countries in June 2017 was 73%, increased by 1.4% compared to the same period of previous year, and increased from May 2017 by 1.3%. This shows that the world steel industry remained stable and likely to grow

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

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

%, part of which contributed from the successful deals with new partners in new export markets including Australia and Libya. Under these circumstances, the Group’s aggressive marketing policy to expand

to the cycle of the market which lowering the demand of steel products. The Company has exported its products as according to the marketing plan in order to expand marketing strategy, improve standard

of the company as in Q2/2018. The company will continue and increase export volume in order to expand the export market since the products are now recognizable in the overseas level and maintain the

innovation to create new business revenues or new S-Curve corresponding to the fast-moving environment of energy and electricity generation sectors and become an energy solution service provider of PTT Group

expansion of LCL causing the higher number of employees and moving office to support expansion which leads to the expenses derived from such move and the former improvement disposal costs. In this regard, the

obsolete and slow-moving inventory in first quarter of 2019, the increase in house brand revenue contribution in conjunction with the company’s strategy, the increase in the gross profit margin of house

as the Labor Protection Act (No. 7) B.E. 2562 and has set aside loss on devaluation of obsolete, defective and slow-moving inventories so on. Net Profit and Net Profit Margin For the year ended