last year of Baht 51.10 million or 11.06% The gross profit from sale business of the year 2019, the Company had a gross profit from sale income of Baht 9.43 million or 4.43% of sale revenue increased

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

rate Cost of services - 2,766 - - Contract rate Transactions with parent company Service income 40,466 47,365 114 2,281 Contract rate Revenue from advertising production 5,116 - - - Contract rate Revenue

. % MB. % MB. % Rental and Service Income 163.7 91.9% 155.0 90.3% -8.7 -5.3% Total Revenues 178.2 100.0% 171.7 100.0% -6.5 -3.6% Cost of Rental and Service 139.4 78.2% 134.8 86.3% -4.6 -3.3% Gross Profit

Baht 1,796 million or 4.63 percent over-quarter. Non-interest income rose Baht 1,125 million or 7.45 percent, derived mainly from one time revenue from capital market products as a result of one time

delays. 3.3 Revenue from real estate development business has decreased when compared to the same quarter of 2018, by Baht 12.60 million or 12.49%. Income from ownership transfer of housing and condominium

% 1.1 Revenues from construction Baht 6,318.23 million Baht 8,676.42 million Baht (2,358.19) million (27.18) 1.2 Cost of construction 98.15 % 93.61 % - 4.85 1.3 Sales and service income - Property

% from last quarter, in which contributed from the sales of written-off receivables amount 167 million baht. However, in comparison of the first-half’s revenue to the same period last year, the revenue

profit in accounting from the disposal of assets that will help developing the conditions of the consolidated financial statements. In addition, the Company will gain income as the increase of cash flow of

of the Year Period Ending December 31, 2017) (1) Overall Operating Results For the year 2017, the total revenue from sales and services of the Company and its subsidiary (together referred to as the