integration in January 2017 b) Increase in employee benefits from issuances and offerings of warrants to purchase the Company’s ordinary shares to directors and employees No.1 (“ESOP-Warrant-1”) and No.2 (“ESOP

, in Thailand in case of the cessation of its fund offerings to the public in Thailand in accordance with the requirements set out in Appendix B-II-SEC Circular of the MoU. Yes No If “No”, please specify

of the Hong Kong Covered Fund, as detailed in part A, in Thailand in case of the cessation of its fund offerings to the public in Thailand in accordance with the requirements set out in Appendix B-II

also expected to enhance its margin through diversified product offerings and growing demand for fibres made from recycled PET. Volumes are higher by 33% YoY driven by entry in to Brazil and India and

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

. The trend of prepaid customers migrating to postpaid continued, supported by attractive postpaid offerings bundled with smartphones. These resulted in postpaid net addition of 231,800 while prepaid

assortments to refresh current offerings and sourced for better high quality and relevant ingredients. • Research new products. Catering: • New recipes, leadership and marketing strategies have yielded repeat

and +0.5% QoQ. Customer perception is gradually improving after the launch of AIS NEXT G and differentiated offerings. In addition, a focus on profitable segments resulted in strong postpaid net

offerings and sourced for better high quality and relevant ingredients.  Research new products. Catering:  New recipes, leadership and marketing strategies have yielded repeat orders and new customer

low price offerings remained in the market to address weak spending power. Enterprise non- mobile business grew 6% YoY. Demand for enterprise data service (EDS) started to recover after having been