Ratchadamri, Bangkok which it was opened at beginning of 2019. For the first six months, the Company had the total revenue of THB 2,695 million; 4.5% drop from the same period of last year. Hotel Business

not result in an increase in consumption to the same extent. Store expansion in the second quarter was in line with plan. The company opened two new stores: one HomePro S store at BigC Bangna in May

AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 181 91 90 190 102 88 199 108 91 Operating Revenue Billboard Street Furniture 2Q 2016 1Q 2017 2Q 2017 2Q 2017 CONSOLIDATED P&L SNAPSHOT

DISCUSSION & ANALYSIS 3Q 2017 20 OCT 2017 172 80 92 199 108 91 262 173 89 Operating Revenue Billboard Street Furniture 3Q 2016 2Q 2017 3Q 2017 3Q 2017 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 3Q

operations will be equal to THB 122mn. 1Q 2018 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 1Q 2018 PERFORMANCE ANALYSIS (YoY) In 1Q 2018, the Company reported a consolidated operating revenue of THB

). The dividend was paid to shareholders on 10 October 2018. 5 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 3Q 2018 CONSOLIDATED P&L SNAPSHOT

companies of Baht 28.43 million, mainly due to the operating results of Absolute Yoga Co., Ltd. (The Company holds 30%). Absolute Yoga has recently opened new branches which caused high pre-operating and

period of last year by Baht 44.2 million or 12.9%. The major reason for the incremental is from same store sale growth at 10.5% and new branches opened during the year 2018 at 6.8%. Which during the period

result of new branch opening at The Mall Bangkapi in October 2018, resulting in the growth in this quarter revenue recognition compared to last year. Moreover, the group has opened a new branch at Central

fragrance rice and focusing on food court business with new branch opened and close all non-performed restaurant business in Q3/2019 o The company adjusted sale promotion program on sales related scheme and