requirements: (a) having been licensed to undertake securities business in the category of mutual fund management and having commenced such business operation; 10 Amended by the Notification of the Capital

limited, or a public company limited incorporated under Thai law; (2) a foreign commercial bank whose branch the SEC Office has approved to operate commercial bank business in Thailand in accordance with

unit allotment of each fund raising including the price, the offering period, and the offering conditions; The terms “unit”, “major investor”, “trust manager”, “paid-up capital”, “infrastructure business

previous 7 - 15 consecutive business days prior to the resolution of the Board of Directors’ Meeting proposing the Extraordinary General Meeting of Shareholders to approve the capital 4/8 เลขท่ี 1 อาคาร ทีพี

; (2) a financial institution; "financial institution" means: (1) a commercial bank, finance company or credit foncier company established under the law on financial institution business; (2) a

 data co  Voice  reve QoQ from   Non‐voice  5.2% QoQ 39% and h s  cribers  dditions  b/month)  sub/month)            sub/month)            tion  t penetration  nd Business  bers  dition   Baht/user

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

persons holding equivalent position to the fourth executive and shall include the persons holding the position of manager or equivalent in accounting or finance departments. The Corporate Group’s total

%) (160) (128) (20%) Administrative expenses (41) (31) (24%) (82) (74) (10%) Finance Cost 2 (2) (200%) 2 (5) (350%) Profit before income tax expenses 78 (5) (106%) 152 11 (93%) Tax expenses (15) 2 (113

Expenses (62) (83) 34% Administrative Expenses (40) (46) 15% Finance Cost (2) (1) (50%) Profit (Loss) before Income Tax Expenses 19 43 126% Tax Expenses (4) (9) 125% Net Profit (Loss) for the Company 15 34