shareholders’ meeting of issuing company; 3. creditor of issuing company under business reorganization plan that approved by the court under law on bankruptcy or debt restructuring agreement; 4. shareholders of

Operator currently licensed or authorised to conduct fund management in the jurisdiction of its principal place of business? Yes No If “No”, please specify

1 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 MEDIA INDUSTRY AND BUSINESS IMPACT ANALYSIS Thailand’s economic recovery remained on track and

%) 10 4 (60%) Operating Results O f t h e C o m p a n y : A n a l y s i s o f S t a t e m e n t o f I n c o m e 1. Revenue: After You Public Company Limited operates dessert and bakery business. The

Equity Branches at Period End (1) (Branch) 101 129 Number of Franchise Branches at Period End (Branch) 136 146 Sales from Restaurant Business During the Period (THB Mn) 1,336.1 1,345.3 Same-Store Sales

such as potato starch, egg powder, wheat flour and cocoa powder due to high price competition in the marketplace. The sale income from the new business acquired on April 2018, operating manufacture of

% compared to the same period last year as sales in China stagnated since the end of last year. Nevertheless, the Company’s business expansion to the Philippines helps extend the customer base and diversify

targeting tourists and focusing on duty free shop distribution. Table 1 : Sales Revenue by Product Line for the Three Months Period Ended 30 June Product Line/ Business Group Consolidated financial statements

pandemic of COVID-19 followed by the government’s order of a temporary business shutdown to limit the spread of COVID-19 applying from 22 March 2020 until the present affects our partners and customers

Restaurant Business During the Period (THB Mn) 2,020.0 2,046.5 Same-Store Sales Growth: SSSG (%) (2) 7.4% -5.3% Growth of Revenue from Restaurant Business (%) 19.7% 1.3% Remark: (1) Outlets owned by the Group