repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the Company’s group, whereby the

proceeds received from sale of the shares of the Business or the sale of the shares of the Business’ subsidiaries, dividends received from the Business, the restructuring the structure of the Business, the

requires cash flow for debt repayment and for business operation, because the Company, in the past, has continuous loss in operating results. Thus, the Company considers the business restructuring of the

also benefit from 4 recently renovated hotels to drive RevPAR and ADR upwards and on-going organizational restructuring that is expected to yield tangible long-term cost savings. In our office business

result of internal organizational restructuring. 1.3. Expenditure on staff various welfare and other expenses are high even though the subsidiaries will consider the manpower reduction in the past 2016

capture growth and bolster our leadership in OOH media business in overseas markets. BUSINESS OVERVIEW AFTER THE RESTRUCTURING MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY

on devaluation of inventories (Reversal of) (28,195) 40,783.00 (169%) Gain from debt restructuring - 91.00- (100%) Loss on confirmed purchase orders of - undelivered raw material (Reversal of

E_1 Legal_FA_2015_12_29-c A brWCorpL.1hig A Executive Summary Management Discussion and Analysis For the Quarter Ending June 30, 2019 The Thai economy faced increased headwinds in the second quarter of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened amid high household debt, whereas public investment and the government’s budget disbursement were aff...

benefits to the company from the asset disposal 7.1 The transactions are part of restructuring plan of business group with a view to withstand the potential impacts from the downturn of the current economy

sale of 75% of VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) for THB 360mn to Master Ad Public Company Limited (“MACO”). This transaction is expected to be completed within 3Q 2018/19. The restructuring