policies, listed companies in Thailand are being encouraged to be more innovative and enhance their accountability to their shareholders by considering the impact of gender equality and women’s

) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Exhibit 2 : Sales Revenue and Adjusted EBITDA breakdown by business unit comparison of 1Q2018 vs. 1Q2017 vs. 4Q2017 (million

1,399 2,487 100% Net profit (Loss) before the impact of lease income 19,994 3,235 95 49 20,089 3,284 16,805 100% Impact of lease income 82 (321) - - 82 (321) 403 100% Net Profit (Loss) 20,076 2,914 95 49

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

, did not achieve the target since the impact of the economic recession of the global markets, such as USA, Europe, China. In the meantime, the domestic market was affected from poor export economic

attributable to lower occupancy and hotel’s functions due to an adverse impact of a year-long national mourning on domestic demand, together with a drop in occupancy of Dusit Thani Hua Hin amidst an intense

%) Net profit (Loss) before the impact of lease income 3,668 19,994 5 95 3,673 20,089 (16,416) (82%) Impact of lease income 76 82 - - 76 82 (6) (7%) Net Profit (Loss) 3,744 20,076 5 95 3,749 20,171 (16,422

December 2018, mostly from a decrease in investments in joint ventures and an impact of currency translation due to THB appreciation • Net debt to equity ratio as of 31 March 2019 was 0.51 times, an

Street Furniture media under 22 BTS stations allowing MACO to offer higher visual impact advertising and more creative content for brands. Street Furniture media has already started commercialisation in

construction drawing, system work, and also working for the environmental impact assessment process so as to follow Joint Commission International Accreditation Standards for Hospitals. Wattanapat Samui Hospital