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

behavior shifts OOH and online, so too will advertiser spending allocation. Hence, it is expected that advertising expenditures in the TV sector and traditional media to continue to decline and be surpassed

and traditional media have peaked and they will be surpassed by OOH media (Outdoor, Transit and In-store media) and digital/online spending in a near term. To capture the key components of industry

homes from traditional media such as TV, newspaper, magazine and radio, now people are becoming more mobile and spending more outside of their homes. Most of this time is spent commuting in their cars, on

remains sluggish, resulting in the contraction of advertising expenditures by 11.4% YoY to 26,351mn in the third quarter of 2017. Overall advertising spending was weighed down by TV sector (Analogue TV

The first quarter of 2017/18 (ended 30 June 2017) 1 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2017/18 2 AUG 2017 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Advertising spending

consumers have more concerns about spending and sugar intake. RTD fruit juice market and growth is as shown in figure 2 (Source: Nielsen). RTD fruit juice market has been dropping since the beginning of 2017

decreased 30.54 million baht, or equivalent to 9.37% from the same period of previous year due to the Thai economy that slowed down. Spending and government investment were inadequately driven economy

market share at 65.4% fell 12.8% YoY to THB 17,226mn and Traditional media (Newspaper, Magazines and Radio) with a 13.8% market share, declined by 22.7% YoY to THB 3,629mn. Out-of-Home media (OOH), which

the TV sector and traditional media have been in decline and is expected to be surpassed by OOH media (Outdoor, Transit and In- store media) and digital/online spending in the near future. Master Ad