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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

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SAAM Energy Development Public Company Limited - 1 - 21 February 2020 Subject: Management Discussion and Analysis for the year ended 31 December 2019 To: The President The Stock Exchange of Thailand

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1 Ref FN. 036/2019 Management Discussion and Analysis For operation of the second quarter of year 2019 FN Factory Outlet Public Company Limited was founded in 2000 and has been operated the outlet

company in the market to seize the opportunity to transform itself to become a provider of Offline-to-Online (“O2O”) Solutions. Now it is the leading company offering all-rounded advertising services that

which will be recognized as cash proceeds from disposals of investment property in the cash flow from investing activities. 2. Cash flows from investing activities The Company had cash inflows (outflows