MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

trust’s features and management; (a) “[name of the trust] is a trust under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) created by this instrument and shall become valid when 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

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

1 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 MEDIA INDUSTRY Outdoor media has presently become the go-to choice for advertising. It’s

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

Microsoft Word - 2020.08.10_1Q2021_MACO_MDA_EN_V3 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 1 QUARTERLY BUSINESS HIGHLIGHTS – 1Q 2020/21

direct connection to the undertaking of securities or derivatives business; “ intermediary ” means a securities company or derivatives intermediary, excluding venture capital fund management company or

direct connection to the undertaking of securities or derivatives business; “intermediary” means a securities company or derivatives intermediary, excluding venture capital fund management company or inter

direct connection to the undertaking of securities or derivatives business; “intermediary” means a securities company or derivatives intermediary, excluding venture capital fund management company or inter