1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

sector. Moreover, Thailand is expected to hold a general election in November 2018, therefore directly supporting the media industry overall. We reiterate the revenue growth forecast for the Company at 20

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

1 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 MEDIA INDUSTRY Outdoor media has presently become the go-to choice for advertising. It’s

current trend of e-sports in Thailand. And also “Idol EXPO”,3rd, the largest Thai idol event in the industry and the electric motorcycle show “EV EXPO” together with the caravan show “MV Caravan”. All

lessen countrywide spread control measurements, Thai economy was slowly recovering from the world economy contraction. Private consumption slightly recovered from the ease of measurements. Export sector

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

stations’ columns, and full commercialisation is expected to start in 3Q 2019. Lightboxes at Surasak station LED Screen at Chit Lom station MALAYSIA • Currently, VGI Global Media (Malaysia) Sdn Bhd (“VGM

decelerating rate due to slowdown in external sector and manufacturing production at home. Meanwhile, private consumption which continued to expand was derived mainly from increased expenditures on automobiles

Company had resolved the resolution to the Company that it shall cease metals trading business at the end of the first quarter of 2019. Padaeng Industry Public Company Limited and its subsidiaries (“the