million shift was mainly due to new expenses from new head quarter, more staff hiring in headquarter to serve expansion and new business plan and asset write-off. The percentage of Admin. / sales from 15

. 2018 The Admin. in 9-month/ 2018 was THB 106.6 million and THB 75.45 million in 9-month/ 2017. The THB 31.15 million shift was mainly due to Don Muang closure expense in June resulting in THB 4.24

closure of non- performing stores and a shift to delivery service. Other business units Unit: Million Baht Q1/2020 Q1/2019 %YoY Q4/2019 %QoQ Revenue from other businesses 9.22 8.84 4% 10.14 (9%) EBITDA

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

feasibility study of power business that continued from Quarter 1 and . However, these feasibility study expenses did not significant increase from Quarter . The cause of increasing financial cost as the above

. However, the Company has the policy to reduce these expenses. The administrative expenses increased from feasibility study expenses of the relating furniture business such as Medium Density Fiber Board

feasibility study to invest in a company. The Company’s total liabilities as at December 31, 2018 amounted to Baht 222.38 million, Increased by Baht 57.70 million or 35.04% from those of Baht 164.68 million as

which follow the plan of transition of the company. However, the Company has increment of expenses from the previous year that was mainly from feasibility study of new projects which will generate

(IPO), Baht 17.94 million in trade and other receivables, Baht 7.18 million in inventories, Baht 7.12 million in property, plant and equipment, and Baht 150 million in deposit for feasibility study to

reviewed and changed the estimated useful lives of buildings, machinery and equipment in accordance with their conditions and the proper estimation of useful lives with reference to the Health Study Report