margins corrected to LTM 2Q18 level HVA 284 271 268 • PEO, NDC, Packaging margins steady • IPA margins lowered to sustainable level • HVA Fibers margins to expand post 1H18 supply issues • Avgol, Kordarna

grew thoughtfully and systematically, building off the scale developed in the PET business at our core. We expand with the intention to build our downstream businesses to create more added value and our

-up Capital after capital increase and UAC will be a major shareholder of UAPC at proportion of 63.75% of Total Paid-up Capital after capital increase. Since the decrease of holding portion in UAPC may

main lime consuming sectors of the industry continue to expand: the sugar cane harvest will be flat compared to last season which was a record year. The steel industry will continue to grow but at a

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

targeted to grow in scale leveraging subscriber base of mobile segment. Enterprise and digital services will continue to drive user base momentum and expand partnership. Operational and financial target of

quarter of 2019 continued to expand driven mainly by domestic demands. Private consumption expanded in all categories supported by the improvement in purchasing power from the rise in farm and non-farm

decrease. Also, device subsidy recognized as marketing expense will be capitalized as contract assets and amortized against the service revenue over the customer contract term. b) On balance sheet, there

, industrial sector and tourism sector. Domestic demand continued to expand from private consumption following the fundamental factors supporting overall purchasing power, while private investment contracted

ended 31 March 2020 was 18.92 million baht, a decrease of 8.74 million baht or 31.60 percent. Operating expenses (including depreciation and amortization) for the quarter ended 31 March 2020 was 1,808.43