% 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

to total revenue 1Q 2017/18 1Q 2018/19 YoY (%) 1Q 2017/18 1Q 2018/19 OOH media 755 997 32.1% 88.6% 92.5% Transit 519 620 19.5% 60.9% 57.6% Outdoor 170 284 67.4% 19.9% 26.4% Office and Other 66 93 40.0

1 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 MEDIA INDUSTRY Outdoor media has presently become the go-to choice for advertising. It’s

of the asset or project, with no further disclosure or documentation required. • An orange circle indicates where eligibility is conditional on meeting specific requirements. These requirements are

, Surin Elephant to name a few. Moreover, the shopping mall caters towards new experiences, such as the outdoor market “Talad Dadad” and a co-working space. Total NLA is approximately at 50,000 sqm. with

connects with other rail lines such as Green Line, Purple Line, Orange Line, Red Line and Airport Rail Link which is convenience for the passengers. (Translation) Bangkok Expressway and Metro Public Company

venture - A Woody Drink company limited (“AWD”)’s management. In June 2020, the Company released Woody C+ Lock Orange Flavoured while began to export to neighboring countries in CLMV in a non- significant

described and documented, automatically meet the Criteria requirements, with no further disclosure or documentation required. • An orange circle indicates that the eligibility of these assets is conditional

13.9 percent, declined by 21.7 percent by the last year , which equivalent to THB 14,125 million. On the contrary, the outdoor media segment where the Company focused on has an increasing adjustment

entrance of restaurant. Therefore, it shall be the unique outdoor hydraulic platform. 4. Size of the Transaction Cherdchaiwon is hired upon the Agreement in the amount of THB 8,881,000 (Eight Million Eight