same period of 2019. This was mainly due to the new business in the form of In-store radio advertisement, events promotion and online content production. When deducted with the total cost of THB 16.88

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

AND EMPOWERING DIGITAL STRATEGIES THROUGH STRATEGIC PARTNERSHIPS  The Company expects that the sale of VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) for THB 360mn to Master Ad Public Company Limited

slowdown, 4/11 which result in a decline in ad spending on print media. However, the Company has adjusted strategic and business model to cope with such effects. The Company views that Bangna assets are no

company and subsidiaries had less advertisement and promoting expenses. Specific business tax and transfer fee were in accordance to revenue. 4.2 Administrative expenses In the first quarter 2019, the

expenses such as New Year gifts and advertisement etc. Administrative expenses For the 3-month periods ending 30 June 2018 and 2019, the Company’s administrative expenses were 8.24 million Baht and 15.68

expenses In the first quarter 2019, the selling expenses at Baht 6.03 million, decreased Baht 1.72 million or 22.19% compared to 2018 because company and subsidiaries had less advertisement and promoting

million or 12.01% compared to the same period of 2018 because company and subsidiaries had less advertisement and promoting expenses. Specific business tax and transfer fee were in accordance to revenue

to the same period of 2018 because company and subsidiaries had less advertisement and promoting expenses. Specific business tax and transfer fee were in accordance to revenue. 4.2 Administrative

quarter 2020, the selling expenses at Baht 17.79 million, increased Baht 4.24 million or 31.29 % compared to the same period of 2019 because company and subsidiaries had increased advertisement and