acquire the hotel business in Europe and the remaining debt acquired through the EBT of UE. Net loss of the Company during the period was THB 132mn, as opposed to a net profit of THB 27mn in 1Q 2017. The

cash flow for debt repayment and business operation, as the Company has continuous Enclosure Page 4 loss. Thus, the Company considers the business restructure of the Company’s group, whereby the Company

deduct unrealized loss from exchange rates and non-recurring items Management’s Discussion and Analysis S Hotels and Resorts Public Company Limited S Hotels & Resorts, A Singha Estate Company

business, and are instead accounted for using the equity method, pursuant to which the Company receives a share of profit or loss from the investment in the joint venture. As of 30 June 2019, the Self

MASTER AD PUBLIC COMPANY LIMITED 2 13 May 2019 2Q 2020/21 CONSOLIDATED P&L SNAPSHOT *Net profit (loss) attributable to equity owner of the Company Revenue by segments (THB mn) 2Q 2019/20 Restated 1Q 2020

Company provided for clients in mobile operator sector. In addition, gross loss from information technology solutions was THB 0.56 million, decreased by THB 5.44 million or -111.52% YoY. The gross loss

PUBLIC COMPANY LIMITED 2 1Q 2020/21 CONSOLIDATED P&L SNAPSHOT *Net profit (loss) attributable to equity owner of the Company Revenue by segments (THB mn) 1Q 2019/20 (Restated) 4Q 2019/20 1Q 2020/21 QoQ

investments in associates and JVs /3 Excluding FX impact and one-time gain/(loss) items During 2018, the Company had reported net profit of THB 2,906.8 mm, which decreased by THB 359.6 mm or 11.0%, compared to

which were fixed costs. Consequently, in 9M2 0 2 3 , the Company had services income from providing online advertising of THB 0.52 million, decreased by THB 0.22 million or -30.21% YoY, and gross loss of

) (98.65) 23.42 (122.07) (521.24) Earnings per share (Baht per share) (0.02) 0.01 (0.03) (521.23) Net Profit The company and subsidiaries realized net profit (loss) of the 1st quarter ended as of March 31