parts of the Chonburi Plant, or increasing its capital later on. 8. Expected Benefits to the Listed Company from the Transaction (1) To expand the scope of outsourced production service to cosmetic

global trade volume affected by trade tensions and the impact of structural changes in the Thai economy on export sector. Public expenditure and private investment would expand slower than the previous

from the disruptive furniture model of ‘Younique Customized Furniture 4.0’ since the launch in late 2017, the Company continued to expand Younique in Index Living Mall store with 3 new openings in Q3

land with a building worth 125 million baht to expand its production area, warehouse and delivery. The building is still in the process of preparing for readiness to use in the next phase. 2.1.4

decreasing of oil price in this quarter had good result to Cost of production. In Q1/2019, Export sector will consistently grow. Meanwhile, domestic consumption will expand although household have risk from

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

agreement of Baht 20 million; and (4) cash paid to finance costs of Baht 52 million. 6. Forward Looking The Company and its subsidiaries will continue to expand branded business overseas and hasten 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

. Meanwhile, sales of branded product by 3rd party’s manufacture decreased by THB 275 million or 34.1% since these are non-core products but tools to expand the Company’s brand awareness. The new product

advertisers become more encouraged by the firmer upward trend in consumption and export growth, which has subsequently led GDP to expand by 3.3%1 in the first quarter of 2017. The Bank of Thailand has also