offer of the business under Chapter 5 of the SEC Notification No. ThorJor. 12/2554. 1 In case of shares, regardless of class or issue, the total number of outstanding securities = ordinary