MASTER AD PUBLIC COMPANY LIMITED 2 13 May 2019 2Q 2020/21 CONSOLIDATED P&L SNAPSHOT *Net profit (loss) attributable to equity owner of the Company Revenue by segments (THB mn) 2Q 2019/20 Restated 1Q 2020

1 Forth Smart Service Public Company Limited (FSMART) 3Q2020 Management Discussion and Analysis Operational Summary in 3Q20 (recovered from Covid-19 pandemic)  Net profit was Bt123mn, increasing

7,539 million Baht, increased by 29% YoY, supported by revenue from the ESSE Asoke which has started the transfer since December 2018 and operating profit contributed from the new acquisition of Outrigger

Consolidated Profit(Loss) Statements The net profit of the Company and subsidiary companies decreases 60.45% from the same quarter of the previous year. It is because the income from sale decreases by 45.81

subscribers, which was equivalent to 54% of the total subscribers of the company, increasing, when compared to 35%, recorded at the end of the year 2018. 2. Net profit In the third quarter of the year 2019, the

Limited and its subsidiary for the nine-month period ended 30 September 2019 represented an operating profit of Baht 432.57 million. Compared to the same period of last year, it showed a loss of Baht 71.64

, Net profit increased 2,864,919 baht or 32.18% more than 20%. The main reasons were as follows: 1. Service income decreased 2,608,550 baht compared to the same period of the last year mainly from the

profit 129,641,648.10 108,936,780.25 Western U Co. , Ltd. is a licensee of a private higher education institution, Western University. Western University is a shareholder of the company Rajapruek Education

://market.sec.or.th/public/idisc/Download?FILEID=dat/news/201808/18075120.pdf Microsoft Word - MD&A Q32018 - ENG.doc (%) 8.7 4.7 EBITDAR Margin (%) 18.9 17.6 Net profit Margin (%) 3.2 (0.5) Return on Equity (%) 3.0

70.33 109.73 Total Revenues 9,131.98 9,444.46 Selling and Administrative Expense 692.28 605.22 Finance Costs 85.90 78.95 Net Profit (loss) 23.72 417.46 Net Profit (loss) attributable to the parent company