Q3-2016/2017 Oct 16 - Dec 16 Increase (Decrease) Q3-2017/2018 The operating result of the Company for Q3 2017/2018 (1 October 2017 to 31 December 2017), the Company earned net profit of 182.94 million

results  In Q2/2017, the Company and its subsidiary recorded total sales of Baht 1,370 million, a decrease of 21% YoY due to the slowdown in domestic sales and CMG business. However, Branded export sales

the period of six months Movement for the second quarter Movement for the period of six months 2018 2017 2018 2017 Increase (decrease) % Increase (decrease) % Producer and distributor of ready-to- drink

follows. Financial performance Statement of income Consolidated Financial Statements for Quarter 3 of 2020 Quarter 3 of 2019 Change (Unaudited but reviewed) (Unaudited but reviewed) Increase (Decrease) THB

clarify operating performance of the Company three-month for the Quarter 2/2019 ended 30 June 2019 as the following: change Q2/2019 Q2/2018 increase (decrease) Sales 172.5 240.8 -28.4% Other income 17.8 0.6

Discussion and Analysis For the Quarter Ended March 31, 2018 Operating Performance Revenues Revenue Structure by Business Operations Type of Revenue Consolidated Financial Statements For the quarter ended

30, 2019. The conclusions are as follow; Operating performance : 1. Revenue : The total revenue of the 2nd quarter of year 2019 was Baht 858.56 million representing a decrease 26.96% comparing to the

businesses since we focus on expanding customer base with business expertise • Overall gross profit margin increased from 9.8% to 11.3% amount Baht 45 million. 2019 2018 Change % Change Revenue 1,839 1,673 167

in sales revenue from beverage and food business of 5.8% and 5.1%, respectively. The proportion of beverage business sales revenue to food business sales revenue was 54:46. Sales revenue of beverage

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