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

of total assets in the consolidated financial statement ended March 31, 2019, the size of which falls in between 15–50 percent, and shall be determined as a Class 2 transaction under the Acquisition or

operations will be equal to THB 122mn. 1Q 2018 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 1Q 2018 PERFORMANCE ANALYSIS (YoY) In 1Q 2018, the Company reported a consolidated operating revenue of THB

). The dividend was paid to shareholders on 10 October 2018. 5 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 3Q 2018 CONSOLIDATED P&L SNAPSHOT

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

Group Public Company Limited (the “Company” or “CBG”), are pleased to submit management discussions and analysis regarding consolidated financial performance and position of the Company and subsidiaries

in subsidiary (149.44) (22.84) 554.28% (150.35) (22.84) 558.29% Shares of profit (loss) in of associates 24.38 (1.23) -2078.90% 24.38 (2.51) -1071.70% Financing Cost (17.30) (18.45) -6.27% (36.32

ramp services, catering services and international cargo. Consolidated financial statement of the Company consists of Separate Financial Statement and Financial Statements of the 14 subsidiaries that

forecast general economic conditions. (in thousand Baht) Allowance for impairment losses 31 December 2019 30 June 2020 Change Consolidated financial statements 1,055 3,756 2,701 2. Thai Financial Reporting

and develop securities business related to investment management; “debt financing” shall include the issuance of debt instruments or conclusion of any transaction that would result in or is in substance