to the Company’s existing shareholders to mitigate an impact on those shareholders after the Company’s stake in CAZ is reduced. The transaction is considered the disposition of assets in accordance

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

compared to the year 2016. This is because the stimulus policy from the government in relation to telecommunication industry has given a positive impact towards the Company in being awarded by many new

minimize potential impact from exchange rate fluctuation. Source : Bank of Thailand Cost of sales and expenses Cost of sales In 2017, cost of sales accounted for 74.5% of total sales, slightly higher than

protest in Hong Kong, the opening date of the branch may have to be reconsidered, waiting for the situation to relieve. However, despite the postponing of the opening date, the subsequent impact of the

units and that the unitholders shall sustain the least possible impact upon the redemption of investment units of the open-end fund, the management company shall require such open-end fund to maintain its

adequate liquid assets to accommodate the redemption of investment units and that the unitholders shall sustain the least possible impact upon the redemption of investment units of the open-end fund, the

assets to accommodate the redemption of investment units and that the unitholders shall sustain the least possible impact upon the redemption of investment units of the open-end fund, the management

Notification concerning the practical implications for securities companies to ensure that there is no adverse impact on the operations of securities companies, to uphold the integrity and stability of the

risks, the SEC deems it is necessary to issue a more specific and detailed Notification concerning the practical implications for securities companies to ensure that there is no adverse impact on the