cash paid-in for increase in share capital of subsidiary in China during September and October 2017. In addition, property, plant and equipment increased by Baht 67.89 million which were new machines

baht) 2018 2017 Rental and services income 3,733 3,197 Cost 2,836 2,441 Gross profit 897 756 Gross profit margin 24.0 23.7% 7. In the year 2018, details of share of profit from investment in associates

183.84 (6.33) (3.44) Finance cost 246.48 210.78 35.70 16.94 Total expenses 995.09 904.75 90.34 9.99 Share of profit (loss) on investment in associated company 240.45 196.23 44.21 22.53 Profit before income

selling expenses 177.51 183.84 (6.33) (3.44) Finance cost 246.48 210.78 35.70 16.94 Total expenses 995.09 904.75 90.34 9.99 Share of profit (loss) on investment in associated company 240.45 196.23 44.21

Company’s business in Quarter 3 is traditionally softer compared to Quarter 1 and 4 due to low tourist arrivals in Phuket during this time of the year. Total revenue for the three-month period increased by

person) 3. General Characteristics of Transaction The company agreed to engage the land and building leasing agreement for serving the company’s business as branch office in Bangkok at 312, 402/3-4

426.73 million compared to the same period of the previous year resulting from the increasing of market share and the expansion of business area. 2. Total expense for the 1st Quarter ended 31 March 2020

Connected Persons: The Mitsubishi Electric Corporation is common major shareholder by holding share as followings: - KYE : 9,048,020 shares or 45.70% MKY : 57,700 shares or 48.04% 6. Funding Source: Working

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS HIGHLIGHTS – 2Q 2020/21 MACO’s performance was

accidents. Business wise Q3 2019 as in Q2 the macro economy and the competitive landscape remains challenging. The continuing weakness in the steel sector had a significant volume and revenue impact, but we