2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 4 FINANCIAL POSITION From 1 January 2020, the Company has adopted Thai Financial Reporting Standards (TFRS) 9 – Financial Instruments

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 4 13 May 2019 FINANCIAL POSITION From 1 January 2020, the Company has adopted Thai Financial

businesses. Hospitality Business At the end of 1Q19, the Company’s total hotels reached 37 hotels with 4,271 keys covering 5 countries – Thai, Maldives, Mauritius, Fiji, and United Kingdom. Hospitality

According to the Bank of Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the second quarter of 2021 increased by 7.5% (y-y) compared with a decrease of 2.6

Thailand and Office of the National Economic and Social Development Board data, the Thai economy in the fiscal year 2021 expanded by 1.6% (y-y), recovering from a contraction of 6.2% from previous year, that

" of the Securities and Exchange Commission (SEC). An English version of the MD&A has been prepared from the Thai version. In the event of a conflict or a difference in interpretation between the two

. Moreover, the natural resources business group realized loss on foreign exchange of THB 99 million from loan to subsidiary, after Thai Baht appreciated against US Dollar in this quarter. Management

, which already expired. In addition, Thai baht strengthened to nearly 10% against the US dollar compared with the same period last year also had an impact on sales. However, if considering only normal

food production. In term of business tourism continuously expanded in all region from both Thai and foreign tourists. Costs slightly rose due to wage hike and increasing in commodity prices, however

of 2019. In addition, there was a straight line concession adjustment of its international media operation in accordance to the Thai accounting standard, which led to higher expenses. FINANCIAL