and application for bounty or gratuity, consideration on entitlement to obtain bounty, procedures for bounty and gratuity payment, proportion of bounty and gratuity and criteria for obtaining bounty and

% 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

% 100.0% 100.0% PERFORMANCE ANALYSIS (3Q 2019/20 vs 3Q 2018/19) OOH media segment Transit media segment Office and Other media segment Outdoor media segment Digital Services segment cost of sales gross

the entitlement for Franchise for 10 Years. Numbers of branch entitled for Franchise are 25 branches at the amount of 50 MB. Terms of agreement for each branch when HHC entered into the operation are 12