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

of household debt. On the other hand, public spending and investment continued to grow due to government’s relief measure through cash injection for people and businesses. As of August 31, 2020, the

around unlimited data plan. AIS had seen weaken mobile revenue due to consumer spending optimization and loss of revenue from traveler segment led to -6.5%YoY decline in mobile service revenue for FY2020

government has policies to help the cost of living of people at the grassroots level, it focuses on spending of the essential consumer products only. Products of the Company: For Medical Devices; There is

million or decrease 22.57%, this is due to the company set measures to control appropriate spending. 4. Administrative expenses In Q2/2017, the administration expenses was Baht 12.88 million compare with

sector spending and consumption. The Group’s revenues during the last quarter of 2016 and 2017 was affected. In 2017, the Group had total revenues of THB 2,407.17 million with a decrease of THB 153.73

amount. Distribution cost and administrative expenses amount to Baht 112.76 million, is decreased Baht 13.67 million or equivalent to 10.81%. This comes from spending controls in categories such as the

continuously manages down its OPEX throughout the period to minimize spending. ______________________________________________________________________________________________ Please be informed accordingly. Yours

yet started saving money for their retirement. Furthermore, financial behavior survey indicated ?5 Lacks? as follows: (1) Lack discipline to track  spending that caused the household debt rose to 83% of

% versus 3.0% for Australia. Key Unknowns × Life expectancy × Returns × Actual spending 17 For illustrative purposes only. “Rebalancing” the Portfolio Withdrawal 1 Determine retirement period 2 Determine