remained sound as banks continued to closely monitor credit quality and maintained high levels of loan-loss provision, capital fund and liquidity to facilitate further credit expansion. Credit Rating LH

28.8 MB, increased from Q2/2019 in the amount 10.3 MB, or 55.85 percent (18.4 MB in Q2/2019) as result from employee expense, provision for obsolete product and the impact from the Thai Financial

, Provision for long-term employee benefits of the year 2019 increased. Shareholders’ Equity As at December 31, 2019, the Company's Shareholders' equity equal to 2,885.9 MB, an increase of 141.2 MB from the

(Loss) attributable to equity holders of the company (277.59) (243.35) (34.24) (14.07) Financial Position as at December 31 (Unit : Million Baht) 2019 2018 Inc./(Dec.) % ( A d jus ted an d R ec l as s i f

: million Baht 30-Jun-20 31-Dec-19 Total Assets 25,964 26,400 Total Liabilities 10,049 9,219 Total Equity 6,204 7,014 Minority 9,711 10,168 Gr ou p Gr ou p HR C Gr ou p Management Discussion and Analysis

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

Baht 8,990.3 million and provision for Liabilities from the water business amounted Baht 335.9 million. Shareholders’ Equity As of 30 June 2019, Total Shareholders’ Equity was Baht 13,078.9 million

84.20 376.72 (292.52) -347.42% 1,482.63 1,825.67 (343.03) -23.14% SHAREHOLDERS' EQUITY Issued and paid-up share capital 1,316.25 1,316.25 - 0.00% Premium on ordinary shares 264.33 264.33 - 0.00% Surplus

compared to the same period of 2019. This was mainly because the Company focused on costs control and there was an increase in employee benefit provision of Baht 46 million in the second quarter of 2019

Power Plants • THB 69.87 million of loss from impairment of investment in associates • THB 64.69 million of provision on project under future obligation • THB 0.76 million of loss from disposition of