MANAGEMENT DISCUSSION & ANALYSIS 1Q 2019 13 MAY 2019 MASTER AD PUBLIC COMPANY LIMITED NATIONWIDE COVERAGE 1 QUARTERLY BUSINESS REVIEW – 1Q 2019 • Consolidated revenue increased by 149.3% to THB 689mn

13% y-y. In the third quarter of 2018, the Company’s revenues were 5,225 million baht, an increase of 548 million baht or 12%y-y. This is the result of an increase in core business revenues by 11% y-y

space expansion, and increase in staff cost, partially offset by lower FX loss. Interest Expense Increase in interest expense was mainly a result of the adoption of TFRS16 Leases this year. T.662 636 6999

1st quarter of 2021, as follows: Business Overview The Thai economy in the first quarter of 2021 was pressured by the domestic COVID-19 situation that impacted the country’s economic recovery momentum

sale for the 3 months period ended 30 September 2019 for 30. 07 million baht. This is because of the income earned by Grace Water Made Co., Ltd. (“GWM”), the Company running the business of dialysate and

because an increase of export and private consumption, as well as an expansion of government investment. In addition, the domestic tourism sector also improved due to the government continued relaxing

232.02 million or up by 11.75%, which resulted from higher rental income from expansion of Market Village and leasable areas of HomePro’s and Mega Home’s stores. - Other income was Baht 2,170.56 million

in the related fields, and is currently holding the position of President of MDP. These investors are not a related person of HTECH Type of Business of MDP MDP manufactures, distributes, and provides

property fund for exemption of the value added tax, the specific business tax, and the stamp duty due to the conversion of a property fund into a real estate investment trust, as well as the benefits

Water launched since the 1st quarter of 2016 to 3-in-1 and RTD Coffee marketed since the 2nd half of 2016. These new products will play a vital role in the Group’s domestic expansion in the future