crude steel production monthly, ending 31 December 2018 According to the World Steel Association’s report on world crude steel production was 461.6 million tons in the fourth quarter of 2018 and

Q2/2018 4 Overview of World Steel Industry With reference to World Steel Association’s report on world crude steel production was 454.9 million tons in the second-quarter of 2018 and accumulated world

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

the same period last year. Most raw materials cost increased following the rising of crude oil price that increased around 6.70% comparing to the same period last year, as well as the slowdown of

% comparing to the same period last year due to the rising of the commodity prices and especially crude oil price that increased around 12.68% comparing to the same period last year. 3. Better conversion cost

million, mostly from profit sharing from investment in BBF decreased. Since crude palm oil price has declined, B100 price consequently declined and BBF had to realize an Inventory Loss.  Decrease of

the Law on Securities and Exchange. “ goods ” means securities , gold , crude oil and other goods as prescribed under the Notification of the Securities and Exchange Commission Re: Determining

Law on Securities and Exchange. “goods” means securities, gold, crude oil and other goods as prescribed under the Notification of the Securities and Exchange Commission Re: Determining Additionally