, change in regulation for retirement provisioning). As a result after a very successful 2018 with over 24% topline and 30% EBITDA growth, this year has witnessed a 13% revenue and 28% consolidate EBITDA

CONSOLIDATED P&L SNAPSHOT 1 Gross profit margin in 2Q 2016 was calculated from operating revenue excluding extraordinary revenue of THB 13mn 2Q 2017 PERFORMANCE ANALYSIS In 2Q 2017, the Company was witnessed a

creating brand awareness to an extensive reach. Over the last few years, the outdoor media segment has witnessed the consolidation into a few well-resourced media operators in order to increase

5 2Q20 Segment Analysis Combined PET Robust performance of Combined PET during pandemic reaffirms the essential nature and sustainability of PET & Packaging business. Strong PET demand is witnessed

outlook for 4Q17 should be positive compared to last year after passing the mourning period and Royal Cremation Ceremony since the end of October 2017. For hotel renovations, the Company already completed

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

international HRC prices also impacted the margins with gradual improvement witnessed during the quarter.  The reported quarter thus, resulted in reduced Shipment volume and EBITDA loss and Net Loss of THB 228

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

, the confidence in consumer has remained low level, the joint mourning for the passing of the King has effected to the domestic economy activity, these affected the purchasing force and spending less. (2

. The Company’s HVA portfolio also benefitted from the strength seen in its specialty feedstocks, namely IPA and NDC. IPA witnessed record high margins in 2017 which have now dropped to levels that are