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

344 million, a decrease of THB 322 million or 1,464% from the net loss including extraordinary item of 2Q2019. Performance of the first 6 months of 2020, the Company earned revenue from sales of

amounting to Baht 38.90 million, but there was no sale of investment in Q1 2018. Due to the offset between a decrease in financial cost and a decline in revenues, the net profit remained flat. In Q1 2018

decreased by 77.0% YoY to THB 526mn, predominantly due to the decrease in revenue from hotel operations resulted from the impact of COIVD-19, and lower gain from exchange rates. These were partly offset by an

crude and product oil price hedging contract, resulting in the performance to decline from Q1/2017. Nevertheless, performance was better than the previous quarter from the expenses reduction which was

statement and performance for the first quarter ending 31 March 2019 which has already been examined by the Company’s auditor can be summarized as follows: The Company’s performance for the first quarter in

sold per ton reduced by 19%. The reduction in average cost of goods sold is mainly due to reduction of 19% in metallic cost caused by decline in market prices partly offsetting the decline in HRC prices

a reduction of Baht 2.84 million or 6.40 % decrease. In this current year, there were only 2 ongoing projects expected to be completed within this current year and no new awarded one. Service Income

) Total Liabilities Total liability as of December 31, 2018 was 106.34 mb, a decrease of 5.33 mb or 4.8%. The decline is due to the quicker payment to supplier and financial leasing. (c) Shareholders

of Thailand Overall operating performance of the Group Unit: Million Baht Q1’ 2020 Q1’ 2019 Increase (decrease) Variance (%) Total revenues 1,572 1,677 (105) (6%) Net profit 73 81 (8) (10%) The Group’s