1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

Page 1 of 10 Management Discussion & Analysis Q3/2024 1. Overview of Business Operations, Economy, and Industrial Conditions Affecting Operations In Q3/2024, Thailand's economic outlook shows signs

real estate development and service business. The Company has developed premium housing projects in central business area to open up new business opportunities. Moreover, the opportunity in rental real

help expand the Company’s business in Vietnam. 1,515 1,370 1,500 1,531 1,361 118 61 78 28 9 0 20 40 60 80 100 120 140 160 180 200 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1/17 Q2/17 Q3/17

for 9M19 since it caused the drop in revenue with the cost of employees of Dusit Thani Hotel Bangkok. However, the Company sold the long-term investment and recorded the profit in 2Q19 as per Business

the profit in 2Q19 as per Business Plan to alleviate the impact from the closure. For the staffs of Dusit Thani Hotel Bangkok, the Company allocates them to new businesses which has been expanded since

each focused country. Sales breakdown by business and geography are as follows: Sales Breakdown by Business:  Brand: Baht 2,042 million, down 9% YoY  CMG: Baht 2,342 million, down 16% YoY  Sales ratio

Thailand Sustainability Investment 4/ Thailand Sustainability Investment n/a Ranking by Industry Business 4/ Business The Company's main business is investment related (Holding Company) to production and

IT Junction branches that have not achieved to the target performance. However, due to an increasing of sale in coffee shop business, the total revenues of the Company is slightly decline as compare to

the overseas restaurant business, revenues from the sales and services decreased from the same period of the previous year in the amount of THB 42. 70 million or equivalent to the decrease of 27. 82