Discussion and Analysis for the period 3 months September 30, 2017. as follows:- Million Baht By Consolidation method The Company Q3/2017 Q3/2016 Q3 Different Q3/2017 Q3/2016 Q3 Different Sales and service

-recurring revenue. As a result of consolidation, non-recurring revenue increased by 37.97mb or 33.8% increase year-on-year. Recurring revenue from Financial Solutions increasing by 4.35mb or 7.0% but offset

of 7.55mb or 36.1%. SG&A consists of mainly indirect staff costs, office rental and depreciation & amortization. The increase in SG&A is mainly attributed to the consolidation of TigerSoft’s result

the on premises sales of its software and the sales of hardware. N o n -recurring revenue in the H R Solution grew 63.65m b , largely from the consolidation of TigerSoft’s result, while ERP’s

weighted in non-recurring revenue. As a result of consolidation, non-recurring revenue increased by 17.72mb or 35.5%, reversing from a dip in non-recurring revenue in previous quarters. Recurring revenue

abovementioned consolidation. Cost from Trans.Ad Group are naturally higher from computers, software and installation expenses than MACO’s core business in media. Selling, general and administrative expenses (“SG

, PBSB is now a subsidiary of MACO, and the consolidation of its financial performance has also begun in this quarter. INDONESIA – GENERATING PROFIT SINCE THE FIRST COMMERCIALISATION IN APRIL 2019

P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT * The Company restated the financial performance from 26 January 2017 after the consolidation of VGM under the common control basis. 2018 PERFORMANCE ANALYSIS

. The growth in this business unit was mainly driven by full-quarter consolidation of International Advertising operated by VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”), which started in July 2019

resulted from the consolidation of Trans.Ad Solutions Company Limited and Roctec Technology Limited, collectively called “Trans.Ad Group”, which was acquired in August 2018. Cost of sales increased by 318.9