1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

99.99% respectively. 2.5 Type and Size of transaction It is considered a connected transaction which is the support normal business transaction without general trading conditions. The size of the

for overseas business expansion. Additionally, the Company continued to be adversely affected by news related to manufacturers of substandard products and the closure of the biggest wholesale skincare

capacity (new Kiln 7 started in Hua Pha Way in Q1) and the full effect of Saraburi Quicklime. Similar to Q2 2018, the revenue was primarily from core business without significant contribution from

into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT

ก่อให้เกิดภำระเกินควำมจ ำเป็นจนเป็นอุปสรรคต่อกำรพัฒนำรูปแบบกำรประกอบธุรกิจ (“business model”) ที่แตกต่ำง อย่ำงไรก็ดี ตำมมำตรำ 96 แห่ง พ.ร.บ. หลักทรัพย์และตลำดหลักทรัพย์ พ.ศ. 2535 (“พ.ร.บ. หลักทรัพย์ฯ

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% in the domestic. A slight drop in the domestic was due to the sluggish demand as major business activities interrupted and curfew measures implemented during late March to June in Thailand to confine

of tape and weaving process following the new business model to reduce the cost the purchasing of plastic resin through banking (TR) has been canceled too results in the financial cost also reduced. 7

require 237 million baht in investment in: ownership of land, long term land rental (for the source of untreated water), infrastructure and machines required to carry out the business. To engage in long