, Parcel No. 291, Sub-District No. 6594 and the Title Deed No. 258536, Parcel No. 239, Sub-District No. 6596. Modern Street Company Limited (“Modern Street”), the subsidiary of the Company with 99.99% of the

contribution of TST Tower of THB 30mn and (ii) rental income growth of 3.2% YoY or THB 1mn from 33 Gracechurch Street office building, being partially offset by no revenue from Underwood Street office building

received approval to renovate street furniture media on BTS columns, which is expected to be a key growth driver for 2019. January • Continued the process towards digitisation by replacing static billboards

the contribution of TST Tower of THB 6mn and the increase in rental income of Gracechurch Street office building. Other income grew 16.8% YoY or THB 21mn. The growth in other income was primarily from

result of the contribution of TST Tower of THB 28mn and higher revenue from 33 Gracechurch Street office building of THB 19mn. Other income grew 111.0% YoY or THB 92mn. Higher other revenues (which

AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 181 91 90 190 102 88 199 108 91 Operating Revenue Billboard Street Furniture 2Q 2016 1Q 2017 2Q 2017 2Q 2017 CONSOLIDATED P&L SNAPSHOT

Billboard initiated by GREYNJ UNITED agency which was presented on MACO’s large-format billboard was granted Gold award from ADFEST 2018 TRANSFORM in Best use of Billboard & Street Furniture, Large/Highway

the asset manager for all Master Ad Public Company Limited’s (“MACO”) domestic Outdoor media, including Static and Digital billboards and Street Furniture media (BTS Columns and flyovers); while MACO

TRUST COMPANY LIMITED UNION ASIA FINANCE . PUBLIC COMPANY LIMITED ROYAL INTERNATIONAL FINANCE & SECURITIES , COMPANY LIMITED LILA FINANCE AND SECURITY COMPANY LIMITED WALL STREET FINANCE AND SECURITIES

333.1% from office buildings in London, U.K. The increase was mainly due to the full quarter recognition of rental revenue from 33 Gracechurch Street office building, which was acquired in September last