), following to the approval at the Annual General Meeting of Shareholders held on 24 April 2019. MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY

LIMITED 7 MANAGEMENT OUTLOOK Following the Extraordinary General Meeting’s approval on 14 January 2020, MACO’s domestic media operation is now transferred under the management of Plan B Media Public Company

caused us a longer than expected lead time to initiate, go through their approval process and list our products to the shelves based on their conditions. Even though our sales volume of energy drinks under

high bargaining power of reputable modern trade operators. These altogether caused us a longer than expected lead time to initiate, go through their approval process and list our products to the shelves

through their approval process and list our products to the shelves based on their conditions. Therefore, ICUK’s business plans aim to entail further penetrations in more modern trades, careful allocation

interest-bearing debts to shareholders’ equity ratio of 0.6 time, up from 0.5 time, respectively. However, the Group is currently under the bond approval and issue process, should the entire process have

% completed and The Customs House or the Roi Chak Sam project was on the Fine Arts Department submission process for approval. For the Verso International School, the construction of Phase 1 is expected to be

and new joint venture that still not recognize income Please be acknowledged accordingly, Yours truly, (Mr. Sithipon Ratanaporn) Chief Financial Officer

current shareholders’ equity is approximately at the amount of Baht 33.38 million. Please be informed accordingly. Sincerely yours, -Signature – (Mr. Chotiwit Taechaubol) Deputy Chief Executive Officer

_________________________________ (Ms. Piyaporn Phanachet) Director and Chief Executive Officer