its subsidiaries as details below: (Unit: Baht millions) For the period of three months Consolidated financial statement ended 30th June Apr 2019 - June 2019 Apr 2018 - June 2018 Change % Change Revenue

material, projects in the previous year ended and the increased competition in the stainless pipe group. For the period of three months For the period of 1st half Consolidated financial statement ended 30th

greatly contracted by trade impacts and the higher For three months For nine months Consolidated financial statement ended 31st December ended 31st December Oct - Dec 2019 Oct - Dec 2018 Change % Change Apr

1st half of year, the For the period of three months For the period of 1st half Consolidated financial statement ended 30th Sept ended 30th Sept July - Sept 2019 July - Sept 2018 Change % Change Apr

statements comprise of the consolidated financial statements and the separate financial statements as compared with the financial statements for the same period in the year 2017 ended December 31, 2017. The

PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) 936 595 341 1,748 854 274 620 Operating Revenue Billboard Street Furniture System Integration 2017 2018 2018 CONSOLIDATED

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

QUARTERLY BUSINESS HIGHLIGHTS – 3M 2020 Consolidated revenue decreased by 13.7% YoY to THB 612mn o Advertising revenue increased by 3.1% YoY to THB 270mn o System integration services revenue decreased by

Periods Ended 30 June, 2020 Page 6 2. Operation performance according to consolidated financial statement Unit : Million baht 2020 2019 2020 2019 Total revenues (excluding fuel costs) 3,695.63 4,387.88

18,454 23% 4.9% 60,741 70,498 16% EBITDA margin (%) 36.4% 45.6% 44.8% 39.9% 44.7% 6 2017 MD&A Advanced Info Service Plc. Financial Position (Bt mn/% to total asset) 4Q16 4Q17 Key Financial Ratio 4Q16 3Q17