MANAGEMENT DISCUSSION & ANALYSIS 2Q 2019 7 AUGUST 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 2Q 2019  Consolidated revenue increased by 161.5% YoY to THB

derived from the management service income and the trading income which was recognized for the first time in year 2018. 2018 2017 Change % Change Revenue 1,672.58 1,580.25 92.32 6% Cost 1,509.05 1,335.73

WATTANAPAT HOSPITAL TRANG PUBLIC COMPANY LIMITED No. WPH – SET 4/2017 8 November 2017 Subject : Management Discussion and Analysis for the 9-month period and Quarter 3 of 2017 ending on 30 September

Microsoft Word - 2020.07.15_3M 2020_MACO_MDA_EN_Final - Auditor edit MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 1

  JAS Asset’s Management Discussion and Analysis for FS2018 Page1

was equal to 26.3 MB which it was the payment of interest from late payment of a large trade receivable. - 2 - Topic Annual Balance Change 2020 2019 2020 VS 2019 (MB) (MB) % Sales and Services Income

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

1 Ref: AC.021/2018 14 August 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.028/2018 13 November 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

tracking system and cargo management of the State Railway of Thailand, etc. In Q3- 2022, the change of cost of sales and service was similar to the change of the revenue. However, when compare to the costs