% Printings WPS 84.50 Printing service income 60.14 2.76% 0.00% Total - Printings 60.14 2.76% - 0.00% Logistics and education NML 99.99 Logistic income 114.46 5.25% 0.00% NU 90.00 Education income 66.85 3.06

of the Company as well as UAPC in order to expand business in the future, it will enable UAPC to raise funds in the capital market and increase the investment value in UAPC by reflecting actual market

from negotiation between the parties, with reference to valuation of share price by discounted cash flow method. 7. Expected benefits 1) Provide opportunities to the Company to expand its solar power

land with a building worth 125 million baht to expand its production area, warehouse and delivery. The building is still in the process of preparing for readiness to use in the next phase. 2.1.4

decreasing of oil price in this quarter had good result to Cost of production. In Q1/2019, Export sector will consistently grow. Meanwhile, domestic consumption will expand although household have risk from

In order to leverage the market leading position in Thailand and expand to overseas markets, Osotspa will acquire 60% ownership in Osotspa VTA Joint Stock Company to carry out the trading business of

agreement of Baht 20 million; and (4) cash paid to finance costs of Baht 52 million. 6. Forward Looking The Company and its subsidiaries will continue to expand branded business overseas and hasten 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

. Meanwhile, sales of branded product by 3rd party’s manufacture decreased by THB 275 million or 34.1% since these are non-core products but tools to expand the Company’s brand awareness. The new product

middle of 2019, the Company had sufficient funds to expand the said loan portfolio quite well. JMART Group MD&A: FS2019 IR63/002 : 26 February 2020 JMART Group MD&A: FS2019 Management Discussion and