contract period is subjected to 3 months. Since Firstwood Co., Ltd. (the lessor) plans to develop the land and to renovate buildings of the rental warehouse, the leasing contract can be renewed in every 3

warehouse leasing, the contract period is subjected to 3 months. Since Firstwood Co., Ltd. (the lessor) plans to develop the land and to renovate buildings of the rental warehouse, the leasing contract can be

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

business in the category of mutual fund management; “Private fund management company” means any securities company licensed to undertake securities business in the category of private fund management

management company or private fund management company; “Mutual fund management company” means any securities company licensed to undertake securities business in the category of mutual fund management

perform any acts necessary or related and beneficial to the Company and the shareholders Agenda 8 To consider and approve the entering into connected transaction Agenda 9 To consider other business (if any

stores were reduced earlier.  Domestic Contract Manufacturing (CMG) sales decreased by c.25% YoY, mainly due to higher excise tax and sugar tax as well as high sales base last year. 9M/2018 Sales Revenue

the party to EPC Contract with Toshiba Group separately. 2 For the entry into of LTSA Contracts, each of the Project Companies shall be the party to LTSA Contracts with Siemens Limited separately. 4

Baht) Consolidated Financial Statements 3Q'19 3Q'18 % YTD YTD % Change 2019 2018 Change Total Revenue 452.8 443.4 2.1% 1,387.3 1,288.9 7.6% - Utilities Business 449.8 442.3 1.7% 1,381.4 1,287.0 7.3

MANAGEMENT DISCUSSION & ANALYSIS 2Q 2020/21 ENDED 30 SEPTEMBER 2020 09 NOV 2020 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS HIGHLIGHTS – 2Q 2020/21 MACO’s performance was