investments by the equity method while lower depreciation due to the change in estimating useful lives of assets at Dusit Thani Manila to reflect the real future economic benefits and in line with the Company’s

sectors, which some part mainly comes from export and tourism sectors and internal expenditure rate has gradually expanded as well. These economic situations leaded to quarter 3/201 the Company gained

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

Information (“MMOU”) (“IOSCO MMOU”) (ข) หน่วยงานกำกับดูแลในกลุ่มประเทศ Organization for Economic Co-operation and Development (“OECD”) (ค) หน่วยงานกำกับดูแลของประเทศที่อยู่ในประชาคมเศรษฐกิจอาเซียน (ASEAN

service concerning health and esthetics. 2. Overview of operating results in the Year 2018. Although in 2018, the global economy as risk from international of political tensions and economic. And the

Company’s management, documents provided by the Company, publicly available information as well as the IFA’s assessment of current economic conditions. Any significant changes to this information in the

esthetics. 2. Overview of operating results in the Quarter 2’2019. Continued from the first Quarter of 2019 until second Quarter, the world economic still be tense from political crisis in many country and

service concerning health and esthetics. 2. Overview of operating results in the Quarter 2’2018. Although the global economy is at risk, such as political tensions and economic of international, or the

concerning health and esthetics. 2. Overview of operating results in the Quarter 3’2018. Although the global economy as risk from international of political tensions and economic, and the uncertainty of US

economic conditions in the contract. Selling expenses were THB 488 million, a decrease of THB 204 million or 29.5%, representing 12.6% of total sales, down from 19.1%. The details of key expenses were as