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

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

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

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