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

Malaysia market by acquiring 25.0% in PBSB, whose business is providing a diversified OOH media network including Transit, Office, Outdoor, Aviation and In-store media.  In March 2018, VGM also invested

QUARTERLY BUSINESS HIGHLIGHTS – 3M 2020 Consolidated revenue decreased by 13.7% YoY to THB 612mn o Advertising revenue increased by 3.1% YoY to THB 270mn o System integration services revenue decreased by

follows: Revenue structure categorized by business groups (Unit: Million Baht) Q1/2023 Q1/2024 Increase (Decrease) %YoY Amount % Amount % Retail Business 2,175.67 62.97% 2,406.90 67.47% 231.22 10.63

$261 million (THB 8.3 billion) Indorama Ventures 1st Quarter 2019 MD&A 2 1Q 2019 Summary Financials Table 1: Core Financials of Consolidated Business Quarterly Last Twelve Months $million (except where

Cash Flow of $261 million (THB 8.3 billion) Indorama Ventures 1st Quarter 2019 MD&A 2 1Q 2019 Summary Financials Table 1: Core Financials of Consolidated Business Quarterly Last Twelve Months $million

better performance was mainly due to an increase of revenue form airport related businesses and unallocated revenues, together with a lower of major expenses of airline business which related to number of

volatility in the market, the company will inform of the price prior to April 30, 2020 through the Stock Exchange of Thailand. The price shall be the weighted average of 7 business days with a discount of no

Equity Branches at Period End (1) (Branch) 101 129 Number of Franchise Branches at Period End (Branch) 136 146 Sales from Restaurant Business During the Period (THB Mn) 1,336.1 1,345.3 Same-Store Sales

, Trans.Ad has registered and paid-up capital of Baht 49.05 million, divided into 490,464 shares, Price per share Baht 100. b) Business Characteristic Trans.Ad engages in the design and installation of