Yai, Chachoengsao and Rayong Branch (which started operating since 1 November 2018)). Industry Overview In 3Q18, Thailand’s overall economic growth accelerated from all major spending categories

delay of the Fiscal Expenditure 2020 Budget Act causing by various economic factors. As a result, the Company's sales revenue was Baht 211.37 million. It decreased Baht 70.16 million or equivalent to

, coupled with high excess production capacity, resulted in a contraction in private investment. However, public spending continued to grow from current expenditure through disbursals for public health

slower-than-expected recovery of advertising expenditure during the first half of 2017, the VGI believes that an improvement in advertising spending is in the offing for the remaining months of 2017 as

in 20172, mainly due to an ongoing postponement of festivities subsequent to the mourning period over the passing of His Majesty King Bhumibol Adulyadej and the shrinkage of advertising spending in a

Structure ▪ Assets of the Company The registered capital of the Company is Baht 80 million and the paid-up amount is Baht 60 million that consist of 60,000,000 common shares with a par value of Baht 1.00

1 MD&A 2Q 2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending reported a decline of 1.4% QoQ

customers, has been pressured by high household debt. Therefore, spending expenses are carefully controlled. Notwithstanding, the entrepreneurs in retail industry have to adjust themselves to increase the

total assets as of 31 March 2019 decreased by 9% yoy. The decrease was mainly attributable to cash spending on annual capital expenditure and loan repayment as well as land disposal transaction. However

societies on stable electricity provision makes grid resilience essential. Investment need Annual spending of USD 820 billion on electrical grids will be needed by 2030 to reach net zero by 2050. However