2022. In response to COVID-19 pandemic, for the sake of health and safety of our clients, employees, shareholders and stakeholders as well as taking care of our partners being impacted from government’s

), following to the approval at the Annual General Meeting of Shareholders held on 24 April 2019. MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY

% 30.1 25.1% Net Profit attributed to Equity Shareholders 118.3 4.3% 104.8 3.9% -13.5 -11.4% Revenues Analysis The Company’s total revenue for the first quarter of 2020 was 2,664.4 million Baht which was a

company On Oct 1’ 2010, the company sold partial investment in a subsidiary company to Japanese alliance. The Company and its subsidiaries recognized profit sharing to minority shareholders according to the

5.81% (5.09) (2.89%) Total liabilities 2,332.56 88.24% 2,079.12 70.79% (253.44) (10.87%) Total shareholders' equity 310.78 11.76% 858.11 29.21% 547.33 176.11% Total liabilities and shareholders' equity

assets 9. Property, plant and equipment 10. Intangible assets 11. Other assets Total assets Liabilities and shareholders’ equity (Unit:Baht) Consolidated The Company only ( 20..) ( 20..) (20..) (20

receivables 8. Others derivatives assets 9. Property, plant and equipment 10. Intangible assets 11. Other assets Total assets (Translation) -4- Liabilities and shareholders’ equity (Unit:Baht) Consolidated The

business receivables 8. Others derivatives assets 9. Property, plant and equipment 10. Intangible assets 11. Other assets Total assets (Translation) -4- Liabilities and shareholders’ equity (Unit:Baht

% Other components of equity 189 196 -3% Deduct: Treasury stock (114) 0 - Total equity of parent Company's shareholders 1,145 1,612 -29% Non-controlling interests 46 0 - Total Shareholders' Equity 1,191

- Share premium 6 6 - Retained earnings 1,270 1,229 +3% Other components of equity 196 199 -2% Total equity of parent Company's shareholders 1,612 1,575 +2% Non-controlling interests 0 5 - Total