the 34th shopping mall of CPN. The design expressed on Thai identity architecture impeccably harmonized with the serene outdoor nature to create a shopping destination located close to Suvarnabhumi

: “As the financial services sector evolves at an unprecedented pace, it is key for regulatory bodies to maintain a constant stream of knowledge exchange to stay abreast of innovation in the sector

amended regulations governing supervision of initial coin offering (ICO) with real estate underlying or real estate income stream (real estate-backed ICO) have become effective as from 1 March 2021. The SEC

% 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

share, declined by 25.5% YoY to THB 3,418mn. Nevertheless, Out-of-home media, which includes Transit, Outdoor and In-store media (collectively, “OOH”) bucked the trend, increased by 12.7% YoY to THB

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD&A 1Q 2018 (ended 31 March 2018) 14 MAY 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS The popularity of outdoor media has continuously

includes Transit, Outdoor and In-store media with a market share of 12.9%, resiliently increased by 2.6% YoY to THB 3,394mn. OOH media continues to benefit from the structural shift in the media industry

/18 2018/19 OOH media 3,559 3,847 8.1% 90.4% 74.6% Digital Services1 378 1,311 246.8% 9.6% 25.4% OOH media segment Transit media Office Building and Other media Outdoor media segment Digital Services

) OOH media segment Transit media Office and Other media VGI PUBLIC COMPANY LIMITED Outdoor media segment Digital Services segment cost of sales gross profit gross profit margin selling, general and

March 2018) 2 VGi GLOBAL MEDIA PLC MANAGEMENT DISCUSSION & ANALYSIS 2017/18 17 MAY 2018 Outdoor  Master Ad Public Company Limited (“MACO”) successfully acquired 70% of Comass Company limited (“Comass