billboards in prime locations of CBD area from static billboard to digital screens, as well as to develop the integration between outdoor and online media by leveraging our partnership with VGI and Rabbit

businesses (Outdoor and Digital Services). The increase in SG&A from the Outdoor segment was namely due to the full quarter consolidation of MACO as well as the consolidation of Multi Sign. In addition, MACO

property fund for exemption of the value added tax, the specific business tax, and the stamp duty due to the conversion of a property fund into a real estate investment trust, as well as the benefits

creating brand awareness to an extensive reach. Over the last few years, the outdoor media segment has witnessed the consolidation into a few well-resourced media operators in order to increase

Services segment as well as positive order intake in the Outdoor media product group. The expansion to include Digital services business (Rabbit Group) constitutes a cornerstone of the VGI Group’s strategy

/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

resulted from higher prices, synergies from the Digital Services segment, the launch new product – LED billboards – of the Outdoor media segment as well as the full year consolidation of Master Ad Public

% 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

prices, synergies from the Digital Services segment as well as higher utilisation of digital screens of the Outdoor media segment. The expansion to include Digital services business (Rabbit Group