event for official launch of Carabao Cup held in the United Kingdom. Note that a significant factor that may impact our selling expenses in the following periods is the recognition of sponsorship expenses

revenue for the same period of last year. The positive impact is a result of more projects awarded in 2017 leading to more negotiation power and efficient cost management. 1. Business Performance Analysis

private placement at a discount will have impact on the Company's shareholders as specified in Attachment (the Information Memorandum concerning the Offering and Allocation of the Newly Issued Shares of

benefit of Bt309mn, covering January 2017 to September 2017. 3. End of May 2017, the NBTC announced a USO rate reduction from 3.75% of revenue down to 2.5%. In 3Q17, the full-quarter impact of the rate

due to the stimulus policy from the government in relation to telecommunication industry giving a positive impact towards the Company in winning many new contracts and consequently resulting in a

of Iwaki-Fukushima and Ueda Solar Power Projects with the Company's total attribution installed capacity of approximately 20.11 megawatts. This is done to avoid the impact from the Projects

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