and Analysis For the 1st Quarter Ended 31 March, 2019 Page 3 2. Operation performance according to consolidated financial statement Unit : Million Baht 2019 2018 Revenue from sales and rendering of

Calculating Basis, calculated from the consolidated financial statements ended March 31, 2019 which is categorized into transaction type 2 according to the Notification of the Transaction Regarding the

operations will be equal to THB 122mn. 1Q 2018 CONSOLIDATED P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT 1Q 2018 PERFORMANCE ANALYSIS (YoY) In 1Q 2018, the Company reported a consolidated operating revenue of THB

). The dividend was paid to shareholders on 10 October 2018. 5 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 3Q 2018 CONSOLIDATED P&L SNAPSHOT

3Q2017. For 9M2018, Net Proft of Baht 1,643.2 million, a 6.5% increased from 9M2017 with Normalized Net Profit of Baht 1,654.1 million, a 52.5% increased from 9M2017. 1. RESULTS OF OPERATION Consolidated

) 45.84 Income tax expense 3.27 2.41 0.86 36% Profit for 9 months (75.19) 43.43 (118.62) -273% Consolidated financial information (Unit : Million Baht) 2 / 7 Financial performance for the nine months at the

Consolidated Interim Financial Statements the three-month and the nine-month period ended 30 September 2018, which have been reviewed by the Company’s authorized auditor. The company would like to clarify the

MANAGEMENT DISCUSSION & ANALYSIS 3Q 2019 6 NOV 2019 MASTER AD PUBLIC COMPANY LIMITED 1 13 May 2019 QUARTERLY BUSINESS REVIEW – 3Q 2019  Consolidated revenue increased by 54.0% YoY to THB 748mn o

the Company in June 12, 2018. Discussion of results of operations Consolidated financial statements Six Months 2018 Six Months 2019 % Change from Six Months Ended 2018 and 2019 THB million % THB million

Company Limited S Hotels & Resorts, A Singha Estate Company | www.shotelsresorts.com Page 2 of 8 Discussion of results of operations Consolidated financial statements 9 Months 2018 9 Months 2019 % Change