million THB from 2017. It is the income recognized from 11 projects completed in 2018, 54% of which is recognized from sales of the projects and 46% from the liquidation of ready-to-move-in projects

special business tax of Baht 8 million and the transfer fee decreased by Baht 3 million which is in line with the decrease in the transfer of real estate, when compared to that in the same period of 2017. 2

significantly by 13.4% YoY to THB 1,783mn, predominantly due to higher operating revenue from the hotel business in Europe and from acquired assets under the Entire Business Transfer of Unicorn Enterprises

including ready to move approximately 3,689.4 million baht. The quarter 2/2020, The Group focuses on ready to move projects which will gradually recognize revenue within this year. In 2020, The Group has

reassessed its business structure to move towards Green Businesses targeting renewable energy, materials recycling and eco management. To pursue its business strategy, 36 MW solar farms in Thailand have been

253.31 million Baht, a decrease of 745.28 million Baht or 74.63% from the same period last year. The main factor of the decrease revenue came from the transfer of real estate which decrease by 747.19

compared with the net profit at 78.93 million baht from the sale and transfer of Ownership of land ,operation net profit was 46.82 million bath was decrease 32.11 million bath or (41%) same period at last

mainly due to a decrease in specific business tax and transfer fee, following a decrease in transfer of real estate compared to the same period of 2018. 2. Administrative expenses for the year ended 2019

increased by 609.18 million baht or 55.61% from 1,095.42 million baht in Q2/2019 to 1,704.60 million baht in Q2/2020 because of the promotion campaign in ready to move-in projects in Q2/2020 including the

1 MD&A 2Q 2018 (ended 30 June 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2Q 2018 6 AUG 2018 MEDIA INDUSTRY In recent years, advertising industry has witnessed the shift in the media