million shift was mainly due to new expenses from new head quarter, more staff hiring in headquarter to serve expansion and new business plan and asset write-off. The percentage of Admin. / sales from 15

. 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

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

this lower gross margin in 2019. However, The company believes that this investment would be a key factor for competitiveness enhancement in the long run. Selling and administrative expenses Selling and

profit margin as a percentage of sales has increased from 25.49% in the previous year to 25.90% due to change in product sales mix of general merchandise and the enhancement of directly sourced private

margin as a percentage of sales has increased from 25.89% in previous year to 26.17% due to change in product sales mix of general merchandise and the enhancement of directly sourced private-label goods

) completely and also certified the standard on Waste Process Enhancement Project for waste management operator in the gold medal level. For the real estate business, the Company was the sales amount from the

of new staff hire for the distress debt expansion and commission paid. However, the percentage of cost of services to revenues was declined significantly. This was because the enhancement of efficiency

generation through new shopping malls, enhancement of existing malls, new mixed-use development projects, such as residential development, as well as efficient cost management. CPN currently manages 32