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

down last year. In Q1/2019, the Company shut down in February and March during waiting for signing new credit agreement in April and subsidiary shut down in February due to the damage of the important

employee benefit according to new labor law, consultant fee for new Credit Agreement of the Company and others fee and reorganization during December 2019 resulting in reduced Salary for the current year. 5

2323 1085..96 Fax. 66 2323 9283 Management Discussion and Analysis (MD&A) Business operating results and financial position for the year 2018, in which the equity method is applied, of the Company could

year 2017 from importing solar equipment for the solar energy business of the company. Such a transaction happened only in year 2017, no more in year 2018. Selling and administration expenses. Selling

million Baht; decreasing by 49% as compared to the same period last year of 2,132 million Baht. The details are as follows: I Property Business: the Company will be able to record the revenue from sales of

property development business amounting of 0.72 Million Baht, as the construction process of the project 7. Financial Cost increased 3.02 Million Baht, or 108.63% because the Group using short term credit

11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

1 2017 MD&A Advanced Info Service Plc. Executive Summary In 2017, mobile business improved from stronger 4G positioning amidst competitive environment. Competitive landscape remained challenging in

shareholders’ meeting of the Company shall have approved the entering into the Transaction; and (2) No change has occurred, which causes a material adverse effect on assets, liabilities, business opportunity