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

take-up and application of the Code. It expects the content of the Code to evolve over time to reflect developments in good stewardship practice, the structure and operation of the market, and the

% 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

outflow for PPE and interim dividend pay out in Feb’19. Current investment decreased by THB 904 million due to the shift from short-term to long-term investments (see more details in notes to financial

increased over the past few years, benefiting from the shift in people’s behavior to spend more time outside as well as its strength as being a media that reaches consumers when they are on the go and

the full effect of Saraburi Quicklime addedon March 19th. Similar to Q1 2018, the revenue was from core business, that is a major shift compared with H1 2017 when the contribution of Engineering was a

popularity due mainly to changes in people’s lifestyle as well as the shift in media consumption towards online and digital. In the past, people received their news, information and advertising mostly in their

performance. The turnaround was mainly resulted from cost and sales and marketing strategies shift, expenses cut and control, efficiencies improvement, and work processes adjustments throughout the Company