Management discussion and analysis /Page 2 - Efficiently cost and expenses control measure such as managing staff productivity, marketing expenses control by shift to more social media and digital marketing

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

% 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

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

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

% 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

investors’ rights in alignment with the changing capital market ecosystem. The discussion included strengthening trust and confidence in the Thai capital market through the pursuit of class action lawsuits

securities via her nominee's securities account but failed to prepare and disclose report on changing in her holding (Form 59-2) to the SEC Office within the period specified in the notification of the

securities via his nominee's securities account but failed to prepare and disclose report on changing in his holding (Form 59-2) to the SEC Office within the period specified in the notification of the

COL securities via his nominee's securities account but failed to prepare and disclose report on changing in his holding (Form 59-2) to the SEC Office within the period specified in the