shareholders of Mahachai Group (a company in steel industry which has long business relationship with the Company) holding shares in the Company in amount of 789,304,760 shares or equivalent to 11.51 percent of

Bank of Thailand). The overall global aviation industry in the first half of 2019, a growth in passenger traffic was supported by 4.7 percent increase in revenue passenger kilometers (RPK) where Europe

Fund) The overall global aviation industry in 2019, Revenue Passenger Kilometers (RPK) increased by 4.2 percent - down from 7.3 percent annual growth observed in 2018. Africa region had the highest

V2 12/11/62 0 V2 12/11/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Third Quarter of 2019 The Thai economy in the third quarter of 2019

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

purchase order from big industry in first quarter of 2019 in an amounting of Baht 89.84 million. Almost of all revenue was gradually recognized since first quarter until this quarter. Moreover the Company

due to the stimulus policy from the government in relation to telecommunication industry giving a positive impact towards the Company in winning many new contracts and consequently resulting in a

compared to the year 2016. This is because the stimulus policy from the government in relation to telecommunication industry has given a positive impact towards the Company in being awarded by many new

which affected employment and domestic demand*.  However, the Company sees that the lower interest rate gives a positive impact to overall real estate industry due to a potential lower cost for both, real

provide an opportunity for overall real estate industry due to a potential lower cost for both, real estate developer and buyer. The Company’s focus is on developing projects to serve real demand for