Re: Allocation of Cash Flow under Securitization Program and Reporting on Transfer of the Remaining Assets and Benefits of Special Purpose Vehicles

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

increased over the past few years, benefiting from the shift in people’s behavior to spend more time outside as well as its strength as being a media that reaches consumers when they are on the go and

popularity due mainly to changes in people’s lifestyle as well as the shift in media consumption towards online and digital. In the past, people received their news, information and advertising mostly in their

% 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

, an increase of 15.6% YoY. The YoY increase was largely as a result of the shift in selling and administrative expenses up 5.92%, from THB 661mn in 1Q 2018 to THB 700mn in 1Q 2019 due to business

includes Transit, Outdoor and In-store media with a market share of 12.9%, resiliently increased by 2.6% YoY to THB 3,394mn. OOH media continues to benefit from the structural shift in the media industry

Sustainability Issues on Valuation and Performance” for investment analysts and “Navigating the Future of Investing in the Time of Sustainability: A Paradigm Shift in the Roles of Investment Consultants?” for

continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more

3,169mn. OOH media continues to benefit from the structural shift in the media industry and people’s behavior to spend more time outside. Online media, which reports on a yearly basis by the Digital