), following to the approval at the Annual General Meeting of Shareholders held on 24 April 2019. MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY

100,229.43 3,218.88 3.2 3.2.1 Liabilities increased in the amount of THB 3,625.47 million, the main reasons were as follows: (1) Dividend payable increased because the Board of Directors in the meeting no. 3

and expect the construction to be completed and the scheduled commercial operation date to take place within year 2023, pursuant to the resolution of the Board of Directors’ Meeting No. 3/2020 dated 25

that asset trustee’s approval to be trustee has been revoked; (e) any other right of sukuk holders; (f) general meeting of sukuk holders; (3) particulars relating to sukuk trustee: (a) name, address and

information for consideration. The documents should be delivered before the meeting date at least as minimum requirement period by the regulations. 13.5 The company provides minutes of board of directors

consideration without delay. Clause 12. At least half of the panelists in the administrative panel shall form a quorum. Decisions shall be made at the meeting upon majority vote. Each commission panelist is

shareholders due to the mutual fund or NVDR issuers not exercising the voting right at the shareholders’ meeting. 1.5 Issuance of other securities 1.5.1 In the case where the Company issued convertible

such underlying securities. In addition, clarify the impacts on the voting rights of the shareholders due to the mutual fund or NVDR issuers not exercising the voting right at the shareholders’ meeting

financial condition. I. Meeting of Debt Securities Holders Disclose details relating to the requirements for convening, attending or voting at a meeting of debt securities holders, if such a meeting can be

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Office of the Securities and Exchange Commission No. Sor Nor. 87/2558 Re: Rules, Conditions, and Procedures for Management of Retail Funds, Mutual Funds for Accredited Investors, Mutual Funds for Institutional Funds, and Private Funds ______________________ By virtue of Clause 6, Clause 8, and Clause 9 of the Notification...