to the first quarter of the previous year, mainly from an increase in SET and TFEX average daily trading volume. 1.2 Fee and Service income The Company’s fee and service income in first quarter of 2020
in second quarter of 2019 onwards. Shares of Profits: A massive slump in shares of profits of associated companies by THB (72.95M) or (273%) lower from last year which was solely affected by loss in
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
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