the Thai capital market to ensure reliability, transparency and fairness for all parties. In fulfilling this mission, the Board emphasizes corporate governance practices within the SEC, incorporating

to • Implement cost management programs • Improve working capital management to drive further growth in operating cash flows • Drive operational excellence and reliability • Reinforce customer centric

in the new normal world Combined PET: Our focus remains to:  Ensure customers’ demand are being met at all times  Operational excellence which mean assets reliability, lower costs and maintain high

’ demand are being met at all times  Operational excellence which mean assets reliability, lower costs and maintain high operating rates  Working capital management through efficiency improvement like for

expanding construction business group supporting the EEC project. In terms of economic stability, employment rate decreased following to the economic situation while the cost of production reduced, especially

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