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

CONSOLIDATED P&L SNAPSHOT 1 Gross profit margin in 2Q 2016 was calculated from operating revenue excluding extraordinary revenue of THB 13mn 2Q 2017 PERFORMANCE ANALYSIS In 2Q 2017, the Company was witnessed a

% YoY to THB 14,125mn. Meanwhile, Outdoor media– segment which MACO focuses on – bucked the trend, increased by 12.8% YoY to THB 6,391mn. In recent years, advertising industry has witnessed the shift in

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media

consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 38.6 million from office building in London, U.K. 3) Other revenue of Baht 82.5 million, which grew by

and Derivatives’ was previously called Olefins. The new nomenclature better reflects our sector following the consolidation of Huntsman assets. ** Combined PET includes Integrated PET, Specialty

. The increase was predominantly due to the consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 40.9 million, which grew by Baht 31.4 million or

conversion prices are calculable by a formula based on future share prices; and 3) dilution effect calculation in case that all conversion rights will be exercised.?In the past years, we have witnessed uptrend

last year. The increase was predominantly due to the consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of THB 43.4mn, which fell by THB 10.0mn or 18.7

somewhat more popular fund raising channel as witnessed by the continuous increase in corporate bond market value. Survey on asset management companies indicated that mutual funds for accredited investors