Measurement and Management Framework in Business and Investment Strategies” with an aim to move forward the Thai capital market’s sustainable development and promote the private sector’s compliance with the UN

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

to THB 10,145mn, predominantly due to the increase in revenue from hotel operations as a result of the hotel portfolio expansion and revenue from the sales of Mo Chit Land. • EBITDA reached THB 3,195mn

Entire Business Transfer of Unicorn Enterprises Company Limited to U City (EBT of UE)  Operating EBITDA was THB 238mn in 1Q 2018, an increase of THB 59mn or 33.3% YoY, largely as a result of the

quarter, the Sansiri JV (i) fully sold and fully transferred The Line Chatuchak-Mochit project, (ii) continued to transfer units of the ready-to-move-in The Line Wongsawang and (iii) begun transferring

million baht compared on the same period from last year, or 311.6%, according to the plan in which The Group has expanded the proportion of housing projects. Due to the expansion of the sky train network to

% YoY to THB 6,976mn, preeminently due to full year consolidation of the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises Limited (EBT of UE

million baht due to the expansion of LCL causing the higher number of employees and moving office to support expansion which leads to the expenses derived from such move and the former improvement disposal

strategic move by combining Central and Robinson department store. The business synergy will give the combined department stores a significant acceleration to become more customer- centric, as well as to

sustainable development. This shift in recognition of society, environment and corporate governance has been driven by the fact that no business could survive the collapse of society and thus, has to extend its