consolidated reviewed the 3 rd quarter financial statements as of November 30, 2019 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized as

3,629mn, declined by 22.7% YoY. In this quarter, MACO outperformed the media industry significantly, delivering solid operating revenue of THB 262mn, an increase by 52.1% YoY. The Company reported net

relatively strong results in 1Q 2018 with an operating revenue of THB 290mn, an increase by 53.1% and net profit of THB 53mn, increased by 42.3% YoY. 2 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 1Q 2018 MD

share at the Ministry of Commerce on June 29, 2020. The 3 Months Operating Result as ended 30 June 2020 Financial Performance for the period ended June 30 (Unit : M ill ion Baht) 2020 2019 Inc. / (Dec

1st quarter financial statements as of May 31, 2021 which were reviewed by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited. The operating performance is summarized are as follows. Overview

significantly by 222.5% YoY to THB 1,481mn, predominantly due to the consolidation of the acquired hotel business in Europe (Vienna House), the improving operating performance of our hotels in Thailand and the

resolutions of the Board of Directors’ Meeting No. 9/2018, which was held on November 27, 2018. This was due to the fact that the manufacturing business’ operating results were declining, the percent of

as a holding company, i.e. 1) KPN Music Co., Ltd. (“KPN Music”) operating musical instruments trading and music school under the name “KPN Music Institute” ON 11 March 2019, KPN Academy’s registered

buy back shares for the purpose of financial administration in the case that the Company has retained earnings and excess liquidity, provided that such buyback of shares shall in no way give rise to any

view of such shareholder; (2) The Company may buy back shares for the purpose of financial administration in the case that the Company has retained earnings and excess liquidity, provided that such