Padaeng Industry Public Company Limited and its subsidiaries _______________________________________________________________ Management Discussion and Analysis (MD&A) For the three-month and six

Company’s subsidiaries sold Dusit Princess Korat Hotel, comprising land, building and other related assets, at THB 565 million. Gain before deducting relating costs was THB 325 million. Dusit Thani PCL

economy of scale which will improve profitability of the company in the future. Overview of World Steel Industry According to the World Steel Association’s report on world crude steel production was 428.2

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

, automotive and the construction industry in which they are the customers of the company and subsidiaries. The said impact therefore has a significant impact on sales volume both in terms of sales price and

). Industry Overview The Office of the National Economic and Social Development Council (NESDC) reported that Thailand’s GDP in 2018 growth 4.1% YOY, driving by private consumption and investment. Although the

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

Assets B.E. 2 5 4 7 and as amended by the announcement of the Board of Directors. Capital Market Supervisory Board No. ThorJor. Resource assets When calculating the size of the transaction according to the

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

) (55.55) India 160.65 194.38 (33.73) (17.35 Total 2,153.29 2,838.12 (684.83) (24.13) Overall sales revenue decline as an impact of lower production volume due to the lower production in automotive industry