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

categories For the 3-month period ended 30/6/18 % Change Inc. (Dec) For the 6-month period ended 30/6/18 % Chang e Inc. (Dec) 2018 2017 2018 2017 THB mm % THB mm % THB mm % THB mm % Sales 1. Sales from dessert

sustainable development. This shift in recognition of society, environment and corporate governance has been driven by the fact that no business could survive the collapse of society and thus, has to extend its

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

and service income – Cost of sales and services (does not include other income) Q2 2018 Q2 2017 YoY change YoY % change Unit: Million Thai Baht (THB) Sales and service income 292.69 231.08 61.61 27

processes throughout the Company. 4. Financial Position of the Company and its Subsidiaries Unit : Million Baht 31/3/2020 31/12/2019 % change Cash and cash equivalents 100 119 (16%) Account receivables 828

% EBITDA margin 21.0% 20.2% 0.8% 21.2% -0.2% Net profit margin for the period 14.1% 13.1% 1.0% 12.6% 1.5% Net profit margin attributable to the owners of the parent 14.0% 12.8% 1.2% 12.5% 1.5% Key Change in

% 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

as disastrous results of creative accounting practices employed by listed companies in foreign countries (ex. Enron and Worldcom) led to an overhaul in auditor supervision where we witnessed a shift

change in net working capital and cash tax, before maintenance capex Indorama Ventures 2nd Quarter 2019 MD&A 3 Summary 2Q19 results IVL’s performance for the first half and ongoing progress give us the