1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

expenses 690.1 107.2% 567.9 93.8% -122.2 -17.7% Profit (loss) from operating activities -46.4 -7.2% 37.3 6.2% 83.6 - Finance costs 10.9 1.7% 7.0 1.2% 3.9 -35.6% Share of loss of associate accounted for using

% compared to the same period of last year. That show the Company managed to properly slash sales expenses from the previous year to be in response to decline in sales revenue and the impact from the

acquire Suntower since 2015. Consequently, both SPRIME dividend income record and saving on financing cost will start to impact on S’s consolidated financial statement since Q1’2019. Page 2 of 7 Management

against, cope with and minimize cyber threats in a timely manner to avoid their potential impact on the nation’s security. 9. Personal Data Protection Act B.E. 2562 (2019), published in the Government

current period. These factors are likely to impact the results of Q3 2019 but with the completion of Government formation process, discussions on providing stimulus to revive the economy and enforcement of

42.1% Share of profit/loss from JVs/associaties (equity income) (24.7) 3.4 N.A. 8.6 N.A. Finance cost 458.2 113.0 305.5% 208.1 120.2% Reported Net Profit/Loss (253.7) (162.5) 56.1% (80.8) 213.9% GOP

revenues, costs and expenses which has significant impact on Q4–2023, can be shown in the following table: Balance by Quarter Change Topic Q4-23 Q3-23 Q4-22 Q4-23 VS Q3-23 Q4-23 VS Q4-22 (Million Baht: MB

Share (Baht per share) 4.38 55% 15.26 13.04 (15%) 14.84 13.01 (12%) 3 Sales and Revenues Structure for the Fiscal Year 2023 - Credit Card For the fiscal year 2023 financial results, credit card turnover

%) 2,189 1,852 (15.4%) Earnings Per Share (Baht per share) 2.82 3.15 11.7% 8.66 8.54 (1.4%) 8.76 7.41 (15.4%) Revenue Structure AEONTS: Aeon Thana Sinsap (Thailand) Public Company Limited Credit Card In Q3