Balance by Quarter Change Q1-2017 Q4-2016 Q1-2016 Q1-2017 vs Q4-2016 Q1-2017 vs Q1- 2016 (MB) (MB) % (MB) % Total Revenue 1,139.2 939.7 1,122.7 199.5 21.2% 16.5 1.5% Total Operating Expenses 960.5 790.6

Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.16 31.12.17 31.03.18 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,228 1,119 1,202 Total Assets 1,361 1,242 1,322 Current Liabilities 914 784

%) Selling & Administrative Expenses 253.64 223.16 30.48 13.66% Finance Cost 61.61 83.03 (21.42) (25.80%) EBT 175.02 158.75 16.26 10.25% Tax (21.45) (22.25) (0.08) (3.58%) Total Comprehensive Income 153.57

. Total selling and administrative expenses increased from Baht 36.0 million in Q2/2017 to be Baht 41.6 million in Q2/2018, or 15.52% increased. This was due to an increase in Allowance for doubtful

and Administrative Expenses 54 51 6 Share of profit (loss) from investments in joint ventures 1 (1) (200) Financial Cost 8 8 - Net Profit 29 64 (55) - 2 - Total Revenues In the three-month period ended

Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.16 31.12.17 30.09.18 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,228 1,119 1,249 Total Assets 1,361 1,242 1,366 Current

Interim Management Discussion and Analysis as follows : FINANCIAL SUMMARY 31.12.18 31.12.19 31.03.20 FINANCIAL POSITION (MILLION BAHT) Current Assets 1,154 1,054 1,183 Total Assets 1,268 1,185 1,451 Current

31 December 2019, BAM has Total assets of Baht 115,789.67 million) In 2019, BAM foresees the economic growth to be maintained at low level and that there will be an ample supply of NPLs and NPAs coming

13 19 Total 459 472 Allowance for doubtful debt 31 85 MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 5 13 May 2019 LIABILITIES AND

and sales of construction materials The Company and its subsidiaries had revenues from construction services and sales of construction materials of Baht 29,295.94 million, representing 93.97% of total