Microsoft Word - letY17EMD&A .doc (Translation) 23rd February 2018 Subject: Management Discussion and Analysis (MD&A) of year 2017 To: Managing Director of the Stock Exchange of Thailand Business

relatively strong results in 1Q 2018 with an operating revenue of THB 290mn, an increase by 53.1% and net profit of THB 53mn, increased by 42.3% YoY. 2 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD

2022, representing a 3.5 % increase year-on-year. 3) Financial Position Analysis (Unit : Million Baht) December December Change 2023 2022 Amount % Change Total Assets 25,293.3 25,469.0 -175.7 -0.7% Total

Analysis (MD&A) For Q3/2018 3 Executive Summary The total apparent finished steel consumption of steel industry in Thailand in the third quarter of 2018 surged to 4.66 million tons, an increase of 11.1

completed. 3Q 2019 PERFORMANCE ANALYSIS (YoY) In 3Q 2019, the Company’s Operating revenue was THB 748mn, an increase by 54.0% YoY from the first consolidation of International Advertising operated by VGI

50m, 67% increased YoY. Page 6 of 7 Management Discussion and Analysis 2Q2019 Gross Profit 2Q19 Gross profit at THB 985m represented a significant increase of 209% from the same period last year

Status Management’s Discussion and Analysis (MD&A) For Q2/2018 12 Appendix Unit : Million Baht 2nd Quarter 2018 2nd Quarter 2017 % Increase (Decrease) Income Revenue from sale of goods 7,815 3,276 139

and analysis of financial positions (million) As at June 30,2020 As at December 31,2019 increase (decrease) million % Total assets 8,905.86 8,553.07 352.79 4.12 Interest-bearing debts 4,728.67 4,069.69

Page 1 of 5 - Translation - Ref. WINNER 0018/2019 May 13, 2019 Re Management Discussion and Analysis (MD & A) for Q1/2019 To The President The Stock Exchange of Thailand 1. Analysis of Overall

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been