capture growth and bolster our leadership in OOH media business in overseas markets. BUSINESS OVERVIEW AFTER THE RESTRUCTURING MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY

increasing or decreasing from changes of inventory at the end of period. Page 2 2. Overview of Domestic Economy and Ready-to-Drink Fruit Juice Market At the end of Q2/2019, domestic RTD fruit juice market

coverage and 3) supporting the business operation of MACO in Malaysia, and 4) strengthening overall bargaining power from increased scale. VGM Business Overview* *More commentary on the VGM transaction can

finance costs due to higher borrowings as a result of previous investments in machinery, subsidiaries, and joint ventures. 2. Overview of Domestic Economy and Ready-to-Drink Fruit Juice Market In Q3/2018

financial statements for the 6 months ended June 30, 2019 as follows: Overview of Operating Performance Company and its subsidiaries had revenue classified by product category consist revenue from the

increasing or decreasing from changes of inventory at the end of period. Page 2 2. Overview of Domestic Economy and Ready-to-Drink Fruit Juice Market In 2019, moving Annual Total (MAT) Year 2019 of domestic

Quarter Ended on June 30, 2020 2 Overview Operational Results Between the second quarter and the six-month period of the year 2020 and 2019 (Unit: Million Baht) Description 2nd Quarter Changes For the six

financial statements for the year ended December 31, 2019 as follows: Overview of Operating Performance Company and its subsidiaries had revenue classified by product category consist revenue from the

1,400 1,600 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Sales Revenue Net Profit Unit: Million Baht Page 2 2. Overview of Domestic Economy and Ready-to-Drink Fruit Juice Market In Q4/2018, domestic

40 60 80 100 120 140 160 180 200 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q1/16Q2/16Q3/16Q4/16Q1/17Q2/17Q3/17Q4/17 Sales Revenue Net Profit Unit: Million Baht Page 2 2. Overview of