) Petchpiya Group Company Limited, (21) Mr. Tanaphat Petchkwan, (22) Mrs. Kanyaphak Petchkwan, (23) Thai-Chin Engineering & Construction Company Limited, (24) Mr. Ruttanatorn Chinkrajangkit, and (25) Mrs

Limited and its subsidiaries (Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for the Quarter 3’ 2019 with the summary as follows: - 1. Nature of operations of the

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

company to see better returns on existing store profitability. In Consumer Brands Group (CBG), the PGA tournament DEAN & DELUCA Performance Bar launch successfully validated product profitability with the

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returns on existing store profitability. In Consumer Brands Group (CBG), the PGA tournament DEAN & DELUCA Performance Bar launch successfully validated product profitability with the official launch of the

Phatra Financial Group (“the Group”) business is divided into two main areas: the Commercial Banking Business operated by the Bank and Capital Market Business operated by its subsidiaries which are

subsidiaries (Hereinafter called “The Group”) would like to submit Management’s discussion and analysis for the Quarter 2’ 2019 with the summary as follows: - 1. Nature of operations of the Group The Group has

to The Brooker Group Public Company Limited and MCL Property Co., Ltd. (the “Purchaser”) which are not the connected person of the Company. The Board of Directors also granted the authority to the

estate developer and its customers. Although overall economy is soft, the Company’s target group of customers can maintain their purchasing power.   For recurring income business, the Company had adjusted