well as other marketplaces e.g. Shopee, Lazada etc. Industry Overview Thai economy in 4Q19 was slowdown. On the domestic front, private consumption indicators suggested expansion in all spending

economic slowdown resulting in declining export and plunging tourists’ spending especially Chinese tourists. The instability in Thailand politic and election in March 2019 slowed public investment. High

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

Management Name : Mr HARALD LINK | Type of securities : Common share | Methods of Acquisition / Disposition : Sell | Transaction Date : 27/11/2017

Management Name : Mr HARALD LINK | Type of securities : Common share | Methods of Acquisition / Disposition : Sell | Transaction Date : 28/11/2017

Management Name : Mr HARALD LINK | Type of securities : Common share | Methods of Acquisition / Disposition : Buy | Transaction Date : 30/05/2018

entitled to draw the 2nd Loan Portion to utilize as capital expenditure, as working capital, and for other debt repayments of the Company as approved by Link Capital I once all of the conditions under the

loan of USD 30,000,000, or equivalent to THB 1,035,276,666.67, (the “2nd Loan Portion”) as capital expenditure, as working capital, and for other debt repayments of the Company as approved by Link

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