), 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

Commission No. SorKhor. 39/2554 Re: Extension for Period of Approval and Filing Application for Approval of Extension of Personnel in Capital Market Business in Special Circumstances Whereas the first

-Meeting) with the agenda for consideration and approval of the following:Agenda 1: Consider approval of the following issues:1) Extending the maturity date of the bonds by another 2 years2) Partial

contains subject matters for consideration as follows: Agenda Item 1: Consideration for approval of a two-year extension of the maturity date, from 25 February 2024 to 25 February 2026, and consideration

suspend or revoke the approval for offer for sale of the debt securities in the program. Part 2 Public Offering of Debt Securities Denominated in Thai Baht in Thailand __________________ Clause 13 The

approval for offering newly-issued ordinary shares to specific investor by mean of Private Placement from the Office of Securities and Exchange Commission (the “SEC Office”). pursuant to Notification No

is the maximum shareholding percentage allowed under the laws of the Philippines. The shares acquisition transaction was subject to the approval from the meeting of the shareholders and upon certain

under the laws of the Philippines. The shares acquisition transaction was subject to the approval from the meeting of the shareholders and upon certain conditions precedent under the share purchase

securities business | - |- Registration |- Paid up Capital |- Fees |- Net Liquid Capital Rule (Section 49) |- Executives / Personnel | - |- Approval & Qualifications (Section 24) |- Major Shareholders

whole or in part, to manage the business of the securities company only with the approval from the Office. In cases where it later appears that the persons under the first paragraph have the prohibited