MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

is the continuous expansion of rental business at Lumpini Township Rangsit Klong 1. The income from rental at the project has increased 80% from the same period of the previous year. 3 Table 1: Income

attributable to equity holders of the company increased to 3.8%, increased from 20.9% to 24.7% as detailed hereunder, 1. Revenues from sales of real estate, in the period of the first quarter of 2020, amount of

increased income from the sale of electricity generated by a solar power project in Thailand. Selling and administrative expenses - Selling and service expenses In Quarter 3 of 202 0 , selling expenses

growth in revenue from sales of goods in the amount of 261.99 million baht, increased by 12.51 million baht or 5.01% from last year. Resulted from an increase in sales from the product ‘Discs plough’ since

baht or 1% of total revenues. Other revenues was mainly from the continued growth of bad debt recovery that increased by 31% y-y caused by the increased of expedite the legal process. Expenses The

Company’s debt to equity ratio (D/E Ratio) will be increased from 0.61 to 1.30 according to the audited consolidated financial statements of the Company for the period ended June 30, 2019. In this regard, the

purchase of all shares in Hello LED, the Company’s debt to equity ratio (D/E Ratio) will be increased from 0.61 to 1.30 according to the audited consolidated financial statements of the Company for the

the event that the Company utilize all of such short-term loan from financial institutions for the purchase of all shares in Hello LED, the Company’s debt to equity ratio (D/E Ratio) will be increased

household sector increased due to the rush to transfer home ownership before the effective date of the revision of the housing loan regulation (LTV measure) on April 1, 2019, but demand for auto-leasing