within the 4th quarter of 2018. VGM is a holding company investing in media companies in the mass transit, airports, cinemas, highways, major supermarkets and office buildings advertising segments. The

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

the TV sector and traditional media have been in decline and is expected to be surpassed by OOH media (Outdoor, Transit and In- store media) and digital/online spending in the near future. Master Ad

was driven by added subscribers of 209,300 or around (estimated) 20% share of industry which totaled year- end subscribers at 730,500. On other digital services, AIS continued to scale up several

increase of 463.3 MB and 700.2 MB or increase of 36.6% and 68.0%, respectively. This is because the Company had delivered many large-scale projects which had just been auctioned in early 2019. Those large

the Agreement in respect of the Project for Technology Improvement of Advertising Media on the Pillars of Bangkok Mass Transit Stations (Sukhumvit and Silom Lines) dated November 1, 2018 between Bangkok

Clause 3.2 (Renewal) of the Agreement in respect of the Project for Technology Improvement of Advertising Media on the Pillars of Bangkok Mass Transit Stations (Sukhumvit and Silom Lines) dated November 1

the Project for Technology Improvement of Advertising Media on the Pillars of Bangkok Mass Transit Stations (Sukhumvit and Silom Lines) dated November 1, 2018 between Bangkok Mass Transit System Public

by OOH media and digital/online spending in the near future. Our media portfolio covers all forms of OOH advertising such as Transit, Outdoor, Office Building, Aviation and Activation, altogether

745.8 MB or increase of 4.0% and 70.8%, respectively. This is because the Company had delivered many large-scale projects which had been ongoing from Q1–2019 and Q2–2019, such as the High-Speed Internet