operations will be equal to THB 122mn. 1Q 2018 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 1Q 2018 PERFORMANCE ANALYSIS (YoY) In 1Q 2018, the Company reported a consolidated operating revenue of THB

: Baht millions) For the year ended 31 st March Consolidated financial statement Apr 2017 - Mar 2018 Apr 2016 - Mar 2017 Change % Change Revenue from sales & service 3,376.19 3,199.82 176.37 5.5% Other

). The dividend was paid to shareholders on 10 October 2018. 5 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 3Q 2018 CONSOLIDATED P&L SNAPSHOT

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

income tax (67.60) 76.34 Income tax expense 4.08 6.29 (2.22) -35% Profit for the year (71.68) 70.04 (141.72) -202% Consolidated financial information (Unit : Million Baht) 2 / 5 Operating results by

make further decision. 2. Operating Results (Company and Subsidiaries) Total revenue of the consolidated financial statements for Q3/2019 amounted 72.6 million baht compared to Q3/2018 with total revenue

revenue of the consolidated financial statements for Q2/2019 amounted 73.8 million baht compared to Q2/2018 with total revenue of 80.0 million baht, decreased 6.2 million baht or 7.7 percent. Performance

. 2. Operating Results (Company and Subsidiaries) Consolidated revenue for Q2/2018 of 80.0 million baht compared with Q2/2017 of 96.0 million baht, decreased 16.0 million baht or 16.7 percent. The

* Note Please find further information in the consolidated financial statements. 1 21 February, 2019 Subject: Management Discussion & Analysis (MD&A) for the year 2018 Attention: The President The

% 12.3% 17.2% (10%) 10.2% 14.0% (4%) 13 Table 10: IVL Consolidated Statement of Financial Position THBm 30-Sep-19 31-Dec-18 30-Sep-19 vs 31-Dec-18 Assets Cash and current investments 10,901 5,713 91% Trade