private fund management company, the ratio of the shareholders’ equity presented in the latest audited financial statement is not less than that specified in the Notification of the Securities and Exchange

1 Ref: CK-20-0000-AFD(AC)-L-0042 August 14, 2020 Subject: Clarification on Operating Result and Financial Position for the six-month period ended June 30, 2020 Attention: President The Stock Exchange

2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 KEY FINANCIAL RATIOS 1 Excludes the impacts of COMASS’s statement of financial position consolidation 2 Calculated from operating

insufficient for the company’s expenses and financial costs Therefore, the financial statements for the first 6 months of the year 2019, the company's operating results still have such losses. Company statement

-controlling interests increased by 2.29 million Baht. Cash flow statement for 2019 for 2018 Profit (loss) from operating activities before change in operating assets and liabilities (43.93) (69.94) Net cash

(“Company”) and its subsidiaries (“The Group”) would like to clarify operating results for the 3rd quarter of 2019 as follows: 1. Performance Analysis 2019 2018 % 2019 2018 % Revenue from steel tower

2018, ended 30 June 2018 The operating results of the Company and its subsidiaries for the second quarter of 2018, ended 30 June 2018, was described in the financial statement showing net loss at the

2020, ended June 30, 2020 The operating results of the Company and its subsidiaries for the second quarter of 2020, ended June 30, 2020 was described in the financial statement showing net loss at the

quarter of 2020, ended September 30, 2020 The operating results of the Company and its subsidiaries for the third quarter of 2020, ended September 30, 2020 was described in the financial statement showing

, 2019. Statement of Cash Flows The company had cash from operating activities of THB 111 million due to the net loss of THB 97 million, offsetting by the adjustment for non-cash items, a decrease of