of the highest value when calculated from 12-month period net profit criteria consideration based on the latest reviewed consolidated financial statement ended March 31, 2020 which equals to 32.52% and

be resulting that the Company would be able to decrease net outstanding debts in the amount of USD 123,899,729 or equivalent to THB 4,275,683,281.33 including the haircut of accrued interest of such

million. It results from the increase in inventories, unbilled receivables and trade account payables. The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 30

Baht Consolidated financial statements 30 September 2017 31 December 2016 Trade account receivables – unrelated parties 1,365 1,408 Less: Allowance for doubtful accounts (51) (42) Trade account

outstanding debts and the prevailing economic condition. The management believes that allowance for doubtful accounts is adequate in the current circumstances. Inventories Unit: Million Baht Consolidated

Baht Consolidated financial statements 30 June 2018 31 December 2017 Trade account receivables - unrelated parties 1,716 1,352 Less: Allowance for doubtful accounts (43) (51) Trade account receivables

The quality of assets Trade account receivables Unit: Million Baht Consolidated financial statements 30 September 2018 31 December 2017 Trade account receivables - unrelated parties 1,937 1,352 Less

MACO’s performance was dramatically affected from lower advertising demand due to the COVID-19 pandemic and global economic uncertainty.  Consolidated revenue decreased by 25.9% YoY to THB 512mn o

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

, lifestyle, retail and dining destination. Page 2 of 7 Management Discussion and Analysis 2Q2019 Performance Summary Consolidated Statement of Comprehensive Income 2Q18 2Q19 % Y-o-Y THB m % THB m % Revenue