1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

improvement from 0.55 times at the end of last year. Current ratio as at the same date and period stood at 2.47 times SIGNIFICANT EVENTS 7 January 2019: Vienna International Hotelmanagement AG (VI) acquired 100

consisting of current assets at 80.33%, Property, plant and equipment at 16.39% and other assets at 3.27% when compared to the year 2017, which was decreased by 15.34 million baht or 3.19%. The main changing

private fund management company, the ratio of the shareholders’ equity presented in the latest audited financial statement is not less than that specified in the Notification of the Securities and Exchange

transaction size is 0.19 of the Company’s net tangible assets calculated from the latest financial statement ended on 30 June 2017. The transaction size is more than 0.03 but does not exceed 3 percent of the

Tangible Assets (“NTA”) (NTA of the Company as per the latest financial statement as of 31 December 2018 was Baht 13,210.52 million) which is less than Baht 20 million or 3 percent of the Company’s Net

consolidated financial statements (data should be extracted from the latest financial statements) N/A 3. Calculation based on total value of consideration paid or received Value of transaction paid or received

will consider adjusting the fixed deposit interest rate anew to be in accordance with the latest rate for such period, announced by each bank. 4. Total value and methods used to determine the total

latest Labor Protection Act, effective from May 5, 2019 onwards, resulted in the record of the net profit for the year 2019 of the Company and its subsidiary of Baht 6.14 million, compared to the net

Baht 0.83 million; - the record of additional provision for long-term employee benefit of Baht 4.58 million (as shown under Administrative Expenses) to comply with the latest Labor Protection Act