Subject: Clarification of 3rd Quarter 2019 operating results that posted a difference greater than 20% from the preceding year To: Director and Manager the Stocks Exchange of Thailand World corporation

of Contract for Difference (CFD) with several underlyings such as gold, crude oil and stock index. This is a speculation for the difference between the current value of an the underlyings  without

year. The quarterly comparison of its performance in different business categories is shown in the table below: (Unit: Million Baht) Third quarter 9-month period 2017 2016 Difference % 2017 2016

difference increases in the amount of Baht 3.06 million or 13.01% as a result of an increase of its employment which conformed with its additional projects. 4. The Financial Cost is Baht 3.16 million which is

84.2 11.8% 360.4 357.6 2.8 0.8% Difference Difference - Translation - o Hospital Revenues from Social Security Fund for 2ndquarter and 6-month period amounted to Baht 144.5 and Baht 279.0 million, a

745.8 MB or increase of 4.0% and 70.8%, respectively. This is because the Company had delivered many large-scale projects which had been ongoing from Q1–2019 and Q2–2019, such as the High-Speed Internet

157.0 MB and 221.6 MB, respectively. This is because the Company had delivered many large-scale projects which had just been auctioned in Q1–2019. In fact, those large-scale projects had delayed their

establishment of the Company. In fact, the majority of the company’s revenue was revenue from sale and service. In 2019, the Company had received many large-scale projects from government agencies and state

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

cost, including transaction cost. Afterwards, investment property was stated at cost after deduction of reserve for loss from impairment (if any). Difference between the net disposal proceeds and the