MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

Group approximately has 15,000 employees; this reflects the Group’s potential for future expansion of FTTx service offering to cover everywhere nationwide; in addition to enabling rapid installation and

2018 primarily due to the US-China trade war and global uncertainty contributed negative impact on export growth. The growth of credit card business in Thailand continue expansion due to overall economic

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

of August 31, 2017, the Company’s total cards reached 7.96 million cards (including 2.45 million credit cards and 5.51 million member cards). Covering networks nationwide, the Company has 107 branches

consumption expanded gradually, in line with the expansion of consumption expenditure on durable goods and greater consumer confidence, as well as improvements in farm income. Meanwhile, private investment

than in 2017 which mainly supported by acceleration of global economy growth. Moreover, expansion in private consumption, export growth, and private investment from last year was due to higher consumer

nationwide telecommunications services as a network Page 3 of 7 provider and service provider as well as telecommunication facilities Annual license fee The licensee is obliged to pay the following fees

leveraging on scale and value-added services Fixed broadband revenue reached Bt7,437mn, a strong growth of 146% YoY and 2.1% QoQ. This growth is driven by high-quality subscriber expansion, a robust nationwide

-Eleven stores, starting with “Butter Bun” as the first product. This expansion aims to reach a wider customer base by leveraging the strength of 7-Eleven, which has over 14,000 branches nationwide