the effects of the Covid-19 outbreak on the market and a decline in net fees and service income mainly due to lower fee income from loan- related services of which partly due to loan-related services

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

softening in their gross margins rates. The overall average selling prices decreased from the previous year, following the decline of global raw material prices with baht also weakened in the current period

MACO’s performance was dramatically affected from lower advertising demand due to the COVID-19 pandemic and global economic uncertainty.  Consolidated revenue decreased by 25.9% YoY to THB 512mn o

selling price due to limited export from China. The overall sales volume decreased, except for ECH, as a consequence of major turnaround in Q2’ 18. The share of domestic and export sales have no significant

2.92 per cent, due to the decrease of sales. 2. Selling expenses In Q1/2019, the Company incurred selling expenses of Baht 4.97 million, going down year-on-year by Baht 4.23 million or 45.96 per cent

profit of 36.79 million baht. Profit increased from quarter 2/2018 of 50.05 million baht Due to the operating results of Star Gas Company Limited in the quarter with net profit of 5.59 million baht and in

reasons for the decline of cost ratio not only stemmed from the increase of SW income and non-sw income per head but also from the efficient cost management particularly staff cost. Administrative Expenses

28% 0.36 0.26 0.10 38% Note: The new financial reporting standards were reflected in company’s result of 2020 2 / 5 • Due to COVID 19, revenue increased 3% from rice business and dividend received for

1,249.63 million and THB 729.06 million respectively. This equals to a sharp decline of 41.66% year on year. Domestic sales revenue dropped 43.82% from the same period of the previous year due to an