Microsoft Word - 2020.08.10_1Q2021_MACO_MDA_EN_V3 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 1 QUARTERLY BUSINESS HIGHLIGHTS – 1Q 2020/21

Analysis for the 3rd quarter of year 2022 2 in revenue was higher than the industry growth (in terms of production volume) of 34.5% for the following reasons: 1) Automotive Parts Business; Higher volume from

Business Operations in relation to Shareholders’ Meetings. 2 A person designated by the Board of Directors to proceed the registration of the amendments to the Articles of Association with the Department of

each focused country. Sales breakdown by business and geography are as follows: Sales Breakdown by Business:  Brand: Baht 2,042 million, down 9% YoY  CMG: Baht 2,342 million, down 16% YoY  Sales ratio

and business opportunities in each individual sector and area across all industries. In parallel, we focused on the development of technological solutions with the aim of becoming “Customers’ Life

strategy that aims to be a leading operator of the full media business. Also, the investment in GSG will considerably support the Company’s growth of revenue and benefit in the future. Despite the fact that

benefits of the transaction The Success of engaging in a joint venture agreement with NRED, one of world’s leading real estate developer that has a long history of success and business experience over 60

Consolidated Business USD in Mill ions 2Q17 1Q17 2Q16 2Q17 YoY% LTM2Q17 LTM2Q16 (R) LTM YoY% Total Production (in '000 tonnes) 2,223 2,188 2,319 (4)% 9,056 7,666 18% (1) Consolidated Sales 2,089 2,041 1,889 11

Rules on Application for and Granting of Approval to Undertake Trust Business (No. 2)

Printable Format - Laws and Regulations Guideline on the commencement for operation of securities / derivatives business