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. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

behavior shifts OOH and online, so too will advertiser spending allocation. Hence, it is expected that advertising expenditures in the TV sector and traditional media to continue to decline and be surpassed

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วันที่ 15 ตุลาคม 2545 1 NO. (SUTHA-SET) 003/2019/EN 26 February 2019 Subject: Management Discussion and Analysis of the Company and its subsidiary for the year ended 31 December 2018 To: The