, 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

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

network quality & after- sell service while offering competitive price. Acquisition strategy targeted to cross- sell to the existing mobile subscribers with bundled offerings of broadband, mobile and

margin guidance of 45-47% is maintained with the 9M18 margin at 46.2%. Market and Competitive Environment The mobile fixed-speed unlimited offerings have continued to take on more subscribers, limiting the