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

cost, including transaction cost. Afterwards, investment property was stated at cost after deduction of reserve for loss from impairment (if any). Difference between the net disposal proceeds and the

rental 30.00 99.80 ETG Energy Company Limited 12.50 99.99 10.00 70.00 ETE Management Company Limited Thai Speedy Management Company Limited Glow Trading and Service Company Limited Personnel outsourcing

effective mall management and operating cost control despite major renovations at CentralWorld and CentralPlaza Rama 3 The Thai economy in 3Q17 continued to expand courtesy of solid growth in export of goods

uncertainty of US economic policy. But, the global economy trend as continued to improve. Thai economy is growing as slowly which the tourism and exports were driving force in past time. Including, the income

first quarter ended March 31, 2019 with those of 2018. This report discusses principal changes in the reviewed consolidated financial statements. Overall market environment The Thai economy for the first

transaction, the revenue from other business should increase by 7.0% In 1Q19, net loss in EBITDA from other business was THB 61 million, a decrease of 167.0% from previous year as aforementioned. Earnings

rate in 2009 following the Hamburger crisis. The Committee assessed that the Thai economy would expand at a lower rate than previously assessed and lower than its potential due to a decline in exports

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Capital Market

on Foreign Exchange recorded at THB 172 million, due to the Thai Baht appreciating against the US Dollar which led to gain on exchange rate conversion of foreign currency loan. 7. In Q1/2018, there was