because of Baht appreciation. Business outlook for Q1/2020 was expected that Thailand economy would be depressed compared to the same period of 2019, in line with economic and the slowdown of private

Dusit Thani Bangkok hotel and THB 3 million net increase from new investments. The Company still maintains core revenue growth forecast at 8-10% and plans to sell investment in subsidiary to alleviate

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

Advertising 14.1% Advertising 47.8% System Integration 52.2% MANAGEMENT DISCUSSION & ANALYSIS FOR THE 3-MONTH ENDED MARCH 2020 (3M 2020) 15 JUL 2020 MASTER AD PUBLIC COMPANY LIMITED 8 MANAGEMENT OUTLOOK The

power and increased price competitiveness. For the business outlook for Q3/2020, the trend of the Thai economy is expected to contract compared to the same period of 2019 from the COVID-19 pandemic

recovered. Bank of Thailand has adjusted down Thailand economic outlook forecast to a contraction of 8.1% for 2020, instead of 5.3% contraction previously forecasted. The crisis of the COVID-19 pandemic has

licenses were made in 1Q21. Total Liabilities 274,481 78% 290,976 79% Retained earnings 51,382 15% 54,125 15% Credit Rating Others 24,307 6.9% 24,545 6.6% Fitch National rating: AA+ (THA), Outlook: Stable

79% Retained earnings 51,382 15% 50,239 14% Credit Rating Others 24,307 6.9% 24,604 6.9% Fitch National rating: AA+ (THA), Outlook: Stable Total Equity 75,689 22% 74,843 21% S&P BBB+, Outlook: Stable

quarter continuously. Hence, the NESDB has cut down its growth forecast for the Thai economy in 2023 to the range of 2 .5 % which is lower than the earlier expectation, in which the supporting factors still

exports improved from the previous quarter continuously. Hence, the NESDB has cut down its growth forecast for the Thai economy in 2024 to the range of 2.2-3.2%, in which the supporting factors still being