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

compared to the year 2016. This is because the stimulus policy from the government in relation to telecommunication industry has given a positive impact towards the Company in being awarded by many new

minimize potential impact from exchange rate fluctuation. Source : Bank of Thailand Cost of sales and expenses Cost of sales In 2017, cost of sales accounted for 74.5% of total sales, slightly higher than

protest in Hong Kong, the opening date of the branch may have to be reconsidered, waiting for the situation to relieve. However, despite the postponing of the opening date, the subsequent impact of the

long-term debt obligation to comply with the terms and conditions of the loan agreement with the commercial bank. (6) Factors Having Impact on Future Operating Results Despite the fact that the economy

grades. during the current period. These factors are likely to impact the results of Q3 2019 but with the completion of Government formation process and discussions on providing stimulus to revive the

current period. These factors are likely to impact the results of Q3 2019 but with the completion of Government formation process, discussions on providing stimulus to revive the economy and enforcement of

for commercial operation in 2024 and 2025 respectively. At present, the project is in the process of preparing the Environmental Impact Assessment. 1.3 Commercial operations of Berkprai Cogeneration SPP

to comply with the terms and conditions of the loan agreement with the commercial bank. (6) Factors Having Impact on Future Operating Results The Corporate Group expects the trend for the 2nd Quarter

integration for brands by creating impact and awareness through offline OOH media, engaging target audience with online media channels through our behavioural data network and lastly activating the conversion