. 2018 The Admin. in 9-month/ 2018 was THB 106.6 million and THB 75.45 million in 9-month/ 2017. The THB 31.15 million shift was mainly due to Don Muang closure expense in June resulting in THB 4.24

leverage our experience to further develop and strengthen the sustainable finance ecosystem in Thailand and the region to support the region's shift towards a low-carbon economy and to offer innovative

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

system is almost complete. Some small changes have to be made and the company has set to fully shift to ERP system at the beginning of 2018. 2. Operating Results (Company and Subsidiaries) Consolidated

continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more

increased over the past few years, benefiting from the shift in people’s behavior to spend more time outside as well as its strength as being a media that reaches consumers when they are on the go and

popularity due mainly to changes in people’s lifestyle as well as the shift in media consumption towards online and digital. In the past, people received their news, information and advertising mostly in their

declared as the “Year of Shift”. It is the opportunity for the organization, high-ranking executives and staff to revise the business model in order for the organization to achieve stable growth and the goal

estate business and thus the Company has to revise its strategy and target group. The year 2017 marks “The Year of Shift”. First of all, the target customers of the Company have been changed from middle to

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