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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

promotion and marketing events to increase sales amounts in this year such as “FN Fair” at head office and branches. For sales of existing branches, it was not achieve the target since the delay of domestic

recovery, the Company arranged more promotion and marketing events to increase sales amounts in the first six-months periods such as “FN Fair” at head office and branches. This attributes to the increase in

services. The main reason for the increase in user spending was due to increased marketing promotion activities of mobile operators compared to the same period of last year. The gross profit from digital

promotion expenses, cost of newspaper distribution and strict cost control. Consolidated administrative expenses for the year ended 31 December 2017 was 226.5 million baht, decreased 15.7 percent or 42.1

the same period of 2017. The main reason of such decrease is due to a decrease in sales promotion. Administrative Expenses Administrative expenses for the 1st quarter of 2018 were Baht 29.39 million

was mostly due to an increase in employee expenses and sales promotion expenses. EBITDA increased by 40.78% year-over-year to Baht 143.72 million in 2018 from Baht 102.09 million in 2017. Statements of

year. Such increase was due to an increase in sales promotion expenses and was in line with an increase in sales volume. Administrative Expenses Administrative expenses for the fiscal year 2018 were in

amortization) were Thai Baht 195.04 million in 2019 or 51.88% more than Thai Baht 128.42 million in 2018. The variance was mostly due to an increase in employee expenses and sales promotion expenses. EBITDA