Exclusion of Credit Rating Agency Business from Securities Business in the Category of Securities Investment Advisory

The Exclusion of Investment Management for Private Equity Firm from Securities Business in the Category of Private Fund Management

Exclusion of Credit Rating Agency Business from Securities Business in the Category of Securities Investment Advisory (Codified KorChor 16/2558)

Category of Investment Advisory Service   25/02/2016 01/04/2016 5. Notification of the Securities and Exchange Commission  KorChor 1/2555 Exclusion of Credit Rating Agency Business from Securities

% 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