1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

for health-conscious consumers. The additional beverage capacity has been commercial run since June, one month earlier than planned. With the new beverage capacity, C-Vitt will be one of the growth

juice, and fresh tamarind juice. The products are introduced to serve the growing health-conscious trend during COVID-19 outbreak, especially strengthening immunity system, which is currently among the

LUGGAW fruit shop at Marketplace, Nanglinchee Community Mall to meet the current customer demands, which focuses more on health- conscious products. The Company enhance growth through introducing new brand

outside of department stores in order to serve the increasing number of health-conscious consumers. Expanding “Luggaw” to Increase Brand Portfolio Continue to Aim to Grow Internationally The Company

Café Branches In the previous year, the Company opened a new brand called "Luggaw" that focuses on selling products made from Thai fruits. The brand received a positive response from health-conscious

Phayathai in July. The Company focuses on selling products made from Thai fruits and has received overwhelming feedbacks from health-conscious customers. This has resulted in the opening and the operation of

% YoY. Nevertheless, Outdoor media - our focus segment- recorded THB 1,525mn in advertising expenditure, an increase of 3.8% QoQ and 11.0% YoY, benefiting from a shift in people’s behavior to spend more

เหตใุห้บริษัทจ าเป็นต้องปรับกลยุทธ์ในการด าเนินงานใหม่ โดยก าหนดปี 2560 เป็น “ปีแห่งการปรับเปล่ียน” (Year of Shift) ภายใต้สภาวะถดถอยขององค์กร บุคลากรของทัง้องค์กรตัง้แต่ ผู้บริหารระดบัสงูจนถงึพนกังานทัว่ไป

continuously increased over the past few years as evident from an acceleration of its advertising expenditures by 3.6%1 YoY to THB 1,678mn in 3Q 2017, benefiting from the shift in people’s behavior to spend more