) MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 9 MANAGEMENT OUTLOOK In June 2019, the Company began commercial sales of our new digital Street

Tesco Plc “Tesco” is a leading British multinational retailer with headquarters in England, United Kingdom. The business began in 1919 with Jack Cohen selling surplus groceries from a stall in the East

by 20.2 Million Baht or 100.0% compared to the previous year as revenue recognition began in the 4th quarter of 2018. Processed Food Unit: Revenue amounts to 184.5 Million Baht, increased by 30.3

Million Baht, increased by 28.8 Million Baht or 100.0% compared to the previous year as revenue recognition began in the 4th quarter of 2018. Processed Food Unit: Revenue amounts to 278.8 Million Baht

% , from Baht 351.36 million in quarter 1/2017 to Baht 406.54 million to quarter 1/2018. The main reason for the increase was derived from additional revenue from engineering service and product trade began

pool of potential investors. In addition, we are sure that this MOU’s implementation will lead to a good model for the cooperation in the region and we are optimistic that capital markets in the region

which is a new product that began operating since May, 2018. Food & Beverage Unit: Revenue amounts to 190.7 Million Baht, which contributes 16% of total revenue, categorized by brand as follows; A&W

. 68 million to Baht 1,580.25 million, which is increased by 11.94% due to additional revenue of engineering service in 2017 and revenue from solar energy began to recognize in 2017. Statement of

million Baht increased 256.41 million Baht or 36.6%, from both Material and Construction equipment business unit. Mainly from economic began to improve both private investment and infrastructure project

million. due to the following reasons: 1. In 2018, Management put emphasis on renewing the contracts with more margin projects. 2 . Solar energy began to recognize revenue for the whole six-month month