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

Q2 and flood causing transportation difficulty in Q3, and China where some distributor had weak performance. In addition, Thai baht was stronger by c.5% against the US dollar compared with the same

Translation (UNOFFICIAL TRANSLATION) Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand can

/2019. 2/ Impact from the adoption of Thai Financial Reporting Standards 16 Leases (TFRS 16) since 1 January 2020 which caused higher depreciation and interest expenses (net after tax). Operating

Ventures Public Company Limited for the first quarter of 2018 We are pleased to submit: 1. Consolidated and Company only Annual Audited Financial Statements for the first quarter of 2018 (a copy in Thai and

environment The Thai economy for the year 2018 expanded as expected according to its potential. For the last quarter of 2018, the economy continued to expand largely from domestic demands contributed both from