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No. MVP038/2020 May 15, 2020 Subject: Management Discussion and Analysis for the three - month period ended 31 March 2020 To: President and Manager The Stock Exchange of Thailand M Vision Public

Microsoft Word - 2020.02.11_FY 2019_MACO_MDA_EN_Final MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 1 YEARLY BUSINESS HIGHLIGHTS – 2019  Consolidated revenue

5.44 Cost of goods sold 1,408.20 1,242.63 13.32 Temporary shutdown expenses 159.15 173.27 (8.15) Selling expenses 385.33 393.74 (2.14) Administrative expenses 106.36 100.90 5.41 Finance costs 24.07 32.62

.0107559000397 Tel. 0 2026 0470 - 92 Fax. 0 2026 0499 E-mail. info@firetrade.co.th เลขประจ ำตัวผูเ้สียภำษี : 0107559000397 Page 1 of 3 Pages No. FTE 005/2020 14 August 2020 Subject Management Discussion and

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-0.1% Food Business Revenues 2,760.9 56.9% 2,621.8 55.6% +139.1 +5.3% Total Revenues 4,854.8 100.0% 4,717.8 100.0% +137.0 +2.9% Cost of Sales – Hotels Business (1) (818.6) (16.9%) (858.9) (18.2%) -40.3

Management Discussion and Analysis For the first quarter ended March 31, 2019 (Unreviewed) Kiatnakin Bank Public Company Limited Investor Relations Email: investor_relations@kiatnakin.co.th Tel. +66

Revenue 341,188 252,137 89,051 35.32 Gross Profit 186,351 136,320 50,031 36.70 Gross profit margin (%) 54.62 54.07 0.55 1.02 Golf Services & Property Management Revenue 160,157 141,745 18,411 12.99 Gross

Microsoft Word - MD&A Y2019-E FA.doc 1 Ref: CSO. 003/2020 Date: 19th February 2020 Subject: Management Discussion and Analysis for Year Ending 31st December 2019 Attention: President The Stock