2017 (Ended 30 June 2017) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2017 1 AUG 2017 MANAGEMENT OUTLOOK The Company reported operating revenue of THB 199mn, an increase of 4.9% QoQ and 9.6% YoY

percent in accordance with an increase in revenue. (Translation) Bangkok Expressway and Metro Public Company Limited Management Discussion and Analysis for the Quarter Ended on March 31, 2020 5 Financial

Increase (Decrease) % Real Estate Revenue 3,936,766 4,152,925 (216,159) (5.20) Gross Profit 1,182,680 1,287,804 (105,124) (8.16) Gross profit margin (%) 30.04 31.01 (0.97) (3.12) Rental and other services

Management Discussion and Analysis, for the three-month period ended March 31, 2018 The analysis of operating result for the three-month period ended March 31, 2018 Comparing accumulated operating

1 Ref: AC.006/2019 25 February 2019 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

1 Ref: AC.017/2018 14 May 2018 Subject: Management discussion and analysis of financial position and operating results To: President and Manager The Stock Exchange of Thailand Overall operating

percent compared to the nine month period of the previous year, mainly from an increase in front-end fees for funds sold by ONE Asset Management Limited (the Company’s subsidiary) and in the Company’s sales

Second Quarter of 2019 WHAUP finished our 2Q2019 with a Net Profit of Baht 857.5 million, a 189.8% increase from 2Q2018 with Normalized Net Profit of Baht 695.3 million, a 46.9% increase from 2Q2018. For

were 61.5% and 56.5%, respectively. The increase of gross profit margin was from higher average selling price and better construction cost management. Utilities & Power Business Q2 2018 Q2 2019 Increase

73 1 / 4 Pef. MD 092/2017 10th August 2018. Subj Management Discussion and Analysis (MD&A) Q2/2018 Dear Managing Director of Stock Exchange of Thailand We, Patum Rice Mill and Granary Public Company