. 2018 The Admin. in 9-month/ 2018 was THB 106.6 million and THB 75.45 million in 9-month/ 2017. The THB 31.15 million shift was mainly due to Don Muang closure expense in June resulting in THB 4.24

closure of non- performing stores and a shift to delivery service. Other business units Unit: Million Baht Q1/2020 Q1/2019 %YoY Q4/2019 %QoQ Revenue from other businesses 9.22 8.84 4% 10.14 (9%) EBITDA

4.22% up from 2Q2016. The Consolidated SG&A expenses increased since higher freight cost from higher export volume and increasing of transportation cost comparing to 2Q2016. The consolidated SG&A

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

as freight costs and sales commissions, decreased in line with lower sales. Administrative expense decreased mainly because of an adjustment of staff costs to be in line with the company’s operating

amounting to Baht 75 million and increased by Baht 11 million YoY or 17% due to the increase in sale volume partly offset by reduction in freight cost due to reduction in fuel prices. 4. Administrative

since lower freight cost due to lower export volume comparing to 2Q2019. The consolidated SG&A expenses in 2Q2020 were 9. 89% of revenue from sales, increased from 7.62% in 2Q2019. The consolidated SG&A

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

เหตใุห้บริษัทจ าเป็นต้องปรับกลยุทธ์ในการด าเนินงานใหม่ โดยก าหนดปี 2560 เป็น “ปีแห่งการปรับเปล่ียน” (Year of Shift) ภายใต้สภาวะถดถอยขององค์กร บุคลากรของทัง้องค์กรตัง้แต่ ผู้บริหารระดบัสงูจนถงึพนกังานทัว่ไป

continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more