2017. In addition, the Company has been closely monitoring the financial debt to equity ratio to be in the appropriate level. 5. Corporate income tax was Bath 277.09 million, an increase of Baht 24.42

million shift was mainly due to new expenses from new head quarter, more staff hiring in headquarter to serve expansion and new business plan and asset write-off. The percentage of Admin. / sales from 15

1 of 2019 and that of 2018 respectively. The THB 28.51 million shift or 91.47%. Net Profit margin for Quarter 1 /2019 and Quarter 1 / 2018 were 20.62% and 15.47% respectively. Such 5.15% increase was

maintain in Q4. The subsidiary in Vietnam, HV, has continuously improving operation results after installations of new machines in the past year and the increase in working hours from 1 shift to 2 shifts

"). Each of the 2026 Notes and the 2031 Notes is a separate Series and is referred to herein as a "Series". References herein to the "Conditions" shall be construed as references to the Terms and Conditions

quantify; regulation likely to be announced High visibility of cash flows; quantifiable Some visibility of cash flows; draft regulations floated IMPACT ON DISCOUNT RATE IMPACT ON CASH FLOWS Feedback quality

. 2018 The Admin. in 9-month/ 2018 was THB 106.6 million and THB 75.45 million in 9-month/ 2017. The THB 31.15 million shift was mainly due to Don Muang closure expense in June resulting in THB 4.24

closure of non- performing stores and a shift to delivery service. Other business units Unit: Million Baht Q1/2020 Q1/2019 %YoY Q4/2019 %QoQ Revenue from other businesses 9.22 8.84 4% 10.14 (9%) EBITDA

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

same group as SSF, it attracts individuals aged 50 and above due to its shorter holding period Appealing shift toward long-term investment in stocks Attracting new generation investors, freelancers