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

analyze the benefits and shortcomings as well as the potential impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons, and

second quarter of 2017 at 11.2 percent. For total revenues for the second quarter in 2018 was 169.2 million Baht a decline by 5.5% from the same period last year. Due to rental revenues and sale promotion

impacts on the bondholders both in cases of approval and decline of approval for the above matters with respective supporting reasons and the opinions of the bondholders’ representative. The bondholders

consolidated financial statement for the second quarter in 2018 showed a net profit of 44.5 million Baht lower than the second quarter in 2017 at 103.6 million Baht or 69.9 percent decline. Thus, the performance

the street, in office buildings and in shopping malls. These changes have resulted in the significant growth of outdoor and online advertising and the decline of traditional media, as brands and clients

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

200% compared to same period last year, however it could not compensate the decline of sales from economic slowdown. Sales from food segment in Vietnam grew thanks to the opening of new stores. The

still exhibit a decline of 2.2%. Although the economy is showing signs of recovery in many areas, factors that still need to be monitored include 1) the continuing trade tensions between the US and

the second half of the year. However, government expenditure was slightly decline as well as the contraction on agricultural and construction sector. The Thai economy in 2018 is expected to expand more