approved the ratification of the Land Purchase Agreement of 3 plots, consisting of 27-2-30 Rai in the amount of 46,441,350 baht (forty six million four hundred and forty one thousand three hundred and fifty

) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV Exhibit 2 : Sales Revenue and Adjusted EBITDA breakdown by business unit comparison of 1Q2018 vs. 1Q2017 vs. 4Q2017 (million

1,399 2,487 100% Net profit (Loss) before the impact of lease income 19,994 3,235 95 49 20,089 3,284 16,805 100% Impact of lease income 82 (321) - - 82 (321) 403 100% Net Profit (Loss) 20,076 2,914 95 49

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

, did not achieve the target since the impact of the economic recession of the global markets, such as USA, Europe, China. In the meantime, the domestic market was affected from poor export economic

%) Net profit (Loss) before the impact of lease income 3,668 19,994 5 95 3,673 20,089 (16,416) (82%) Impact of lease income 76 82 - - 76 82 (6) (7%) Net Profit (Loss) 3,744 20,076 5 95 3,749 20,171 (16,422

-month period compared to the same period of a year earlier. The main reasons was the weaken sales due to seasonal factors together with the impact of trade wars that have the broad impact on Thailand's

% 0.06 -3117% -1.75 0.26 -773% Note : (1) Adjusted EBITDA refers to EBITDA excluding impact of Stock Gain/(Loss) and NRV (2) Extra items were expenses from raw materials derogation amounting to THB 2,004

, from 3Q18 onward AIS along with other operators have rebalanced pricing structure to ease impact on ARPU. As a result, AIS’ s mobile revenue for FY18 was Bt124,601mn, softly growing 1. 3% YoY. While 4G

consumption, production and export sectors in Thailand. There are various industries that have an impact on the production and supply chain from upstream to their downstream, such as electricity, electronics