profit being generated in this quarter. The media is now fully booked until the first quarter of next year. MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 2 13 May

rationalization project. Second, we finalized and launched (trial operation) the 2MW Solar plant, that has already started to generate the expected savings as well as further contributes to the green credentials of

/201911/19104563.pdf 18057832.pdf electrical generating capacity; 4.1.2 HHPC hydroelectric IPP plant located in Attapeu province, Laos PDR with 152 MW of electrical generating capacity; 4.1.3 GHECO-One

7,721.1 7,296.8 5.8 Property, plant and equipment 6,534.8 5,965.7 9.5 Investments in associated companies 525.1 - - Others 2,798.3 2,243.6 24.7 Total Assets 44,346.8 46,319.3 (4.3) Bank overdrafts and short

244.89 (124.98) (51) Accounts receivable 235.51 183.83 51.68 28 Inventories 219.25 154.30 64.95 42 Other current assets 1 81.68 56.04 25.64 46 Non-current assets Property, plant and equipment 476.68 491.68

postponed the payment to the company especially for MSIL that postponed the launching of their new cars planned in 2020 to 2021. This resulted in the company being unable to achieve the target set in terms of

quarter of this year. However, despite the increase in consolidated revenue compared to the same period of last year, the company-owned products (excluding Kuron’s) generated lower sales after being heavily

%) 751.4 680.5 (9.4%) Sales of electricity to Industrial Users (IU) 1.3 1.1 1.4 27.3% 7.7% 2.9 2.5 (13.8%) Sales of steam (IU) 4.4 2.5 2.9 16.0% (34.1%) 9.3 5.4 (41.9%) Sales from Natural Gas Power Plant

1.9 0.8 72.7% 13.3 8.4 (4.9) (36.8%) Sales from Natural Gas Power Plant 422.3 466.9 507.7 568.3 60.6 11.9% 1,814.5 1,965.2 150.7 8.3% Sales of electricity - FiT, base tariff and Ft 70.1 72.2 59.5 74.1

Significant events for 2020 to present The acquisition and transfered of 3 biomass power plant companies with total installed power generation capacity of 26.9 MW from UA Withya Public Company Limited On 21