11 FEB 2019 1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2018 MD&A FY 2018 (ended 31 December 2018) MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The overall Thai advertising market has been

previous period of last year as follows (1) Revenue from sales of program rights increased 30.53% (2) Revenue from advertising and media services decreased 89.49% and (3) Revenue from sales of products

exports which rose by 5.3% YoY as well as continued recovery in private consumption which expanding by 3.1% YoY. Nevertheless, Thailand's advertising industry reported a decline of 6.0% YoY to THB 101,445mn

follows (1) Revenue from sales of program rights increased 1.29% (2) Revenue from advertising and media services increased 358.02% and (3) there is no revenue from sales of products. Net profit For the

revenue as there was a lead time for certain expenses that the Company must plan in advance such as advertising expenses spent on various media. Furthermore, the Company had significant advertising and

%, personal loan income at 6%, bad debt recovery at 21% as well as the growth of subsidiaries in Thailand and overseas by 15%. This is because the Company has continued launching new marketing campaigns

kiosk” (Service Charge) 398.66 55.8% 475.20 57.1% 481.50 57.2% 1.3% 20.8% Entrance fee income - 0.0% - 0.0% - 0.0% 0.0% 0.0% Advertising income 3.65 0.5% 4.61 0.6% 2.35 0.3% -49.0% -35.6% Total revenue

percent or 98.5 million baht mainly from declining in print media and advertising revenue that for the year ended 2018 was 922.0 million baht compared to 952.0 million baht the same period last year

) Details of disposal of assets Name of Company : Myanmar SPA-Today-Far East Company Limited Type of business : Advertising agency in the Republic of the Union of Myanmar. Registered Capital : Kyat 500,000

income - 0.0% - 0.0% 0.0% Advertising income 13 0.6% 12 0.4% -7.7% Total revenue from core business (4 items) 2,245 100.0% 3,105 100.0% 38.3% Cost of services (1,674) -74.6% (2,373) -76.4% 41.8% Gross