Microsoft Word - 2020.08.10_1Q2021_MACO_MDA_EN_V3 MANAGEMENT DISCUSSION & ANALYSIS 1Q 2020/21 ENDED JUNE 2020 11 AUG 2020 MASTER AD PUBLIC COMPANY LIMITED 1 QUARTERLY BUSINESS HIGHLIGHTS – 1Q 2020/21

Page 1 of 7 Management Discussion and Analysis 2Q2019 Executive Summary Singha Estate Public Company Limited (“the Company”) reported 2Q19 total revenue of THB 2,355m, increased by 147% YoY. 300

private fund; “Provident fund” means any provident fund under the laws on provident funds; “Open-end fund” means any mutual fund which accepts the redemption of its investment units; “Management company

; “Management company” means any mutual fund management company and private fund management company; “Mutual fund management company” means any securities company licensed to undertake securities business in the

provident fund under the laws on provident funds; (Translation) 2 “Open-end fund” means any mutual fund which accepts the redemption of its investment units; “Management company” means any mutual fund

item mainly comes from the outstanding of US dollar debts; the company booked unrealized loss of THB 673 million in Q1’2020 from the THB depreciation against US dollar during that period while there was

Management Discussion and Analysis For the first quarter ended March 31, 2019 Kiatnakin Bank Public Company Limited Investor Relations Email: investor_relations@kiatnakin.co.th Tel. +66-2495-1366

revenues EMS business The Company had revenue from EMS business for the second quarter of 2019 amounting to Baht 387 million. There was no significant change compared to the same period of the previous year

business The Company had revenue from EMS business for the third quarter of 2019 amounting to Baht 346 million, a decrease of Baht 43 million or a decrease of 11% compared to that of the previous year

compared to the same period of last year. At the end of the first quarter of 2020, the Group has outstanding backlog amounting to approximately Baht 2,000 million. Smart service business The Company had