observed a growth in subsidiary business especially in distress debt management and mobile phone distributor. The details of the Company’s performance are explained as follows: 2016 2017 Change MB % MB % MB

broadband business focused on quality of subscription and ARPU improvement. We witnessed a decent take up on network utilization in the key cities, supported by the active sale forces and promotions. In 1Q17

% YoY to THB 14,125mn. Meanwhile, Outdoor media– segment which MACO focuses on – bucked the trend, increased by 12.8% YoY to THB 6,391mn. In recent years, advertising industry has witnessed the shift in

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

witnessed a decline in gross add due to a more stringent control on Prepaid Identification (PI) that impacted new subscribers’ registration, as well as continued focus on quality subscriber acquisition

, service providers continually strengthened networks to enhance competitiveness in quality, efficiency, and customer experience. Fixed broadband industry has consistently witnessed a solid demand for quality

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

been mainly driven by improvements in tourism and industries related to the export sector. In contrast, provinces that rely on agriculture have not yet seen a clear pick-up, despite higher agricultural

. Prices have so far seen a decline but recent demand and input cost pressure will push up prices into the end of 2017 and into 2018. Our investment in HR in order to improve our processes has contributed to

additional documents or evidence as seen appropriate within a period of time as specified by the SEC Office. If the applicant fails to comply or proceed within such period, the SEC Office shall consider that