+3.7% QoQ +0.7% YoY http://www.investopedia.com/terms/s/sga.asp 4 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 In this quarter, the Company

auditor and the Audit Committee at the meeting No. 5/2017 held on 8 August 2017 and approved by the Company’s Board of Directors at the meeting No. 5/2017 held on 9 August 2017, respectively. Also, on this

approved by the Board of Directors at the Meeting No. 4/2017 convened on August 10, 2017, respectively. Also, on this occasion, the Company would like to report its operating results as detailed below. 1

OISHI’s group of companies in operating its businesses. In this regard, Oishi Snack Company Limited (“Oishi Snack”), a subsidiary of the Company whose 99.99 percent of its shares owed by the Company, was

Quarter 2/2016 amount 40.79 million baht or decrease 4.64 million baht (12.84%) because sellling and administrative expenditures in this quarter were decreased while the revenue was higher than the same

to full operation with enhanced efficiencies after planned major maintenance 1Q2017 - B.Grimm Power (WHA) 1 operated full quarter. In addition, Gulf VTP, one of the four SPPs to COD this year, achieved

incomes of Baht 8.14 million. It decreased by Baht 31.49 million, or 39.63 percent compared with the same period of the year 2016. This was mainly due to the termination of the satellite television co

30.00M and return loan from UOB Baht 12.00M. The equity’s shareholder was lower than last year at 1.69% due operating loss this previous. - Came from invested on Sahaphat Amorn Company Limited for develop

personal loan at Baht 30.00M and return loan from UOB Baht 12.00M. The equity’s shareholder was lower than last year at 1.69% due operating loss this previous. - Came from invested on Sahaphat Amorn Company

of transaction This transaction was not considered as a material transaction of disposal of Asset according to the Notification of the Capital Market Supervisory Board No.Tor.Chor 20/2551 Re : Rules on