source of sales, accounting for 82.2% of total revenue from sale of goods for the three-month period ended 30 June 2019, in which Index Living Mall stores’ and Index Furniture Center stores’ revenue

AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 181 91 90 190 102 88 199 108 91 Operating Revenue Billboard Street Furniture 2Q 2016 1Q 2017 2Q 2017 2Q 2017 CONSOLIDATED P&L SNAPSHOT

Billboard initiated by GREYNJ UNITED agency which was presented on MACO’s large-format billboard was granted Gold award from ADFEST 2018 TRANSFORM in Best use of Billboard & Street Furniture, Large/Highway

the asset manager for all Master Ad Public Company Limited’s (“MACO”) domestic Outdoor media, including Static and Digital billboards and Street Furniture media (BTS Columns and flyovers); while MACO

from sale decreased 9.97 percent from consolidated whereas the main revenue generated from furniture as the core business decreased 9.44 from the previous year as well. That caused from the management

932 584 348 Operating Revenue Billboard Street Furniture 2016 2017 2017 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 2017 PERFORMANCE ANALYSIS (YoY) 2017 was a year of high record revenue and

provinces of Thailand. The Company’s products are categorised into 5 main types consisting of (1) Billboards, (2) Street Furniture, (3) Digital Advertising, (4) Overseas Advertising, and (5) Creative OOH. 1

equipment, furniture, decorations and tools used in Kitchen Plus and Baan Krua Thai restaurants. Acquisition Price : Eighty Million Baht (THB 80,000,000) Key Conditions Precedent : The Assets Sale and

% Total Revenue 293.33 305.19 -11.86 -3.89% 288.96 302.33 - 13.36 -4.42% Sharing of gain (loss) from investment value of the associate and joint venture 3.54 -0.53 4.07 N.A. In the furniture business, the

(%) YoY (%) Advertising 262 270 144 -46.6% -45.0% Domestic Advertising 262 182 97 -46.7% -62.9% Billboard & Other 150 101 66 -34.9% -56.2% Street Furniture & Digital 112 81 31 -61.5% -71.9% International