is a holding company, which engages in OOH media business in various segments, including Transit, Office and Aviation in Malaysia and Indonesia. INDONESIA  In April 2019, the red line (North-South) of

the TV sector and traditional media have been in decline and is expected to be surpassed by OOH media (Outdoor, Transit and In- store media) and digital/online spending in the near future. Master Ad

has the exclusive rights to install and manage 188 advertising panels under 23 BTS stations from Bangkok Mass Transit System Public Company Limited and (2) advertising under flyovers in which the

LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q1/2018 2 2. ECONOMIC SITUATION Thai economy in Q1/2018 continually expanded, supported by every economic engine especially merchandise exports, which were

aircraft engine technology, which can save more fuel. In particular, the impact of the increase in excise tax rates on domestic aviation fuel. Domestic airlines have reduced their fuel reserves on each

streamlining the offers of prepaid packages. Broadband and Enterprise business remains a strong growth engine Broadband revenue maintained its growth momentum with an increased subscriber base amid a price

. Mostly are transportation and goods in transit insurance expenses. Administration Expenses The company’s administration expenses for the 3rd quarter of 2015 ended as of September 30, 2015, was THB 16.53

% from selling expenses the amount of THB 15.24 million in the 2nd quarter of 2014. Mostly are transportation and goods in transit insurance expenses. Administration Expenses The company’s administration

selling expenses the amount of THB 13.69 million in the 3rd quarter of 2014. Mostly are transportation and goods in transit insurance expenses. Administration Expenses The company’s administration expenses

decreased by THB 5.23 million or by 34.33% from selling expenses the amount of THB 15.24 million in the 2nd quarter of 2014. Mostly are transportation and goods in transit insurance expenses. Administration