December 2017. The Company gives 90 days credit terms to customers. The average credit terms paid by customers was 77 days as of 31 December 2018 and 69 days as of 31 December 2017. AGEING OF TRADE

days compared to 114 days as of 31 December 2018. AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2018 (Restated) 31 DECEMBER 2019 Not yet due 273 322 Up to 3 months 145 223 3 - 6 months 67 50 6 - 12

accounts, which also considers the customers’ payment history and credit- worthiness. As of 30 June 2017, the allowance for doubtful accounts was THB 33mn. AGEING OF TRADE RECEIVABLES (THB mn) 31 MARCH 2017

allowance for doubtful accounts, which also considers the customers’ payment history and credit- worthiness. As of 30 September 2017, the allowance for doubtful accounts was THB 33mn. AGEING OF TRADE

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

for doubtful accounts was THB 32mn. AGEING OF TRADE RECEIVABLES (THB mn) 31 MARCH 2017 (Restated) 31 DECEMBER 2017 Not yet due 577 512 Up to 6 months 93 210 Over 6 months 39 34 Total 709 756 % of total

credit terms to customers. The average collection period as at the end of this quarter was 86 days compared to 139 days as of 31 December 2018. AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2018 30 JUNE

THB 111mn, 3) account receivables from exercise of warrants of THB 65mn and 4) other receivables of THB 80mn AGEING OF TRADE RECEIVABLES (THB mn) 31 MARCH 2017 (Restated) 31 MARCH 2018 Not yet due 577

THB 44mn in 1Q 2018. 6 MONTHS CASH FLOW SNAPSHOT 195 295 (238) (118) (17) 135 Beginning cash (31-Dec-17) CFO CFI CFF Other* Ending cash (30-Jun-18) AGEING OF TRADE RECEIVABLES (THB mn) 31 DECEMBER 2017

allowance for doubtful accounts, which also considers the customers’ payment history and credit- worthiness. As of 30 June 2018, the allowance for doubtful accounts was THB 35mn. AGEING OF TRADE RECEIVABLES