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

implementing a response plan and is continuing to monitor the situation closely in order to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of

to conduct the appropriate measures. Hospitality Business The hospitality segment is taking a massive hit, with 53 out of 57 hotels in our portfolio temporarily closed since the second half of March

customers are cash holders. The possibility of change of customer behavior is low. The main factor of change from prepaid to postpaid is the customers’ higher income. Thus, the Company still maintains the

increase the frequency of use. The Company is confident that prepaid customers are cash holders. The possibility of change of customer behavior is low. The main factor of change from prepaid to postpaid is

show the possibility of providing innovative financial services, including the research results on potential risks from the regulatory sandbox ; (8) having no record of violating or failing to comply

) having the study or research results that show the possibility of providing innovative financial services, including the research results on potential risks from the regulatory sandbox; (8) having no

research results that show the possibility of providing innovative financial services, including the research results on potential risks from the experiment; (6) having no record of violating or failing to

show the possibility of providing innovative financial services, including the research results on potential risks from the experiment; (6) having no record of violating or failing to comply with the

credit rating agency from the possibility for the bank to receive financial support from the Government, if in need. Clause 7/3 3 To select credit rating information under clause 7/2, derivatives broker