Microsoft Word - letY17EMD&A .doc (Translation) 23rd February 2018 Subject: Management Discussion and Analysis (MD&A) of year 2017 To: Managing Director of the Stock Exchange of Thailand Business

course of business due to all transactions are taking to supporting the business operation and also the terms and conditions are satisfied. 8. The Board of Directors had approved the date of the Annual

") would like to describe and analyze the financial position and operating results for year 2018 are summarized as follows. Performance Analysis From business operation of year 2018, the companies has

name. 2) Amend clause 3 (Company’s objectives) to insert 1 clause of objective as follow; “(Clause 45) To engage in the business of electronic commerce and internet transactions, E-commerce, and all type

) respectively. Page 4 of 8 For the income proportion separating by business structure consisted of Aviation refueling services at 81% and Fuel pipeline transportation services at 19% respectively. 1.1.2 Others

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

99.99% respectively. 2.5 Type and Size of transaction It is considered a connected transaction which is the support normal business transaction without general trading conditions. The size of the

for overseas business expansion. Additionally, the Company continued to be adversely affected by news related to manufacturers of substandard products and the closure of the biggest wholesale skincare

capacity (new Kiln 7 started in Hua Pha Way in Q1) and the full effect of Saraburi Quicklime. Similar to Q2 2018, the revenue was primarily from core business without significant contribution from

into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT