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

expanding of production line. By the way, no significant change in sales and service income of Quarter 4 compared to Quarter 3 2019, except sales of electricity of Solar Energy Power Plant which increase by

growth in business operations. In addition, such increase in total asset also resulted from our investments in expanding production capacities at Bangpakong, Chacheungsao province. Total liabilities were

expanding production capacities at Bangpakong, Chacheungsao province. - Translation - Page 6 of 6 Total liabilities were THB 4,436 million, up by THB 1,757 million or 65.6% from THB 2,679 million as of 31

our various offers, focusing on quality, discovery and innovation. We are working on expanding our prepared food offer in the cafes and continue to enhance our beverage and retail programs to become

nationwide, with over 1 million sales points. Both joint ventures are expected to become operational by mid-2018. The two joint ventures will enhance both companies’ competitiveness, while expanding business

operating cost by adding value to their products and expanding selling channels instead. With anticipate the Thai economy to grow by 3.8 percent in 2017, revised upward from the previous forecast and higher

also resulted from our investments in expanding production capacities at Bangpakong, Chacheungsao province. Total liabilities were THB 5,628 million, up by THB 2,949 million or 110.1% from THB 2,679

of previous year or 34.70 per cent. Due to commitment for expanding their business to CLMV, the 3rd quarter The Company distributes a celli counter beverage dispenser to a customer in Cambodia

both mobile and fixed broadband to respond to 4G growth and expanding fibre last miles. Dividend policy at minimum 70% of net profit AIS is committed to driving long- term growth while delivering return